Chinese art prices had collapsed 70% from their March 2008 highs during the financial crisis, but now they’re back. Big time.
Seven lots fetched more than $1 million at the last Sotheby’s auctions in Hong Kong, led by Liu Ye’s acrylic and oil “Bright Road,” which sold for more than $2.5 million. This was the top take for a Chinese contemporary artist in two years, indicating that Chinese art is on its way back to levels we haven’t seen since the financial crisis. Last year, similar pieces were moving for only a third of this year’s pricing.
That’s roughly 200% inflation for Bright Road, below via Sotheby’s.
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