Hot market

Sky-high price appearing, continual record breaking and frequent emergence of "white gloves"

Since the "RMB-100-million-yuan Era" in 2009, the artwork market has always been "hot" in China. Record breaking and new high seems to be a common occurrence in this market. Even so, people are still quite surprised by the hot market behavior in the just-completed spring auction in 2011.

A lot of sky-high prices and records emerged with the falling of hammer in the spring auction of this year. In the Guardian Spring Auction concluded in the end of May, the total turnover was up to RMB 5.323 billion yuan, refreshing the record of Chinese artwork auction in a single season and also historically creating four world records. EAGLE STANDING ON PINE TREE; FOUR-CHARACTER COUPLET IN SEAL SCRIPT by Qi Baishi created a world auction record for the recent and modern paintings and calligraphy with a price of RMB 425.5 million yuan; Wind, Earth and Wind by Chen Yifei created the world auction record for oil painting with a price of RMB 81.65 million yuan; Yuan Dynasty handwritten copy of Policies of the Eastern and Western Han Dynasties in Twelve Volumes set a world record of Chinese ancient books with a price of RMB 48.3 million yuan; Mirror, Blossom, Water and Moon-Bronze Mirror with Auspicious Beats and Inscriptions was sold at a price of RMB 8.97 million yuan, establishing a world record of bronze mirror.

However, only about 10 days later, these records still discussed fervently became "stale and unfasionable". In the beginning of June, the turnover in Poly Spring Auction was up to RMB 6.13 billion yuan, refreshing once again the record of Chinese artwork in a single auction. Much surprisingly, nearly 100 records were created in the auction!

The turnover created a record high continually, but on the contrary, many auction companies adopts a strategy to reduce the amount in the spring auction market this year. "We adopt a strategy to improve the quality and reduce the amount. The total amount reduces by 1/4 this year compared with one in the last year. I estimated that it would be the best if the turnover reached to RMB 3 to 4 billion yuan," Zhao Xu, executive director of Beijing Poly International Auction Co., Ltd. made such an estimate before the spring auction of this year. And due to the hot market, the final turnover is nearly two times of the estimated one.

Another surprising thing is the frequent emergence of "white gloves" in the spring auction market of this year. Obtaining "white gloves" is the highest honor for an auctioneer, which means a 100 percent transaction rate in an auction.

In the 3-day Hanhai Spring Auction, 100 percent artworks were transacted in four sessions namely Qing Yun Tang - Gold Litters, Collection of Chinese recent and modern paintings and calligraphy, Precious Xu Beihong Oil Paintings collected by Sun Peicang family, Belgian Private Collection of Buddha statues, and Hanhai Night Session for Important Paintings, Calligraphy and Antiques.

Guardian Spring Auction brought up five "white gloves" sessions namely Zhongxing Hut Painting Collection, Autumn Studio's Collection, Charming Landscape: Five Elaborate Paintings by Lu Yanshao from Private Collection in Singapore and Gazing at the Last Century: Painting and Calligraphy by Celebrated Politicians, Scholars and Artists.

Among 49 sessions in Poly Spring Auction, 100 percent artworks were transacted in 13 sessions, including Night Session for Baron Guy Ullens' collection of Chinese Important Contemporary Artworks, Centenary Brilliance - Night Session for Xu Bangda Artworks and Centenary Collection, Night Session for Chinese Modern and Contemporary Artworks - Important Paintings by Wu Guanzhong, Spring Water and Autumn Cloud - Oversea Collection of Jades in Song, Yuan, Ming and Qing Dynasties and "Vintage Vehicle".

Moreover, auction companies like Council, Rongbao, Huachen, Jiuge, Zhong Mao Sheng Jia, Shaan Xi Yongle also created a lot of "white gloves" in the spring auctions of this year.

Choice of collections

Paintings and calligraphy head the list, famous artists become the hot topic and there is a great expectation for porcelain and others.

"Obviously, paintings and calligraphy behave well generally. Both ancient and modern paintings and calligraphy enjoy a high transaction rate and volume. High-end auction artworks can be transacted completely, mid-end ones stand up a step and even normal ones all can be sold at a satisfied price. It is largely because that the new capital mainly chooses the paintings and calligraphy market." Just as said by Dong Guoqiang, General Manager of Beijing Council, absolutely, paintings and calligraphy are the main force in the spring auction market of this year.

Ancient paintings enjoy a high value due to its characteristics like rareness and non-renewability. In the Chinese top 100 high-price auction artworks in the 2010 Autumn Auction, there are 38 ancient paintings and calligraphy. This year, all auction companies make a "serious arrangement" in the section of ancient paintings. Among them, Migration in Zhichuan by Painter Wang Meng in Yuan Dynasty was sold in Poly Spring Auction at a price of RMB 402.5 million yuan, the highest transaction price for Chinese ancient paintings and calligraphy in the auction market in this spring.

Modern paintings and calligraphy is always a category with the largest quantity in the domestic auction houses and with the best average transaction. The most brilliant star auction artwork this spring comes from this category. EAGLE STANDING ON PINE TREE; FOUR-CHARACTER COUPLET IN SEAL SCRIPT, a combination of painting and calligraphy by Qi Baishi does not only refresh the auction record for modern paintings and calligraphy in new China, but also enjoys the highest price in the spring auction market.

Famous artists are highly popular, which is reflected in both the famous artworks by famous artists like Qi Baishi, Xu Beihong and Zhang Daqian, and also in the master collectors like Ullens. Currently, session for famous artists has become an important mode in the auction market.

Session for Baron Guy Ullens' collection of Chinese Important Contemporary Artworks sponsored by Sotheby's attracted attention in this spring. At the same time, Beijing Poly and Beijing Yongle authorized by Christie's also held Session for Baron Guy Ullens' collection of Chinese Important Contemporary Artworks. Nearly all artworks were transacted in these three sessions. Besides, a lot of world auction records for a single artwork were also created.

Moreover, with the diversification of hot topics in the auction market, miscellaneous artworks like porcelains, jades, rhinoceros horns, calligraphy materials, red stonewares and furniture are gradually becoming the new hot topics for collection. The miscellaneous artworks attract much attention in the spring auction market of this year.

In the session of "Collection of Porcelain and Works of Art for Chinese Emperor" in Guardian Spring Auction, Wang Shixiang's Ancient Collection of 'Dashengyiyin' Ancient Fuxi style Qin of the Tang Dynasty was transacted at a high price of RMB 115 million yuan after fierce competition by a lot of buyers.

In Council Auction, 17 precious rhinoceros horns in Ming and Qing Dynasties in "Rhinoceros Horn Sculpture Session in Qing Dynasty" attracted intense attention and was sold at a price RMB 54.5675 million yuan. The session enjoyed a transaction rate of 100 percent.