RCS - artnet AG - Global Chinese Art Auction Market Report 2020

Artnet AGAnnouncement

29/11/2021 14:30

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RNS Number : 9135T  artnet AG  29 November 2021

 artnet AG / Key word(s): Market Report/Alliance

artnet AG: Artnet and the China Association of Auctioneers Publish the Global
 Chinese Art Auction Market Report 2020

29.11.2021 / 13:52

The issuer is solely responsible for the content of this announcement.

 Artnet and the China Association of Auctioneers Publish the Global Chinese Art
 Auction Market Report 2020

 New York, November 29, 2021-Artnet, in collaboration with the China
 Association of Auctioneers (CAA), released the ninth edition of its global
 Chinese Art Auction Market Report. The report analyzes the 2020 Chinese art
 auction market, providing transparency to a historically opaque industry.

 In 2020, amid expectations of a major market contraction, global auction sales
 of Chinese art and antiques decreased by only 0.5% year-over-year, generating
 $5.7 billion in sales. As the first country to be affected by the global
 health crisis, mainland China's rapid and aggressive recovery from the
 pandemic garnered a total of $4.4 billion in auction sales, an impressive 15%
 increase from 2019. However, outside of mainland China, the market for Chinese
 art and antiques shrunk by almost a third.

 Additional key findings in the report include:

 - Asia and North America experienced declines in sales value of 31% and 44%,
 respectively. Meanwhile, Europe's contraction was less severe, decreasing in
 sales value by 16% year-over-year but expanding in market share of lots sold
 from 30% in 2019 to 37% in 2020.

 - 20th-Century and Contemporary Chinese art continued to show promise, with a
 strong performance globally. Total sales for the category in mainland China
 expanded by 31% year-over-year, reaching a 9-year high. Overseas, the average
 price for the category reached $244k, an impressive 10-year peak.

 - The number of lots sold for Fine Chinese Paintings and Calligraphy in
 mainland China reached an 11-year low in 2020. Overseas, the market for the
 category halved, as both the volume of lots offered and sold shrunk by 50%
 year-over-year.

 - Payment default remains an ongoing issue in mainland China. As of May 15,
 2021, the percentage of total sales value paid for lots sold in 2020 dropped
 to 47%. For high-priced lots, where partial and delayed payments are common,
 the percentage of lots sold dropped to 34% in 2020.

 About Artnet

With 24/7 worldwide bidding, Artnet Auctions is the leading online-only
 marketplace for buying and selling fine art. New bidders, buyers, and
 consignors across categories, geographies, and demographics entrust Artnet
 Auctions with their needs. More artworks are offered and traded digitally than
 ever before and Artnet Auctions' efficiency, digitally native operation, quick
 turnaround, and continuous sales throughout the year are unmatched in the
 industry. The auction platform allows for immediate transactions, with a
 seamless flow between sellers, specialists, and collectors. Complementing the
 online auctions, Artnet is the leading resource for researching art online.
 Founded in 1989, Artnet's suite of industry-leading products has
 revolutionized the way people discover and collect art today. The Price
 Database contains more than 14 million auction results from 1,900 auction
 houses dating back to 1985, providing an unparalleled level of transparency
 to the art market. The Gallery Network platform connects leading galleries
 with collectors from around the world, offering the most comprehensive
 overview of artworks for sale. Artnet News covers the events, trends, and
 people shaping the global art market with up -to-the-minute analysis and
 expert commentary.

Artnet AG is listed in the Prime Standard of the Frankfurt Stock Exchange, the
 segment with the highest transparency standards.

 ISIN: DE000A1K0375

LEI: 391200SHGPEDTRIC0X31

 About CAA

Established in 1995, the China Association of Auctioneers (CAA) is the only
 national association of the auction industry in China. The CAA is involved in
 regulating and supervising registered auction houses according to the laws
 outlined in the Auction Law of the People's Republic of China.

 Contact:

Sophie Neuendorf

sneuendorf@artnet.com

 29.11.2021 Dissemination of a Corporate News, transmitted by DGAP - a service
 of EQS Group AG.

The issuer is solely responsible for the content of this announcement.

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Archive at www.dgap.de

 Language:     English
 Company:      artnet AG
               Oranienstraße 164
               10969 Berlin
               Germany
 Phone:        +49 (0)30 20 91 78 -0
 Fax:          +49 (0)30 20 91 78 -29
 E-mail:       info@artnet.de
 Internet:     www.artnet.de
 ISIN:         DE000A1K0375
 WKN:          A1K037
 Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in
               Berlin, Dusseldorf, Stuttgart, Tradegate Exchange
 EQS News ID:  1252574

 

 End of News  DGAP News Service

1252574  29.11.2021

 

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