Art auctions reduced auction sales by 60% in the previous month

The tone of the decline in overall performance this spring has become a reality. According to the latest auction business statistics report in May of the China Auction Industry Association official website, last month, the national auction industry achieved a total turnover of 35.396 billion yuan, and its Chinese art auction turnover was 4.715 billion yuan, a year-on-year decrease of approximately 60% and a month-on-month increase of 5 Times. On the whole, from January to May, the cumulative turnover of auctions of cultural relics and art items totaled 7.214 billion yuan, a sharp decrease of 8.5 billion yuan from 15.79 billion yuan in the same period of last year, a decline of more than half.

In the spring auction in May, China’s Guardian family’s auction totaled 2.14 billion yuan, but compared with the 5.3 billion yuan in spring auction last year, the turnover shrunk by more than half; Beijing Hanhai’s turnover was 940 million yuan. The auction companies with a turnover of over 100 million yuan also include Beijing Daguan, Beijing Chuanshi, Wenbo Yuan, Beijing Chengxuan, City Alliance, Beijing Huachen and Beijing Dongzheng, but the overall situation has shrunk compared to last year.

Li Geng, senior advisor of the Beijing Auction Industry Association, said that although the industry had previously agreed with the chilling trend in the spring auction market this year, from the data released this time, the spring contract has shrunk much more than expected. The unfavorable factors such as more fakes, inability to fidelity, poor expert conduct, and unreliable authentication authority, make consumers and investors more rational and cautious.

However, Li Geng is still optimistic about the overall market for cultural art investment. "This year, the auction industry must improve the quality of the industry and give investors confidence. The auction law must be further revised and perfected to better regulate the development of the industry. For auction companies, it is necessary to create exhibitions and auctions in an innovative manner, and more widely with the public. Contact.” In his opinion, tour shows, true and false identification exhibitions are all good ways. Li Geng also said that the relative decline in the art auction market is not a bad thing. Although this phenomenon has a certain relationship with the large economic environment, it is mainly due to market self-regulation. This adjustment is a stage that must be experienced in the development of the Chinese art market. It is expected that the art auction market will pick up in the second half of the year.

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