Talk about the prosperity and bubble of the art market

Since April, with the spring auctions held by major auction companies in succession, marking the 2012 spring film has slowly opened. The situation of domestic art spring shoots this year is either good or bad, which is believed to be the focus of attention in the industry. Although the just-concluded Hong Kong Sotheby's Spring Auction won an auction worth HK$2.4 billion, and there are still two auctions whose price exceeds the one hundred million yuan mark, this is a good start for this year's spring, but the author found that Since this year's spring auction market has long been set by the "adjustment" tone, combined with the small auction held recently, the overall situation is not optimistic.

First of all, because of the “hot” art market, on the one hand led to the rise of the auction house commissions, on the other hand, a large number of large and small auction companies have emerged. Some small auction houses, driven by economic interests, often resort to full-scale solutions for survival, subsidizing sellers, cutting commissions, or avoiding individual income taxes for sellers, and even deliberately taking fake products and hiring “child care” to raise prices. Get relevant benefits to make a living. On the other hand, due to fierce market competition, large auction houses have to invest more manpower and material resources to search for and collect auction items, and they also raise the buyer's commission ratio, leading to an increase in operating costs.

Second, some auctions have pursued popularity and engaged in some star effects in the art market – that is, using art works by celebrities other than the industry. Of course, the art market has its own rules. Regardless of the celebrity's fame, it is the work itself that ultimately determines the role.

Furthermore, the statistics related to the art market are also very confusing, and lack authoritative statistics. Moreover, the statistics are not comprehensive and the standards are different. This creates doubts for those in the industry that will affect reputation and hinder development. In particular, official data, how can the credibility of the data of private institutions still be certain if they cannot fully guarantee the authenticity and accuracy? Therefore, CCRA and related regulatory authorities must take measures to ensure the accuracy, authenticity, and authority of these data.

Finally, the auction market is also undergoing an unprecedented change, quietly affecting the offshore market. An interesting phenomenon is that when auction events take place in some of the world's major art auction cities such as Hong Kong, London and Paris, they are often crowded with Chinese people. Not only that, the Chinese people's interest is not only in antique paintings, but also in auctions of famous watches, jewelry and even famous wines.

With the rise of China, the Chinese rich have become obsessed with art and have virtually formed a huge pool of collectors and buyers. This is undoubtedly a challenge for foreign auction organizations that have been monopolizing the world auction market for many years. At the same time, it also provides an opportunity for Chinese auction organizations to go global.

As we all know, the current circulation market for works of art is growing rapidly and auctions are going on more than once a year. The hot art market shows that China's economy is good, and some problems are inevitable. But there is a problem that we must wake up. Do not think that this kind of “hot” is a kind of prosperity and it means progress. On the contrary, the reason why the market is so fire may be the reflection of the economic difficulties. In addition, the phenomenon of “strong and strong, weak and weak” and “winner-take-all” between regions is not a good phenomenon. It just shows that there are drawbacks and problems in the Chinese art market.

The large-scale auctions in the fall of 2011 began to adjust, and this year's spring auction was significantly inferior to that of previous years, but rather a benign adjustment.

The author learned from a number of senior collectors who contacted that due to the extremely difficult recruitment of art spring shoots this year, in order to cope with the possible downturn in the market, the auction companies have opened up new markets in addition to maintaining their original advantages. To expand their influence. In addition, the selection of auction items is also more prudent, and the prior number preference has been changed to the quality priority. Therefore, it can be foreseen that the overall quality of the spring auction this year may also be greatly improved. At the same time, in order to ensure the market turnover rate, the auction price will also be more reasonable, which may be a better buying opportunity for collectors.

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