Fast-growing legislation: 5 years of Chinese art market

In 2010, the total turnover of the Chinese art market exceeded 50 billion yuan. As an important part of China's cultural industry, the Chinese art market is currently in rapid development. During the “Eleventh Five-Year Plan” period, with the development of the market, related laws and regulations have been continuously improved, the collection groups have grown stronger, and the trading volume has steadily increased. The market development has shown an unprecedented prosperous situation.

Realize the rapid development of auction into the "billion times"

Just over a year ago, when the three auction companies in Beijing Poly, China Guardian, and China Shengjia had a transaction price of over 100 million yuan, people were still questioning whether the “October Million” of the Chinese art auction market really came. 2010 The auction market uses facts to explain everything. In 2010, "Spring Shooting" strongly opened, and Zhang Daqian's huge painting "Aichen Lake" was sold at a price of 108 million yuan in the later years. Qing Qianwei City's Chinese hand scroll "Yandang Figure" shot 1.2992 billion yuan, and Huang Tingjian "Song "Ming" shot 430 million yuan, which is a world-class auction record for Chinese art for the past 20 years in the Chinese mainland auction market. Compared with the spring shoot, the autumn shoot in 2010 was more eye-catching. China’s three Guardian auctions sold over RMB 100 million, 52 auctions exceeded RMB 10 million, and the total turnover reached RMB 4.133 billion; Two auctions cost over 100 million yuan, while auctions with more than 10 million yuan amounted to as many as 99, and a total of 5.28 billion yuan in turnover was achieved in 6 days of auctions.

In 2008, under the influence of the international financial crisis, the performance of domestic art auctions experienced a sharp decline. Take the example of the two leading domestic Chinese auctions, Guardian and Beijing Poly, from the more than 900 million yuan for the spring auction to more than 300 million yuan for the autumn auction. "The auction market has undergone a structural adjustment, investors are more rational, and market development can be more healthy." Xi Mu, a researcher at the Cultural Market Development Center of the Ministry of Culture believes that after a period of adjustment, the Chinese art market began to exert force. In particular, driven by the Chinese painting and calligraphy sector, the market has found effective support to drive a steady growth in the new round of markets.

“The Chinese art auction market has entered a new phase with 2009 as its cornerstone.” Zhang Yanhua, president of the China Auction Industry Association, believes that “the Chinese market has become one of the global art trading centers represented by Beijing and is in The market for goods occupies a pivotal position."

Perfecting the System Construction Market to Enter the "Standard Age"

In 2006, the total turnover of the art market in China was less than 20 billion yuan. In 2010, the total market turnover exceeded 50 billion yuan.

In order to promote and guide the development of the art market, in 2006, the Ministry of Culture established the Cultural Market Development Center Art Evaluation Committee, which has attracted the attention of the domestic and foreign industry. The China Artwork Industry Registration and Certification Database, launched by the company, regulates the art market from the source of the work and from the entire chain of art dealers, sellers, and creators, in order to solve products that have long plagued the circulation of artworks. The question of unclear status opens up a new path.

In the first-class art market, the Ministry of Culture has launched the “China Integrity Gallery” brand, focusing on supporting and promoting the integrity of the galleries, so that more galleries can participate in the initiative, and businesses can take the initiative in integrity management and regulate the market.

In the secondary market of art, through the introduction of high-grade, high-end, high-fidelity Chinese Art Investment and Collection Expo, to ensure the quality of all works and the authenticity of the works. Since 2006, the Ministry of Culture has held the China International Art Investment and Collective Expo every year. During the Expo, it also held the China Art Industry Forum to conduct research and discussions on various aspects of the Chinese art market.

In order to promote the development of Chinese art, on August 31, 2010, the Chinese National Academy of Painting established seven professional institutes including the Chinese Painting Academy, the Oil Painting Academy, the Printmaking Academy, the Sculpture Institute, the Calligraphy and Sealing Academy, the Academy of Art History Studies, and the Public Art Academy. This is an important symbol for the National Academy of Fine Arts to perfect the professional categories and improve the organization system. It will also certainly promote the development of the national fine arts and further promote the prosperity of the art market in China.

Financial capital boosts investment to usher in the "civilian era"

In order to meet the needs of people investing in works of art, investment products related to art investment, such as art projects, art mortgages, and art trust investments, are listed.

In 2007, Minsheng Bank launched the “Extraordinary Wealth Management” series, in which the high-profile publicity of the “Artwork Investment Project” No. 1 product, the investment limit of 500,000 yuan, the investment period of 2 years, the expected annual rate of return of up to 18%. This high threshold, high-yield ** product quickly attracted the attention of the industry and beyond. Minsheng Bank’s move has allowed art investment to enter the eyes of ordinary investors for the first time. Two years later, the wealth management product is about to expire, with an annualized maturity rate of 12.75% and an absolute return rate of 25.5%. Minsheng Bank subsequently launched the "Artwork Investment Plan" No. 2 product, which was enthusiastically purchased by customers and was raised one week ahead of schedule.

It is reported that at present, Minsheng Bank, China Merchants Bank and China Construction Bank have all carried out art work in China.

“Developing and nurturing the Chinese art capital market is an important guarantee and support for the Chinese art market to be bigger and stronger. It is also an important means to promote the assetization of works of art, the popularization of works of art, and the mass education of aesthetic education.” Xi Mu thought The appearance of a new type of trading model for cultural and artistic works has a significant significance in promoting the common development of the cultural industry and the financial industry. “To broaden the channels for the broader population to participate in the high-end art investment market, and to diversify the development of the art market. At the same time, investment-led culture also enables the broader population to pay attention to and participate in the culture, so as to popularize the knowledge of cultural artworks. , to enhance the cultural quality of the people provides a platform."

At present, art investment has become another major investment channel after stocks, real estate and gold. According to a research report by Mei Jianping, a professor of finance at Cheung Kong Graduate School of Business, and the Moses Art Investment Index, jointly developed by Professor Moses of the Stern School of Business at New York University, the short-term volatility of investment in art is much smaller than that of the stock market and property market. In recent years, the global turnover of art auctions has exceeded 400 billion yuan per year***. In 2008, the Chinese art auction market surpassed France and ranked third in the world. The total market share accounted for 7.2% of the world. In 2009, the global market share rose to 17.4%. At the same time, the price of Chinese art trade is continuously approaching that of the world. This rising trend will affect the future trend of Chinese art trade. In 2011, the “Spring Auction” will continue the momentum of the 2010 auction year and continue to show a growth trend.