Auction houses spend large Chinese auction, which show the state of affairs in the Chinese art market. Specialists believe that the market peaked in spring 2008

In 2007, China finally established in the status of art-Power, took third place in the world by volume of auction transactions. Centers Celestial art market began to Beijing and Hong Kong. Growth rates have been highest, and speculation - the most aggressive. In Beijing, the most impressive successes have auction houses Poly International Auction and China Guardian. In Hong Kong, is dominated by the world's auction giants - Sotheby's and Christie's. Twice a year, they are «blown» local art market, making a major bid to Asian contemporary art. Sotheby's holds an auction in this category in April, Christie's - in December. Both auction houses are hoping that 2008 will be even more successful than the previous one, but their expectations are not met. This year has brought the Chinese art market a lot of disappointments.

Christie's and Sotheby's have become accustomed to the fact that the amount provided by the Hong Kong auctions, every six months increased by tens of millions of dollars. In the period from April to May 2007 the results of auctions of $ 120 million, from October to November - 173 million dollars. And in spring 2008 was carried out transactions by as much as 198 million. But «alarming zvonochek» then already made: while the prices of individual products grew, the number of unsold lots increased dramatically. In particular, at Christie's spring is not able to sell about 20 percent of lots, while before that remained unsold from 9 to 14 percent. A fall of their number had risen to 35 percent!

It is clear that the current auction failures of contemporary Asian art, including works by Chinese artists - natural consequence of frenzied speculation in the last two years. Think about the sale of Estella Collection (the largest collection of contemporary Chinese art ever to appear on the auction), which made a Sotheby's April 9th, 2008. Then the buyers are 90 percent of the work. Collector of Asia has spent a sum equivalent to 5.4 million dollars for the picture Syaogana Zhang (Zhang Xiaogang) «Pedigree: Large Family number 3». This amount was a record for the popular Chinese painter. Six months later, at Sotheby's were put up four of his canvases, of which the new owner has found himself only one - «Pedigree: Large Family number 1». It hardly dopolzlo to the lower limit estimeyta - 2.75 million dollars.

current record in the works of contemporary Chinese art is about 8.6 million dollars (67 million HK dollars). This amount was paid in spring 2008 for the diptych Fanchzhi Zeng (Zeng Fanzhi) «From the series" Mask. " 1996. № 6 ». Work estimeyt more than five times. Auction house Christie's, at whose bidding was sold the picture decided to try their luck and put up a similar job Zeng at evening auction of contemporary Asian art, on 30 November . Painting «From the masses to the masses», written in 1993, is considered one of the most important works by the artist, a precursor of the famous series «Mask». It has been reported as the main «blockbuster» auction, its preliminary assessment, are believed to have not been disclosed ... but has not found a buyer. The next day, Christie's held an auction of works by modern day Asian artists, who have remained unsold for 43 per cent works. November 30, also held an auction of Chinese art of the twentieth century, where the number of unsold lots was 52 percent. Estimeyt exceeded only some work, in particular the paintings of masters of abstract art Tszao Wu-Ki (Zao Wou-Ki), and Chu Tae-Chunya (Chu Teh-Chun). The most expensive lot was the work Tszao Wu-Ki «Dedication Tu Fu». She has a record for the artist the sum 5.16 million dollars.

on the Asian art market correction has already begun, but prices remain high. Just three years ago, it was impossible to imagine that works of artists from the East will be sold for such huge sums. In 2005, the work of Asian artists at the auction for the first time brought a million dollars in 2007 prices increased many times, and in 2008-m reach their peak. Now, it is expected that the weather at this market will not do speculators and exceptive collectors who do not agree to pay millions for mediocre work. The crisis will edakoy «test the strength of»: in 2009 at a very high price will be sold only to first-class product, but will become less overvalued. How to respond to the current situation auction house - see for estimeytam Hong Kong auction, which will be held next spring.

Material prepared Yulia Maksimova

Sources: artprice.com , artinvestment.ru