Chinese Contemporary Art Staging Comeback
Seven lots fetched more than $1 million at the last Sotheby's auctions in Hong Kong, led by Liu Ye's acrylic and oil "Bright Road," which sold for more than $2.5 million. This was the top take for a Chinese contemporary artist in two years, indicating that Chinese art is on its way back to levels we haven't seen since the financial crisis. Last year, similar pieces were moving for only a third of this year's pricing.
According to Eric Huang, an art dealer based in Taipei, "Demand for the best Chinese contemporary artworks is back." Huang continued in his interview with Bloomberg News, "Don't be surprised to see prices match or even beat pre-crisis levels very soon."
Chinese contemporary art prices plunged 70 percent from May 2008 highs, due in large part to the financial catastrophe that rocked every financial center around the world. Already, the Sotheby's action has been good for HK$316.8 million and another HK$50 million from its wine auction.