Pursuits
Chinese Auctions Fall to $7.9 Billion as Speculators Flee
- Sales down 31% from 2011 peak, Artnet and auctioneers report
- Nonpayment for works purchased by collectors climbed in 2014
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Auction sales of Chinese art and antiques worldwide fell 7 percent to $7.9 billion in 2014, hampered by the country’s economic slowdown, government anti-corruption measures and fleeing speculators, according to a report.
Sales are down 31 percent from the Chinese art market peak in 2011, according to the third annual report published Wednesday by art researcher and database Artnet and the China Association of Auctioneers. Auctions in mainland China accounted for most of last year’s decline, falling 9.3 percent from 2013.