Not all Doom and Gloom – Chinese ART booms !!

With its £2 trillion surplus, China’s economic might dominates the world. Now its painters and sculptors are developing, collectively, into a contemporary arts superpower. Asian artists, and in particular those from China, dominate a new list of the world’s best-selling contemporary artists of last year. Among the world’s most sought-after artists are the unfamiliar names of Zhang Xiaogang, Yue Minjun and Zeng Fanzhi.

Of the world’s 20 top-selling artists, 13 are from Asia, with 11 coming from China. Asian artists make up six of the top 10 biggest sellers at auction, five of which are Chinese. Experts predict that within a decade, the term “Asian art” will be as widely used as “Western art” and will be responsible for most global sales.

The annual survey of the global art market by the auction tracking site Artprice and the Axa insurance company lists the 500 top-selling artists at 2,900 auctions between July 2007 and June 2008. While the top four selling contemporary artists at auction were the Western superstars Jeff Koons, Jean-Michel Basquiat, Damien Hirst and Richard Prince, almost all the rest are Asian. Other Chinese artists in the top 10 include Wang Guangyi and Yan Pei-Ming. Japan’s Takashi Murakami comes in at number eight, while the Indian-born Anish Kapoor, who lives in England, is number 18. It is a seismic shift in an art market dominated by the Western tradition for almost 500 years.

“The total auction revenue generated by 100 Chinese artists in 2003-4 amounted to £860,000,” the report says. “The same 100 generated total revenue of £270m over the last 12 months. Of these 100, three are striking for having each generated more than £26m.”

Wang Guangyi,Takashi Murakami,Zhang Xiaogang,Zeng Fanzhi,Yue Minjun