A member of staff cleans a wall prior to the opening of an auction preview of 'modern and contemporary Chinese art' during Sotheby's Beijing Art Week in Beijing, November 28, 2013.[Photo/Agencies]

Sotheby's to put Zao painting on auction block

China Guardian Auctions hit $385m for fall sales

EAGER MARKET

Sotheby's has all the reason to enter the Chinese market, which was estimated last year to be worth 8.9 billion euros ($12.10 billion) compared to 6.8 billion euros ($9.25 billion) for the United States and 3.5 billion euros ($4.76 billion) for the United Kingdom, according to France's Conseil des Ventes.

The Chinese market actually peaked in 2011, with revenue from auction sales falling as much as 48 percent from 2011 highs of 55.35 billion yuan ($9.09 billion) to 28.85 billion yuan ($4.74 billion) last year, according the China Association of Auctioneers.

The market dropped because of a slowdown in economic growth in China, a reduced amount of high-quality, high-priced works coming onto the market and many art funds and other speculative investors also reduced their participation in the market during the year, according to market participants.

However, demand for everything from antiques to artwork is expected to continue, said Philip Tinari, director of the Ullens Center for Contemporary Art in Beijing.

"I think a lot of people are eager to see what it'll mean to have a regular Sotheby's presence on the Beijing auction calendar," said Tinari.