The Asian art market is hot.
With record sales in 2011, Asian art broke records for the most expensive piece of art ”Eagle Standing on Pine Tree; Four-Character Couplet in Seal Script” by Baishi Qi which sold for $57.2 million in Beijing last May and was the most expensive painting sold at auction last year.
China was the world’s biggest fine art market in 2011 for the second year in a row, accounting for 41.4 percent of global sales of paintings, sculptures, installations, photography and drawings worth $4.8 billion, according to market information provider Artprice.
Wang Yannan, the director and president of China Guardian and one of the largest auction houses in the world and the oldest in China states ”…the artwork market received more attention and support by collectors in 2011. In this year, the artwork market became more rational and collectors were more mature. We believe the artwork market will move forward and become more stable in the future.”
Hong Kong has become the center of Asia’s art business.
It’s the world’s third biggest auction center after New York and London, driven by demand for Asian art and collectibles.
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