Chinese art auctions are a popular and vibrant global art market. These auctions provide a platform for buying and selling a wide range of Chinese artworks, including traditional Chinese paintings, calligraphy, ceramics, jade sculptures, contemporary art, and more. Chinese art auctions are held by various auction houses, both in China and internationally.
In recent years, Chinese art has gained significant attention and value in the global art market, with collectors and investors showing great interest. Some renowned auction houses that frequently hold Chinese art auctions include Sotheby's, Christie's, China Guardian, Poly Auction, and Beijing Hanhai Auction.
The process of a Chinese art auction typically involves the following steps:
Consignment: The auction house accepts artworks from sellers, often collectors, galleries, or institutions. The artworks are evaluated, and agreements are made regarding the reserve price (minimum acceptable price) and commission fees.
Pre-auction exhibition: Before the auction, the artworks are displayed in an exhibition where potential buyers can view and inspect them. This allows interested parties to assess the quality and condition of the artworks.
Bidding: The auction takes place on a designated day and time. Bidders can participate in person at the auction house through phone or online bidding platforms. The auctioneer starts the bidding at the reserve price and increases the price incrementally until the highest bid is reached.
Hammer price: Once the auctioneer accepts the final bid, the artwork is sold at the "hammer price," the last bid acknowledged before the auctioneer brings down the hammer. The hammer price does not include the buyer's premium, which is an additional percentage charged by the auction house on top of the hammer price.
Settlement: The buyer is responsible for paying the hammer price, the buyer's premium, and any applicable taxes. The auction house facilitates the transaction between the buyer and the seller, ensuring the smooth transfer of ownership and financial transactions.