Zhang Daqian, Lotus and Mandarin Ducks, 1947, sold for $24.5 million at Sotheby’s Hong Kong last year
Art-market analysts have been aflutter since news hit that two Chinese artists, Zhang Daqian and Qi Bashi, took over the top auction-earner spots last year — beating out former titleholders Pablo Picasso and Andy Warhol. Zhang works brought in $506.7 million and Qi did $445.1 million, while Warhol earned $324.8 million and Picasso $311.6 million. In fifth place is another Chinese artist, Xu Beihong, who generated $212.9 million.
But what do the rankings mean? The Chinese art market has soared overall in recent years, accounting for 39 percent of the total $11 billion global art-revenue pie last year. Typically, the explosive growth in art collecting in China is attributed to the same kinds of things that propel the market in the West — a new-found interest in cultural history, an increased sophistication and, of course, the quest for status. To read more by Artnet’s R. Corbett, click here.