China’s auction market dropped 12% in the first half of the year to $2 billion in turnover, a correction that set it back to second place with 29% of global market share. Artprice attributed the fall to a lower number of lots overall, rather than price contraction, but said the drop in lots offered was consistent across most of the country, including in major art capitals such as Beijing and Hong Kong. Still, the report characterized China’s art market as “relatively stable,” noting continued price appreciation for contemporary artists and a decrease in the unsold rate to 54%, down from a dicey 70% rate in the second half of 2016.
In Taiwan, the auction market set a new record this year, with the June sale of ’s Vase of Chrysanthemums with Red Ground
for $9.4 million at Ravenel International. Australia’s auction market was up 18% and South Korea’s rose by 42%.