Zhang Xiaogang, who paints huge, sullen faces reminiscent of family photos taken amid the Cultural Revolution, has seen his record ascend from $76,000 in 2003, when his oil depictions initially showed up at Christie’s Hong Kong, to $2.3 million in November 2006, to $6.1 million in April of this art gallery year.
Black powder illustrations by Cai Guo-Qiang, who was as of late given a review at the Guggenheim Museum in New York, sold for well underneath $500,000 in 2006; a suite of 14 works brought $9.5 million last November.
As indicated by the Art Price Index, Chinese artists took 35 of the main 100 costs for living contemporary artists at sale a year ago, equaling Jeff Koons, Damien Hirst, and a large group of Western artists.
“Everyone is looking toward the East and to China, and the art advertise isn’t any extraordinary,” says Kevin Ching, CEO of Sotheby’s Asia. “Despite the subprime emergency in the U.S. or on the other hand the way that a portion of the other money related markets appear to be anxious, the general business network still has incredible confidence in China, reinforced by the Olympics and the World Expo in Shanghai in 2010.”
There are signs, in any case, that the global market for Chinese art is starting to moderate. At Sotheby’s Asian contemporary-art deal in March, 20 percent of the parcels offered found no purchasers, and even works by best record-setters, for example, Zhang Xiaogang scarcely made their low gauges. “The market is getting adult, so we can’t sell everything any longer,” says Xiaoming Zhang, Chinese contemporary-art expert at Sotheby’s New York. “The authorities have turned out to be truly smart and just focus on specific artists, certain periods, certain material.”