China dominates art market in 2011, best ever year for art

China firmly stamped its dominance of the international art market in 2011, which stood at USD 11.2 billion. For comparison, the Romanian art market reached some EUR 14 million in 2011. Mainly Chinese driven growth in the global art market was strong- a 15 percent increase in revenue last year, well ahead of financial markets, which saw a slight fall, according to market information service artprice. Price levels are also up and have all but recovered from the 37 percent drop in 2008. Artprice hails 2011 the best ever year for the art market and attributes the success almost solely to China, saying, “These results are, above all, the fruit of the phenomenal growth of the Chinese art market.” In 2011 China accounted for 32 percent of the global art market and extended its lead over the US, in second place with a 25 percent share. China overtook the US in 2010 and although levels of US art revenues were maintained in 201l, market share was lost to China. Third placed Britain closed the gap on the US, with a 20 percent share of the global art market. China also had the most million dollar plus individual auction results in 2011 and the best individual auction result was the USD 57 million paid for a piece by early 20th century Chinese artist Qi Baishi in Beijing. Spanish artist Pablo Picasso also lost his top spot for best selling artist of the year, coming third, despite the USD 320 million total paid for his work in 2011, behind another 20th century Chinese artist, Daqian Zhang, and the aforementioned Qi Baishi. Chinese artists also dominated among the top selling living artists, taking the top five places, with American Jeff Koons in sixth spot. In every sector of the art market China dominated and posted growth, the Chinese appetite for art effectively driving first recovery and now significant growth in the global art market. Liam Lever, liam@romania-insider.com