CHINESE artists Zhang Daqian and Qi Baishi overtook Pablo Picasso in the art auction market last year, displaying China’s newfound importance in the art world.

    Works by Zhang (1889-1983) generated US$506.7 million from auctions in 2011 alone, placing him No. 1 in art sales for the year. Qi (1864-1957) was second, followed by U.S. artist Andy Warhol. Former best seller Picasso was fourth, with US$311.6 million in total sales, according to a report from the French research company Artprice earlier this year.

    Anne Baldassari, director of the Musee Picasso in Paris, said in the wake of the 2008 global financial crisis, the center of the art auction market is now shifting to the East, from its traditional hubs of Paris and New York.

    Baldassari was in Chengdu in preparation for the second stop of the Picasso 2012 China Exhibition, which will run from Feb. 28 to May 1. Along with 56 works by Picasso, valued at 670 million euros (US$872 million), some of Zhang’s works also will be displayed.

    The value of Zhang’s works has soared in recent years. In 2008, he ranked 56th on Artprice’s Top 500 Artists list, in terms of auction turnover. By 2009, he had climbed to 11th place. Last year, he was the world’s top-selling artist.

    Individual works by Zhang also have set records. In 2010, Zhang’s “Aachensee Lake” fetched 100.8 million yuan (US$16 million) at China Guardian Spring Auction, making Zhang the first Chinese artist to reach the 100-million-yuan milestone at auction. The silk painting was inspired by his trip to Austria in the 1960s.

    Other Chinese artists have since broken that record. Last year, Qi’s ink painting “Eagle Standing on Pine Tree; Four-character Couplet in Seal Script” fetched 425.5 million yuan at the China Guardian Spring Auction. Qi was famous for his ink paintings of animals, birds and insects.

    Shang Hui, editor-in-chief of China’s Art magazine, said he is optimistic that more Chinese paintings will top 100 million yuan this year and Chinese artists will set new auction records. Shang said the jump in auction prices for Chinese art is in line with the artistic value of the paintings.

    However, Shang expressed concern about the sizzling auction market in China. “Sharp price hikes in a short time span may bring about a bubble in the market, but a gradual influx of capital can create a healthy market,” he said.

    Despite the frenzy for Zhang and Qi’s works, Shang said some other Chinese artists are undervalued and have future market potential. “Great Chinese artists like Huang Binhong (1865-1955) have exceptional artistic value that has yet to be recognized by the market. They may become the focus of investment in the coming years,” he said.(Xinhua)