In the early 2010s, the art market was often described as an "era of billions." With the emergence of high-value auction items, transactions were constantly breaking records. When people look back on that year, one name always stands out—Shu Taming. At the Poly 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 made a global impact and gained international recognition.
“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 to that number,†said Zhao Xu, reflecting on the booming market.
The digital business era brought new momentum 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 moment left the strongest impression?
Zhao Xu recalled a particularly memorable scene during the 2010 Autumn Auction’s antique session. A guqin called “Pinestone†attracted nearly 30 bidders, creating a highly competitive atmosphere. This instrument had been collected by four Chinese emperors—Song Huizong, Kangxi, Yongzheng, and Qianlong. It was a rare treasure with immense historical value. A friend of Zhao Xu had set a maximum bid of 60 to 70 million yuan, but the final price soared to nearly 140 million. Despite not winning, he still felt it was priceless. This guqin eventually set a world record for instrumental auctions, highlighting the vast potential of the Chinese antique market and the rising confidence of domestic collectors.
Another standout moment came from the modern and contemporary art segment. Zhang Daqian’s painting “The Girl of Heaven,†featuring his Korean lover Chi Chunhong, was highly sought after. With a starting price of 20 million yuan, it ultimately sold for over 70 million. The intense bidding reflected the growing interest in modern Chinese art. In 2010, Poly’s Autumn Auction featured more than 150 modern and contemporary works, generating over 1.8 billion yuan in total sales and setting a world record for the highest turnover in the least number of pieces.
The influx of new buyers kept the auction industry thriving. Poly Auction’s total turnover in 2010 reached 9.15 billion yuan—far exceeding expectations. Just a year earlier, in 2009, the annual turnover was around 2.5 billion. Many had wondered when Poly could reach 100 billion annually, and Zhao Xu admitted he never imagined it would happen so quickly. While the market seemed wild at times, it was actually quite stable. He compared the auction market to a half-financial sector, where these figures were just the tip of the iceberg.
“The price of Chinese art is not high yet,†Zhao Xu said. “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 described it as “crazy but reasonable.†He noted that China’s first generation of wealthy entrepreneurs was just beginning to build a new collecting system. According to the New York Times, China produces 20 billionaires every day, and while 80% of Taiwanese billionaires enjoy collecting, only a small percentage in mainland China do so. This suggests the Chinese art market is still in its early stages.
Chinese culture has a 5,000-year history, with ancient princes known for their collections. In the 1980s, many valuable artworks were lost overseas, but now they are returning. This reflects China’s growing national strength. Most of the record-breaking items at Poly Auctions in recent years have been bought by domestic collectors, which Zhao Xu sees as a positive sign.
He also addressed common misconceptions about the market. Many outsiders talk about the “billion-dollar era†and “sky-high prices,†but Zhao Xu believes these are exaggerated views. While some Chinese artworks now exceed 100 million yuan, he argues that their true value is much higher. For example, a Michelangelo painting recently sold for 2 billion yuan, while Wu Bin’s Ming Dynasty work “Eighteen Maps†sold for just 169 million. Globally, Chinese art is still undervalued.
Even during the financial crisis, the auction market remained resilient. Zhao Xu remains optimistic about the future. For Poly, the next step is international expansion, with upcoming exhibitions in North America aimed at showcasing high-end artworks and bringing them back to China.
Over the years, Zhao Xu’s understanding of art has evolved. He notes that the market has become more professional, with better-quality artworks entering the market. The rise of the internet has reduced information asymmetry, making art more accessible and transparent. Artworks now speak for themselves through their true value.
For those looking to invest in art, Zhao Xu advises caution. While the art market has shown strong appreciation, only a few successful investment strategies can yield real returns. He warns against unprofessional entities claiming to offer art investment opportunities, emphasizing the need for a solid team behind any such initiative.
Ultimately, Zhao Xu believes the art market is just beginning, and there's a lot more to come.
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