Pablo Picasso has been dethroned
The world auction market’s top earner in recent year must yield to Chinese artist Zhang Daquin (1899-1983), according to report released by ArtPrice. Zhang generated US$ 506.7 million in auction revenue in 2011. Second place was compatriot Qi Baishi (1864-1957) with US$ 445.1 million. Andy Warhol was third and Picasso ranked 4th.
The change reflects China’s growing strength in the global art market, where China’s share was 39% of the total US$ 11 billion world revenue. These Chinese artists are maybe not well known on the global art scene, but they are leading modern masters in China and the Chinese are increasingly buying their own artists. The trend is clear and it will by time show that the Chinese contemporary artists will be the future masters and China will thereby keep their top spot for along time.
Invest in Chinese Art or at least it should be part of your collection.