BEIJING, July 8, 2024
/PRNewswire/ -- On July
8th, 2024, CKGSB Finance Professor Mei Jianping published the latest MM
Chinese Art Indices , evidencing changes in the popularity of the
Chinese art market by analyzing repeated auction sales. Covering
prices, sentiment, liquidity and popularity, the new set of figures
takes our understanding of the Chinese art market prices up to
Spring 2024.
The Indices cover artworks by over 400 Chinese artists from
Greater China and overseas that
have been repeatedly put up for auction between 1980-2024. The 2024
Spring Auction Index shows the Chinese art market remains in a
period of consolidation, with a somewhat slowing downward trend.
Chinese art continues to hold long-term investment value. As a
physical asset, it is anti-inflationary in a world flush with
liquidity. Therefore, with the development of China's economy and the growth of worldwide
Chinese wealth, Chinese art is expected to continue to receive
interest from collectors and investors.
The MM Chinese Art Price Index rose from 1 to 9.5 between
2001-2023, a compound annual growth rate (CAGR) of 10.3%. The Index
shows that in Spring 2024, auction prices fell 6.2%, continuing a
downward trend after the pandemic, but at a slower rate. Due to the
pandemic's impact and a transitioning Chinese economy, the Chinese
art market has entered a period of adjustment since reaching its
peak in 2020, and will take some time to recover.
In Spring 2024, the MM Chinese Ink Painting Index rebounded
strongly, breaking the downward trend since 2012, returning to its
2016 level and outperforming the MM Chinese Oil Painting Index.
According to the MM Chinese Art Sentiment Index, in Spring 2024,
collectors' confidence recovered slightly, yet market sentiment
remained relatively sluggish. T he MM Chinese Art Liquidity Index
shows the highest liquidity artists in the last 25 years were Wu
Guanzhong, Zao Wou-Ki and Lin
Fengmian. In addition to the Individual Artist Price Index of
Zao Wou-Ki, the indices launched a
price index of Wu Guanzhong.
The Indices—co-developed by Mei
Jianping, Michael Moses and
Jiang Guolin—are the result of the popularity of Chinese art,
rising to comprise 20% of the global art market. The indices offer
systematic and comparable data to evaluate purchase decisions on
Chinese art, a black box to many in the art investment world.
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SOURCE Cheung Kong Graduate School of Business (CKGSB)