Some of the “persistent problems” plaguing the Chinese art market include late and non-payment by winning bidders at auction, according to the report. A high percentage of unsold auction lots -- 54 percent of all lots offered in mainland China and 44 percent in Hong Kong -- has also dampened the market, indicating resistance to works buyers perceive as “over-priced or not the best examples by the artists,” as well as issues of provenance and authenticity, according to the report.
Online sales, a small but rapidly growing segment of the market, generated more than 2.5 billion euros in 2013, the report showed.
“It is estimated that the online art market, including online sales by auction houses, dealers and online-only companies, could grow at a rate of at least 25 percent per annum, meaning that they could exceed 10 billion euros by 2020,” the report found.