Page 16 - AC-2-2

Arts & Communication 1980s: A turning point in the Chinese art market

a result of reform and opening up, although historical
challenges that could not be entirely reversed. However,
the reforms significantly revitalized the art market. The folk
art market and the state-owned antique stores operated in
tandem during this era. Moreover, the collective ownership
and Sino-foreign joint venture entities explored different
management theories and practices to accomplish various
goals. Chinese businesses, represented by the Beijing Hotel
and Jingfeng Hotel, established a Chinese art collection
system in response to the art museum’s lack of funding and
challenges in acquisition, preserving innumerable priceless
artworks in the process. In the broader market context,
price fluctuations and shifts in the status of Chinese artists
have emerged as key elements of the 1980s art market.
Figure 6. The 1992 Beijing International Art Auction was held at the Acknowledgments
World Theater of the China-Japan Youth Exchange Center, Beijing, on
October 11, 1992. None.

over 170 auction houses within a single year in 1992 due to Funding
the trending auction sector, which peaked in 1993. 23 None.
After the enactment of the new law of the People’s
Republic of China on the Protection of Cultural Relics in Conflict of interest
2002, private collections flourished, and a large number The author declares no conflict of interest.
of private enterprises began to enter the art market,
24
facilitating the growth of a modern, Western-style market Author contributions
for Chinese art. This is a single-authored article.
China’s contemporary auction industry operates
by implementing regulations from the global auction Ethics approval and consent to participate
market, alongside national characteristics. The theoretical Not applicable.
foundation of China’s current auction industry practice
originated elsewhere, contributing significantly to the Consent for publication
absence of localized Chinese auction practices. The Not applicable.
absence of theoretical support in practice also hindered
further development in the field. As a result of China’s Availability of data
auction industry’s imitation of the Western model, there
is a lack of mature primary markets in China, and the Not applicable.
nation’s painting gallery industry was underdeveloped, References
unorganized, and unstandardized. Notably, the secondary
market would have a direct impact on the art market. The 1. Guan Q. The Protection and Utilization of Cultural Relics
inverted development between the primary and secondary Reflect a Century-Long Journey. Available from: https://
www.ncha.gov.cn/art/2021/6/23/art_722_169443.html
sectors, with their inherent deficiencies, characterized the [Last accessed 2021 Jun 23].
Chinese art market.
2. Chen L. Beijing’s painting market and market problems.
5. Conclusion Fine Arts. 1990;12:41-45.
In the 1980s, China’s art market served as a unique bridge 3. Ocean Net-Information Times. In 1960, General Cultural
between the past and the future, experiencing a surge in Relics Were Exchanged for Foreign Exchange; 2005. https://
artistic productivity and liberated ideas since the Third news.sohu.com/20051031/n227349136.shtml [Last accessed
on 2005 Oct 31].
Plenary Session of the Eleventh Central Committee of the
Communist Party of China. Apart from their aesthetic 4. He Z. A new theory on the commercialization of art
value, the worth of artworks also started to consider the production. J Linyi Norm Univ. 2001;23:54-56.
exchange process. The art market expanded rapidly as 5. Zhang W. On the Significance of Chinese Contemporary

Volume 2 Issue 2 (2024) 10 doi: 10.36922/ac.2028