When Nanjinger Wang Zhisen, 71, holds an upcoming exhibition of his 5,000 Chairman Mao commemorative badges to tie in with the 90th anniversary of the founding of the Communist Party on 1st July, the message he sends will have repercussions the world over.
For China is consolidating its position as the biggest auction market for art and collectable objects, overtaking the United States after its sales more than doubled in just one year, according to research made public on Thursday. A report for the Conseil des Ventes Volontaires (CVV, the French Auction Market Authority) said sales in China, including Hong Kong, grew by 137% in 2010 to €7.6 billion. China now holds 34.3% of global market share, compared to 24.2% in 2009, said the public body authority that regulates the auction industry in France.
China has benefitted from the CVV’s decision to concentrate on “art and collectable objects” in its research findings, making the field much wider than merely “fine art”. Wang Zhisen’s collection of Mao badges are sure to be included in the definition that comprises paintings, sculptures, drawings, engravings and photographs.
Overall, the worldwide auction market for art and collectable objects increased by 66% in 2010, with a total value of €22.15 billion. Chinese collectors have been particularly eager to buy ancient Chinese artifacts, which have been hitting record prices in the face of a relative shortage of available items. According to the World Wealth Report 2010, there now are 477,000 collectors in China, while a study by the China Minsheng Bank claimed that the Chinese spend at least ¥80 billion a year on works of art.
