2025年中国艺术市场报告

We are delighted to share the inaugural Mishcon de Reya x ArtTactic –China Art Market Report on the eve of Hong Kong Art Week. The report, based on independent expert research by ArtTactic, is the onlyone of its kind focused on the Modern & Contemporary auction market inHong Kong and Mainland China. It combines distilled strategic insights within-depth analysis of the market over the last decade. The findings of the report highlight the transformation of the Hong Kongand Mainland China art market over the past decade, elevating it into theworld’s top three art markets, with Hong Kong positioned as the epicentreof art trading in Asia. This growth is extraordinary but not fortuitous. It isunderpinned by the immense cultural wealth and knowledge in the region. As one of the world’s leading art law practices with a thirty-year history ofserving the art and culture sector internationally, The Mishcon de Reya Groupis delighted to have this opportunity to affirm our enduring commitment tothe Hong Kong and Mainland China art and business community. We look forward to continuing the conversation in these ever-changing times! Simon TyeChief Executive OfficerMDRi Karen SanigPartner and Head ofArt LawMishcon de Reya LLPIntroduction Jason KarasManaging PartnerKaras So LLP inAssociation withMishcon de Reya Overview Growth of Modern and Contemporary Artin Hong Kong and Mainland ChinaThe Hong Kong and Mainland China Modern and Opportunity Driven by AdversityDespite significant challenges in 2024, including a 33.1% decline in auction sales attributable toeconomic uncertainties, the Hong Kong and MainlandChina market has demonstrated striking resilience.The softening at the upper end of the market hasstimulated activity at more accessible price segments,particularly for works below US$50,000. This evolutionnot only highlights the adaptability of the market, buthas opened avenues for new collectors, particularlyfrom millennial and Gen Z demographics. Contemporary Art Market Report 2025 demonstrates atransformative period for the region’s art market, as itsolidifies its position as a global centre for Modern andContemporary art. With market share doubling from7% in 2015 to 14% in 2024, Hong Kong and MainlandChina are a formidable competitor to London, andnow, the third largest art market worldwide. Only Parishas matched the region’s positive annual growth ratesin auction sales over the past decade. Art as an Investment: Market Risksand Opportunities Diversification Driving Market GrowthThe diversification of the art market is visibly driving growth. The increasing prominence of younger andfemale artists, reflects a deeper cultural shift towardinclusivity and diversity. This report will detail howthese trends are reshaping the art market in HongKong and Mainland China, and will spotlight keyartists who are driving this diversification. As prices for art reached unprecedented levels overthe past decade, interest in art as an alternativeinvestment grew in tandem. Yet, the rising appealof art as a financial asset is often clouded bymisconceptions about risks, returns, and liquidity.This report dispels some of the most commonmyths surrounding art investment and underscoresthe importance of adopting a long-term, strategicapproach to effectively navigating this unique market. Growth of Modernand ContemporaryArt in Hong Kongand Mainland China Hong Kong and Mainland China have solidified their status as a globalauction market centre for Modern and Contemporary art. Market sharegrew from 7% in 2015 to 14% (see Chart 1.1b) in 2024, and across theregion, auction sales totalled US$576 million in 2024 (see Chart1.1a). Thisgrowth as a formidable rival to London, now as the third-largest art marketin the world. Over the past decade, Hong Kong and Mainland China haveoutperformed other major markets, including New York and London, withonly Paris matching the positive annual growth in auction sales of Modernand Contemporary art over the last 10 years. This consistent upwardtrajectory underscores the region’s thriving art scene and its appeal forlocal and international collectors. ARTISTS DRIVINGTHE MARKET Over the past decade, Chineseémigré artists Zao Wou-Ki andSanyu have led the growth ofthe Hong Kong and MainlandChinese auction market, achievinga combined sales total of US$1.17billion and capturing 15.8%of Modern and Contemporarysales during this period.Japanese artists Yayoi Kusamaand Yoshitomo Nara followed,generating US$614.7 millionbetween 2015 and 2024, reflectinga vigorous collector base in Asia.Among Western artists, Jean-Michel Basquiat and GerhardRichter have collectively broughtin US$392.9 million over the lastten years. The emergence of Hong Kong and Mainland China as a key player isfurther evidenced by the significant contributions of international artists,who accounted for 44.1% (see Chart 1.4a) of total sales in 2024. Thisinflux of global talent not only elevates the market’s profile but in enrichingdiversit