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The first Market Value Building Awards held in Beijing

2014-07-30 10:33 Global Times Web Editor: Li Yan
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Amid the various art exhibitions held around the world, how do we determine which ones are truly valuable? How much value does a particular art work truly possess?

In light of the current hot but still chaotic Chinese art market, the first Market Value Building Awards, an event aimed at building a healthy and sustainable art market by selecting the most outstanding and honest auction houses and auctioneers, was held Sunday at the National Museum of China.

Before the awards ceremony, launched by the 7-year-old art magazine Collection Investment, a subsidiary of the Xinhua News Agency, a summit gathering auction houses, galleries and scholars was held so professionals in the industry could discuss and air their views on topics such as how to find valuable artworks in galleries, or how to ensure the value and price of an art work really matches.

"Despite the great fever currently sweeping the Chinese art market, many people still don't know much about it," said Zhao Xu, the executive director of the Poly International Auction Company. "The market started late, but the volatility is already huge."

Experts at the summit agreed that the biggest problems facing the industry are the lack of transparency and a system to guarantee honest auctions and trading.

"Some galleries keep the sources of their art works anonymous when they bring them to auction companies, this is something really rare to see in foreign countries," said Gan Xuejun, president of Huachen Auctions. "Only by increasing market transparency can make the market prosper over the long run."

The award for Most Influential Auction Company went to Poly International, while the Most Forward-Looking Gallery Award was given to the White Box gallery. Liu Yiqian, the collector famous for his 280 million yuan ($45 million) purchase of a Ming Dynasty (1368-1644) porcelain teacup and the 50 million yuan spent to purchase a calligraphy work by the famed poet and writer Su Shi (1037-1101), was awarded the Insightful Collector award, while the Most Arduous Auctioneer award went to the Council Auction Company's Zhang Jing.

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