Two reports, produced by the China Association of Auctioneers and art market website Artnet respectively, showed in August 2017 that after a two-year adjustment, the mainland China art market rebounded in 2016. According to the 2016 Chinese Art Auction Market Report and the 2016 Global Chinese Art Auction Market Report, China retook the top position in the world with a total turnover of $4.83 billion USD.

“JuShiTie” by Zeng Gong of the Northern Song dynasty;

In 2016, in spite of a sharp decrease of artworks provided for transactions to the lowest level over the previous seven years, turnover and the number of transactions were on the rise. The overall turnover rate has risen from 46 percent in 2014 to 51 percent last year. The rebound in turnover should be attributed to auctions of high-priced artworks.

According to relevant statistics, in 2016, the total turnover of artworks each were auctioned above RMB 10 million, accounting for 29 percent of the total auction turnover, increasing by over one time compared with two years before. Artnet holds that this round of market turnaround in the mainland China market reflects the increasing professionalism of mainland collectors and their increasingly diversified collection tastes.

Among them, Chinese paintings and calligraphies still remain the most popular category in the mainland China market, accounting for 63.68 percent. Specifically, the total turnover of ancient Chinese calligraphies and paintings reached RMB 5.623 billion, an increase of 48.36 percent over the previous year, becoming the fastest growing category in the mainland China market.

“Wild Bamboo”, a Chinese painting by Wu Zhen, a famous painter of the Yuan dynasty.

The turnover of contemporary Chinese paintings and calligraphies was RMB 1.181 billion, down 39.09 percent from the previous year, witnessing the largest drop among all categories. At the same time, the average price of ancient Chinese paintings and calligraphies stands at RMB 433,500 a piece, the highest among all categories in the mainland China market. By contrast, the average transaction price is RMB 170,000 a piece. 

In recent years, the number of oil paintings and contemporary artworks auctioned had been decreasing both in mainland China and in overseas markets. However, driven by the high-end market, the average transaction price of oil paintings and contemporary artworks reached the highest level in the previous five years, standing at about RMB 230,000 a piece.

Among the top 10 artworks in terms of transaction price in the mainland China market last year (limited to those for which full payment had been settled before May 15, 2017), nine are Chinese paintings and calligraphies. The other is the portrait of 17th-century Jebtsundamba in Mongolia. Among them, there are three ancient Chinese calligraphies and paintings, namely, “JuShiTie” by Zeng Gong of the Northern Song dynasty, which was auctioned at RMB 180 million; “JiJiuZhang”, a cursive script work imitated by Song Ke of Ming dynasty; “Wild Bamboos,” a Chinese painting by Wu Zhen, a famous painter of Yuan dynasty. Among the six pieces of China’s modern and contemporary calligraphies and paintings, the one auctioned at the highest price is "Collections of High-Quality Artworks from Zhao Zhiqian, Ren Yi, Wu Changshuo, Qi Baishi, Zhang Daqian and other famous painters,” auctioned at RMB 310 million.

Unlike the dominant position by Chinese calligraphies and paintings in the mainland China market, overseas collectors traditionally preferred antiques items such as porcelain and jade ware. Moreover, the overseas transactions of this type of cultural antiques enjoy relatively more relaxed legal restrictions and wider transaction categories. As a result, such antiques items have accounted for a dominant market share.

“JiJiuZhang,” a cursive script work imitated by Song Ke of Ming dynasty;

Last year, the overseas market witnessed surging transactions of Chinese paintings and calligraphies. Now, this category has accounted for 38 percent of the overseas market, an increase of 47 percent over 2011, only second to antiques items such as porcelain and jade ware, which accounted for a 40.2 percent market share.

Among all auction categories, as the collection of rare ancient books raises rather high requirements for knowledge reserve and the aesthetic taste of collectors, this category is not quite popular among collectors. However, it has maintained continuous growth for years in mainland China and in overseas markets. Last year, in particular, it witnessed a 70 percent increase of turnover rate, the highest among all categories. Last year, the average transaction price was $47,000 USD, equivalent to about RMB 324,000 a set.