Asia Raises The Gavel

But China's rise as an art center stems not just from Hong Kong's auction fever. The mainland now has more than 100 auction houses. While Christie's and Sotheby's had a combined share of 60 percent of China's fine-art auction market in 2006, Guardian and Poly International—both based in Beijing—together commanded 32 percent, estimates McAndrew. And though France may have lost its place in the league table to China, the French auction house Artcurial in January became the first Western house to inaugurate a Shanghai auction, raising $8.3 million in the process. It did so by offering mainly Chinese realism paintings—including a self-portrait by Chen Yifei and a nude by Yang Fei-Yun—which are in favor right now with mainland Chinese buyers. Wu says, "The Chinese buyer is still a bit of a myth," because many of them are expats phoning in orders from Europe or elsewhere in Asia.

For now, Asian buyers remain very focused on Chinese art, whether contemporary or ancient. "We do see every now and then cross-buying, but nothing major," says Kevin Ching, chief executive officer of Sotheby's Asia. "I'm looking forward to the day when I can sell a major impressionist piece to a mainland buyer." At the rate China's economy is powering along, enriching scores of young Asian art lovers, he won't likely have long to wait.

© 2008