Dynamic Shifts in the Chinese Oil Painting Market: The Rise of Zao Wou-Ki

In 2022, the Chinese oil painting and contemporary art market experienced significant shifts, with Zao Wou-Ki leading the charge. With a staggering total transaction volume reaching RMB 584 million, Zao Wou-Ki's continuous dominance in this segment showcases his unparalleled influence. His piece, "29.09.64.," stands out as the most expensive oil painting and contemporary artwork of the year, fetching HKD 278 million. This sale marks the second-highest price ever achieved for Zao Wou-Ki, solidifying his status as a market leader.

Diverse and Rational Market Dynamics

The 2022 market was characterized by diversity, rationality, and a collaborative effort among auction houses to create a more varied structure of offerings. This year saw modern art masters like Zao Wou-Ki and Chu Teh-Chun alongside market mainstays such as Zhou Chunya and Huang Yuxing. Middle-generation artists like Fang Lijun and Liu Wei also set new records, indicating a robust and evolving market.

Emerging Artists and Market Trends

A new market list and value system are emerging as the oil painting and contemporary art market evolves. The market's reduction in seminal works by important artists has led to a rotation in the list of featured artists. Notably, the distinction between domestic and international auction houses is becoming clearer, bringing fresh possibilities to the market.

Collectors now have more pathways to enter systematic collection. The focus has shifted towards the "second tier" of modern artists like Liu Haisu and Pang Xunqin, whose works have appreciated significantly this year. Additionally, the contemporary segment is paying more attention to popular young artists and middle-aged artists from the 1950s and 1960s who have been overlooked by the market.

International Influence and Abstract Art

The market's attention to international artists from various countries and styles, such as Southeast Asian artists, African commercial artists, crypto art, and pop art, is increasing. This international influence provides a rich composition of offerings that attract active interest and participation from collectors outside the mainland region. Furthermore, the involvement in abstract artists' works is gradually gaining momentum, reflecting a broader and more inclusive market trend.

Structural Changes and Future Prospects

China's art market has undergone significant changes compared to the pre-pandemic situation. Various categories and sectors have moved from simultaneous growth in quantity and price to a phase of fluctuating transaction volumes and evolving market styles. The traditional painting sector has entered a cooling-off period, while the modern and contemporary art sector continues to rise, maintaining strong growth momentum.

Artists from the 1970s and 1980s are frequently setting new records, becoming the highlights of the contemporary art market. This trend is expected to continue over the next three years, suggesting a dynamic and vibrant future for the Chinese art market.

Top 10 Chinese Oil Painting and Contemporary Artists by Annual Transaction Volume

1. Zao Wou-Ki (1921) - RMB 583,985,000 - 325 works sold, highest sale: RMB 237,222,000
2. Chu Teh-Chun (1920) - RMB 192,729,000 - 103 works sold, highest sale: RMB 28,138,000
3. Zeng Fanzhi (1964) - RMB 118,646,000 - 23 works sold, highest sale: RMB 41,343,000
4. Sanyu (1901) - RMB 95,181,000 - 117 works sold, highest sale: RMB 79,480,000
5. Liu Haisu (1896) - RMB 91,567,000 - 83 works sold, highest sale: RMB 43,700,000
6. Huang Yuxing (1975) - RMB 77,204,000 - 39 works sold, highest sale: RMB 16,100,000
7. Fang Lijun (1963) - RMB 76,353,000 - 21 works sold, highest sale: RMB 63,825,000
8. Zhou Chunya (1955) - RMB 71,265,000 - 47 works sold, highest sale: RMB 10,465,000
9. Liu Wei (1965) - RMB 69,976,000 - 19 works sold, highest sale: RMB 57,500,000
10. Liu Ye (1964) - RMB 68,798,000 - 26 works sold, highest sale: RMB 32,127,000