Classical art market growing

The results of the Grand View sale reinforce the impression that the market for classical Chinese art, which has been stable over the past decade, is growing.

The classical Chinese art market is becoming bigger slowly even as other categories, including contemporary art and modern Chinese paintings and ceramics that used to produce record prices in the boom years around 2008, have continued to slide.

This is because of sluggishness in the Chinese art market since 2014 as the country's economy cools, driving away buyers looking for quick profits.

Jushi Tie was sold to Chinese media mogul Wang Zhongjun and the buyer of Song Ke's album is Zhang Xiaojun from Shanxi province. Both are avid collectors of contemporary art, and hence their successful bids were seen as surprising.

But Beijing-based art market expert Ji Tao said in a recent blog that collectors are diversifying their purchases, and the successful bids by Wang and Zhang indicate that due to a shortage of quality contemporary works, they are now looking at other genres such as classical pieces that are rarely seen on the market yet boast a sound provenance and are cataloged in important inventories compiled by academic authorities.

The sale also showed a steady market for Chinese calligraphy works, especially those from the Tang, Song and Yuan (1271-1368) dynasties.