In 2010, the art market was a rollercoaster of emotions for both seasoned and new collectors who were actively participating in major auction events. Prices of many artworks surged steadily, redefining what was considered "high value" in Chinese art. It's undeniable that 2010 marked a record year for the art auction industry. But as we moved into 2011, questions arose: How high did the market peak? What opportunities and challenges lay ahead for Chinese painting and calligraphy? Could the upward trend continue? What changes might other art forms experience? And who would emerge as the next growth driver?
**Four Major Issues in the Painting and Calligraphy Market**
**Modern Paintings Continue to Rise**
In 2011, the overall trend for modern paintings and calligraphy remained positive. Zhang Yuejin, vice president of Beijing Hanhai, noted that the status of modern masters in the history of art had been firmly established, with widespread recognition among collectors. Their works had long been undervalued by the market. Compared to Western modern artists, whose pieces often sell for tens of millions of dollars, Chinese modern art still had a long way to go. With China’s growing economic strength, it was only a matter of time before these works reached similar price levels.
In 2010, the turnover of artists like Zhang Daqian, Li Keran, and Xu Beihong exceeded 100 million yuan each. Who would be the next master to hit the billion-yuan mark? Qi Baishi, Fu Baoshi, Huang Binhong, Pan Tianshou, and Lin Fengmian all showed great potential. Beyond the top-tier artists, regional painters also attracted attention, as local buyers eagerly sought out works from their own areas.
**Ancient Calligraphy and Painting Still Have Room to Grow**
In 2010, ancient Chinese calligraphy and painting saw record-breaking prices, with pieces like “Tai Zhu Ming†and “Cold Food Posting†setting new highs. Despite this, the market for ancient works was still in the early stages of recognition. Prices were significantly undervalued, and the market was still in the process of rediscovering its true worth.
Although some ancient works sold for over 100 million yuan, the market was still far from mature. Many high prices were driven by the "Shiqu Baodi" (authenticity) factor, with buyers placing too much emphasis on court or royal artifacts. This led to inflated values based more on reputation than artistic merit. Additionally, many works were overpriced without proper evaluation of their artistic quality. The ancient calligraphy and painting market lacked both funds and competition, making it difficult to determine true value.
**Contemporary Paintings Steadily Rising**
Since the rise of contemporary art between 2004 and 2006, the market has entered a period of adjustment. While a few masterpieces performed well at auctions, the overall prices of contemporary works had not yet reached their full potential. In 2011, the market faced significant opportunities. First, the overall rise in Chinese art prices created momentum for contemporary works. Established artists like Huang Yongyu and He Jiaying saw their works become highly sought after, forming a stable market and business model.
As prices increased, even mid-range contemporary works saw steady gains. Moreover, contemporary art gained greater international recognition, building a solid foundation for future growth. Private collections also played a key role, with large volumes of transactions happening behind the scenes. The overall development of the art market was crucial for the continued success of contemporary painting and calligraphy.
**Calligraphy Market Sees Price Increases**
While there were notable high-priced calligraphy pieces in 2010, the overall calligraphy market remained relatively low. Ancient calligraphy dominated the high end, while most works were priced modestly, showing a clear two-tier divide. Due to its specialized nature, calligraphy appeals to a smaller audience, keeping the market size limited. However, with the emergence of several high-profile sales, the market began to grow.
In 2011, calligraphy prices were expected to rise further. Although ancient calligraphy remained dominant, contemporary calligraphers like Qigong and Shen Peng also gained traction. The status and identity of the artist played a critical role, with famous calligraphy manuscripts being the most promising investment.
**The Stone Market is Booming Like “Da Hong Paoâ€**
**Tian Huang Prices Reach Ten Thousand Yuan per Gram**
In early 2011, Shoushan stone fairs in Jinan saw record sales, with individual items selling for millions. Some seals reached 70.8 million yuan, and carvings by renowned artisans fetched up to 10 million yuan. Once valued in the thousands, these stones now commanded millions. As one collector put it, "Once or twice the field, three yellows and two golds" has evolved into "one or two yellow and ten golds." In 2010, Tian Huang made headlines at China Guardian’s special event, with a 117-gram piece selling for 1.12 million yuan—nearly 10,000 yuan per gram.
**Bloodstone Surges Threefold in Half a Year**
In Changhua, bloodstone expert Pan Hanmin saw his family’s Dahongpao chicken blood stone rise from 60,000 to 180,000 yuan in just months. A batch of bloodstone purchased by sculptor Qian Chui in 2009 was now valued at over 100 million. With mining restrictions in place, prices are expected to continue rising. Similarly, Zhejiang’s Xia Wenrui reported that good bloodstone had surged threefold in 2010, with some increasing tenfold.
**Old Jade is Ten Times More Expensive Than New Jade**
In 2010, jade became a strong performer in the art market. Pieces like the Qing Emperor Qianlong Yubao Longkou Niu Baiyu sold for over HK$120 million, setting new records. Private jade markets also thrived. According to Cui Yizhong, real Hetian jade is rare, and old jade is even harder to find. Prices of good jade can be ten times or more than new jade, and the market continues to grow steadily.
**Wood is Worth More Than Gold**
**The Most Expensive Bed in History**
Pear wood furniture, known for its durability and natural beauty, has gained immense popularity. A 43.12 million yuan huanghuali bed set a new record as the most expensive bed ever sold. Other pieces, such as a 39.96 million yuan cabinet, also broke records. Experts predict that Ming and Qing dynasty classical furniture will become the next big collection, following in the footsteps of calligraphy and porcelain.
**Huang Huali May Disappear in Five Years**
With its rarity and increasing demand, Huang Huali may vanish within five years. Red rosewood is seen as the next potential "pear," with lower current prices but higher upside. Experts suggest that beech and Phoebe wood furniture could also gain attention in the future.
**Who Will Be the Next “Pear�**
With Huang Huali becoming unaffordable for many, red rosewood is emerging as the next big thing. Its current price is only a fraction of Huang Huali, offering significant growth potential.
**Liquor Collection is Hype or Real Value?**
At the start of 2011, high-end liquor auctions saw record prices. A 1958 Moutai bottle sold for 1.12 million yuan, over 260,000 times its original price. Two main factors drove the trend: investors seeking safer returns after housing market adjustments, and speculative behavior during peak seasons.
**High Value Liquor Has Clear Criteria**
Experts identify high-value liquors as those with historical significance, unique brand culture, scarcity, and aging potential. Moutai, for example, remains in high demand despite its large production volume.
**Lack of Standards is the Main Problem**
Currently, the high-end liquor collection market lacks clear standards, making authentication difficult. Fraudulent practices, such as using old bottles with new wine, are common. Without reliable certification, auction houses are cautious, preferring to collect from trusted sources. Investors must be vigilant and informed.
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