HomeNewsOil painting and Contemporary Art increased by more than 30% in 2020

Oil painting and Contemporary Art increased by more than 30% in 2020

23 Nov 2021, 11:00

In 2020, business operations were hindered due to the impact of COVID-19 epidemic. Only 202 auction houses carried out art and antiques auctions during the year, which was 32 less than in 2019, and the number of practitioners was also reduced to 3459.


Facing the COVID-19 epidemic in 2020, Chinese art and antiques auction industry has responded in an orderly manner. Online auctions and biddings have rapidly become popular. The market scale has increased by 15.22% against the trend. The total sales reached 26.406 billion yuan. However, as of May 15, 2021, only 47.23% of payments have been settled, which is the lowest point since 2011.


Although art and antiques sales only took up 3.02% of the total auction market shares in 2020, its commission revenue accounted for 29.66%, an increase of 3.57% from the previous year.


The global Chinese art and antiques auction market has declined by 30% in 2020, but the Chinese market (including Hong Kong, Macao and Taiwan) has increased against the trend and returned to the world's No.1 with a 36% share. At the same time, in the global auction market for Chinese cultural relics and art auctions, the market share of mainland China increased by 10.51% to 76.37% in the global market.


In 2020, the turnover of oil paintings and contemporary art has increased by more than 30%, and the overall growth of Chinese painting and calligraphy was 19.53%. The sales of ceramics and antiques were stable, while inscriptions and ancient books, stamps and coins have declined to various degrees.


The auction shares of low-priced and high-priced lots have both expanded in 2020. In particular, the proportion of lots below 100,000 yuan was as high as 89.09% driven by online auctions, while the share of mid-priced lots was further compressed.


In 2020, due to the overall quantity reduction and quality improvement of the auction market as well as the increase of high-priced lots, the average price of lots has risen to 111,300 yuan/piece (set). The categories of ancient paintings and calligraphy, modern paintings and calligraphy,stamps and coins increased significantly, but ceramics and antiques decreased by 11.43%.


The sales of tens of millions of lots has risen sharply in 2020, reaching 308 pieces (sets), an increase of 103 pieces (sets) from last year, and its turnover accounted for 33.25% of the total market.But as of the time of statistics, only 34.42% of the lots have been settled.


There are 464 antiques auction houses in the three major regions of Beijing-Tianjin, Yangtze River Delta, and Pearl River Delta, accounting for 76.82% of the nation, with 2,908 practitioners taking up 82.94% in total.


In 2020, the market share of Beijing has further increased to nearly three-quarters of the nation, but the settlement rate was only 41.87% By contrast, the market shares of Shanghai,Hangzhou, and Guangzhou accounted for 20.61% of the total, while the average settlement rate was 21.21% higher than that of Beijing.


Only 192 auction houses have carried out business and actually received payments in 2020. The market share of head auction houses has dropped to 60.73%, but that of second-tier companies has increased by 8.68%. There are 15 auction houses that have accounts paid more than 100 million yuan.


The total income of industry commission has continued to decrease to 1.893 billion yuan in 2020 and its average commission rate is 15.18%. The main business profit rate dropped to 30.31%, and only 15.07% of the auction houses achieved profitability. The overall profit earnings was 545,800 yuan per capita.


All the antiques auction houses around the nation contributed to the tax of 549 million yuan in 2020. The industry expenditure reduced to 436 million yuan. Its charitable donations were 4,136,100 yuan.


In 2020, the State Council and relevant departments have continued to carry out the deepening reform of "delegation of control, decentralization and service". Many policies have achieved breakthroughs and advancements, including the effective settlement of the auction VAT invoices issue problems, the cancellation of the "right of renewal" legislation, and the promulgation of the "Cultural Relics Protection Law" revised draft. It also introduced a tax reduction and exemption policy for the exhibition and sale of antiques at the China International Import Expo, simplified the approval procedures for online art and antiques auctions, piloted comprehensive reforms of social cultural relics management, and specialized in combating cultural relics crimes. In terms of market format construction, China Association of Auctioneers has cooperated with auction houses to take the initiative to prevent and control the epidemic, quickly promote online auctions, actively organize charity auctions, and organize seminars and forums. Furthermore, we have carried out studies on risk management of art and antiques auctions, compiled guidelines for business management system, issued notices to prevent stolen (lost) cultural relics from entering the auction market, and supported the construction of international art auction centers in relevant free trade zones (ports).These have vigorously promoted the further improvement of art and antiques auction industry.

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Source: ArtPro