The world's leading art dealer, Christie's, held its spring auction this weekend in Shanghai. More than 80 works of art fetched over 86-million Renminbi, or about 14-million U.S. dollars.
Hands up, hammer down. Christie's artwork was being snatched up by deep-pocketed buyers over the weekend in Shanghai. From paintings and prints to sculptures and installations, the bids kept coming in until, sold. The successful auction is another sign of the emerging Chinese art market.
"Chinese collectors are getting more diverse, and many young collectors are joining in the market. They are usually educated or work in the western countries, so their views and tastes are very internationalized and more open," Cai Jingqing, president of Christie's China Office, said.
China's art market has seen the fastest growth in the world over the past decade. Since its first auction in Chinese mainland in 2013, Christie's has been focusing on the 20th Century and Contemporary art.
As the Chinese art market has been growing in the past decade, the Chinese collectors are getting more sophisticated. Apart from masters like Picasso and Dali, Christie's is also promoting young Asian artists this time, presenting a comprehensive view of Western and Eastern art.
As a foreign auction house, Christie's is barred from trading in the cultural relics in Chinese mainland. However, it is bringing three artworks from old masters to New York to be bid on this June as a preview for Chinese clients.
Christie's has held a series of lectures and dialogues in Beijing, Shanghai and Hangzhou for collectors and artists in an effort to meet the growing appetite for art from the Chinese market.