Artnet's report on the Chinese art market, published last month in partnership with the China Association of Auctioneers, highlighted a notable change in its dynamics: in 2019, it fell to its lowest level in ten years and totaled $5.7 billion: a 10% drop in one year.
The number of lots presented at auction also fell by 14%. Tensions between the United States and China, coupled with the political unrest in Hong Kong, have clearly played their part. Hong Kong was also affected: its market contracted to $1.3 billion (down 10%). The good news, however, is that 20th and 21st century Chinese art is maintaining performance within and outside China. The average price of an artwork in this category is up by 23% compared with 2018.