China now world leader in art

CHINA’S INCREASING dominance of the international economy has spread to the art market. The French company Artprice, which monitors auctions worldwide, has reported that “China is now incontrovertibly the world’s leader of the art market” and accounted for over 40 per cent of international turnover last year – ahead of the US and the UK.

An even bigger surprise for collectors in the West, is Artprice’s list of the world’s top 10 best-selling artists in 2011, ranked by sales at auction.

Six are Chinese – all virtually unknown outside Asia.

The Irish-born Francis Bacon is one of only four westerners on the list along with Picasso (Spanish), Warhol (American) and Richter (German – and the only one still living).

THE WORLD’S TOP 10 BEST-SELLING ARTISTS IN 2011, RANKED BY TOTAL SALES AT AUCTION

1 Zhang Daqian (1899-1983) $550m

2 Qi Baishi (1864-1957) $510m

3 Andy Warhol (1928-1987) $325m

4 Pablo Picasso (1881-1973) $315m

5 Xu Beihong (1895-1953) $220m

6 Wu Guanzhong (1919-2010) $212m

7 Fu Baoshi (1904-1965) $198m

8 Gerhard Richter (1932) $175m

9 Francis Bacon (1909-1992) $129m

10 Li Keran (1907-1989) $115m