Following this week's declaration by ArtPrice.com that we have just reached a "turning point in the history of the global art market: China is now the number 1 in terms of fine art auction revenue" (see full report below), it is interesting to consider Asia's role as a whole in the Global art market.  Here are some quotes from Martin Bremond, Head Economist art Artprice.com, made during his analytical presentation of the Global Art Market in 2010 at ArtStage Singapore earlier this year:

It certainly wasn't a feeding frenzy, but the bidding was persistent and determined at Christies November 29th Hong Kong auction of C20th Chinese and Contemporary Asian art.  Lots by masters such as Chu The-Chun and Zao Wou-ki were heavily contested.  A beautiful oil on canvas depicting falling snow Vertige Neigeux, 1990-1999 (lot 1020) by Paris-based Chu The-Chun amazed the 400 strong audience to achieve a hammer price of HK$40million (US$5.15m) off an opening bid of HK$13million.  It was chased by at least 3 buyers on the phones and 2 bidders in th

Auction week, and the auction year, closed in Melbourne on a high note. Forthe first time in eighteen months it appears that vendor and buyer expectations have met to such a degree that a depth of bidding was apparent at all three auction houses: Sotheby's, Bonhams and Goodman and Deutscher and Hackett.  Sales rates by volume and value were the best they have been for a long time and reflected the depth of the market that appears to be peppered with a lot of new faces.

A strong attendance during the viewing and a good crowd at the auction augured well for the start of Deutscher and Hackett's second auction of aboriginal art, put together by ex-Sothebys expert Crispin Gutteridge and held on Wednesday night, 14th October.  However, the passing-in of the first two lots indicated that a different direction may be taken.  Three hours later a sale rate of 61% by volume resulted in a $1.1m turnover for the sale.

The Australian art world is reeling today after shock news that leading auction house businessman Tim Goodman has purchased the Australian arm of the prestigious international auction house Sotheby's.

Tim Goodman, currently Chairman and CEO of Bonhams and Goodman auction house announced that he will be terminating his license with British firm Bonhams on December 22 of this year to replace it with the far more prestigious and distinguished brand name of Sotheby's.

There is a maxim in the art market that in troubled times there is a flight to quality.  The August round of auctions which included sales at Sothebys, Bonhams and Goodman and Deutscher and Hackett certainly had a good smattering of quality offerings.  However, with the limited availability of stock to sell due to nervous or reluctant vendors, the auction houses needed to be bullish in their estimates in order to persuade owners to part with their artworks.  Consequently the issue in this round of sales was The Price.