Middle-level buyers will be the main force in the market this year.
According to the 2023 China Art Fortune*** Collector Survey, most of respondents who spent between RMB500,000 and RMB5 million in the past year said they would increase their collection budget in 2024 (48%), or remain the same (28%). They are also the most willing and active group of people who plan to resell their art this year (58%), and the pursuit of financial returns and the adjustment of the direction of their collection are the main reasons.
80% of the middle-level purchasing power collectors are composed of the post-80s and post-90s, who include entrepreneurs and entrepreneurs, second-generation heirs, senior managers of enterprises, professional investors, etc. Their collection generally includes oil paintings and contemporary art, but also includes Chinese paintings and calligraphy and antique porcelain. They have a broad vision and a diverse range of artistic tastes and interests. This group of collectors has begun to establish their own collecting direction after going through the philatelic collecting phase at the beginning.
From a collector's point of view, this year will be a more suitable time to acquire art. Looking back at the phenomenon of many outstanding artists' works being sold low in 2023, and even a large number of unsold auctions in night shows, it has created a lot of opportunities for collectors to pick up the leaks. For example, Qi Baishi's "The End of the World-Xinwei Landscape Book" was published in 2016 with RMB 1It was sold for 95.5 billion yuan, and the transaction price last year was 144.9 billion yuan; In 2015, it was sold for 42.81 million US dollars (about 2.0 million yuan.)7.3 billion yuan) auctioned Modigliani's "Portrait of Paulita Joudan", which was sold at 27.3 billion Hong Kong dollars (about 2.3 billion yuan.)5.4 billion yuan); Yayoi Kusama, Lee Uhuan, Wu Dayu, Zao Wou-ki, Zhang Xiaogang, Zeng Fanzhi and many other star artists have failed to sell.
Based on these circumstances, several auction houses that held auctions at the end of last year have adjusted their thinking, and the valuation of the lots given is relatively conservative and rational, and I believe that this will continue in this year's auctions.
This year, more artists will enter the primary and secondary markets, participate in art fairs, and increase online ** to obtain more traffic to achieve monetization, so publicity is still very important.