In the early 2010s, the art market was often referred to as the "era of billions." With the emergence of high-value auction pieces, transactions were constantly breaking records. When people look back on that year, one name always stands out—Shu Taming. At Poly's Spring Auction in 2010, a calligraphy piece by the Northern Song Dynasty master Huang Tingjian sold for 436.8 million yuan, setting a new world record for Chinese art sales. That same year, Beijing Poly Auction gained international recognition and made its mark on the global stage.
“I was once asked when Poly could reach 100 billion yuan in annual sales. I didn’t expect that just one year later, we would be so close,†said Zhao Xu, reflecting on the rapid growth of the market.
The digital business era brought new energy to the auction scene. The 2010 Autumn Auction at Beijing Poly set a new benchmark for single-season art auctions. As an organizer and participant, what left the strongest impression?
Zhao Xu recalled a memorable moment during the antique auction night of the 2010 Autumn Auction. A guqin named “Stones†attracted nearly 30 bidders, creating a dramatic and exciting bidding war. This instrument had been collected by four imperial emperors: Song Huizong, Kangxi, Yongzheng, and Qianlong. It was truly a masterpiece. He even helped a friend bid, but they ultimately lost out. Their maximum budget was between 60 to 70 million yuan, yet the final price reached nearly 140 million. Despite the loss, his friend still believed the guqin was priceless. What made it even more remarkable was that this guqin set a new record in instrumental auctions worldwide, showcasing the immense potential of the Chinese antiquities market.
Another surprising highlight came from the modern and contemporary art segment. Zhang Daqian’s painting “The Girl of Heaven†became highly sought after. The subject of the painting was Chi Chunhong, a Korean geisha and Zhang Daqian’s beloved. The artwork is not only visually stunning but also steeped in a touching love story. Starting at a reserve price of 20 million yuan, it eventually sold for over 70 million, highlighting the intense competition and excitement in the modern art sector. In 2010, Poly’s Autumn Auction featured over 150 modern and contemporary works, generating more than 1.8 billion yuan in total sales—a record for the most valuable artworks sold in the least quantity.
The influx of new buyers has kept the auction market thriving. In 2010, Poly Auctions achieved a total turnover of 9.15 billion yuan—far exceeding expectations. Just a year earlier, in 2009, the annual turnover was around 2.5 billion. At the time, many questioned when Poly could reach 100 billion annually. Now, the gap was closing rapidly. While the market may seem chaotic, it was actually quite stable. Zhao Xu described the auction market as a semi-financial one, with these figures just being the tip of the iceberg.
“The price of Chinese art is still low compared to its true value,†he noted. “I believe that in the future, Chinese art can reach 10 billion or even 100 billion.â€
When asked to summarize the 2010 auction market in a few words, Zhao Xu called it “crazy yet reasonable.†He pointed out that China’s first generation of wealthy entrepreneurs was just beginning to build a new collecting system. With 20 billionaires being created daily in China, and a significant percentage of them interested in collecting, the market was still in its infancy. Unlike Western collectors, fewer mainland Chinese billionaires were into art, indicating a lot of room for growth.
He also emphasized that the return of art to China reflected the nation’s rising strength. Not a single major auction item from Poly in recent years came from overseas; almost all were purchased by domestic collectors. This was a positive sign for both the market and the community.
While some critics focused on the “billion-dollar era†and “sky-high prices,†Zhao Xu believed these were misconceptions. Although many Chinese artworks now exceed 100 million yuan, their intrinsic value was far greater than that of Western art. For instance, a Michelangelo painting recently sold for 2 billion yuan, while Wu Bin’s Ming Dynasty masterpiece, “Eighteen Maps,†fetched only 169 million. Globally, Chinese art was still undervalued.
Even during the financial crisis, the auction market remained resilient. Zhao Xu remained optimistic about the future. His hopes for 2011 centered on steady and healthy market development. For Poly, the next step was overseas expansion, with plans to hold exhibitions in cities like San Francisco, Los Angeles, Houston, Toronto, and Vancouver. These efforts aimed to bring top-tier artworks back to China.
Over the years, Zhao Xu’s perspective on art had evolved. While his passion for art never faded, he noticed that the market had become more professional. Buyers were more informed, and the quality of artworks entering the market had improved significantly. With the rise of the internet, information asymmetry was decreasing, making art more transparent and accessible.
For those looking to invest in art, Zhao Xu advised caution. While art had shown strong appreciation, only a few successful investment strategies existed globally. He urged investors to ensure there was a professional team behind any art-related investment initiative.
Overall, the 2010 auction market marked a turning point, signaling a new era of growth, professionalism, and global recognition for Chinese art.
Hmls Tire Cord Polyester Yarn,Friction Resistant Polyester Yarn,Anti-Abrasion Polyester Yarn,Air Bag Polyester Yarn
Ningbo Grantex Textile Co., Ltd , https://www.grantexindustries.com