13.01.2012

Chinese artist Zhang Daqian (1899-1983) has beaten Pablo Picasso as the world auction market’s top earner in recent years, according to an Artprice report. Daqian generated US$506.7 million in auction revenue in 2011. In second place was Qi Baishi (1864-1957) with US$445.1 million, Andy Warhol came in third with US$324.8 million while Picasso ranked fourth at US$311.6 million.

Martin Bremond, head economist at Artprice says that these Chinese artists might not be well-known in the international art scene but they are the leading modern masters in China. “They are on top because China is the No. 1 country at auction and the Chinese are buying their own artists.” While the Chinese contemporary art market experienced some slowing down due to the financial crisis; traditional Chinese modern painting is one sector of the market that remains resilient.

Daqian ‘s 1947 Lotus and Mandarin Ducks fetched $24.5 million at Sotheby’s in Hong Kong in May 2011.