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Rise and rise of Chinese art

Last year saw tremendous growth in the Chinese art market, especially the auction sector, a newly released market report shows.

The 2007 gross transaction volume in worldwide auctions of Chinese art reached 23.7 billion yuan ($3.3 billion), making up 29.1 percent year-on-year growth, according to a report conducted by Artron Art Market Index.

The 2006 gross transaction volume in worldwide auctions of Chinese art was 16.8 billion yuan, says Artron chief analyst Jiang Wei.

Special sales for Chinese art in 2006 reached 764 with the number jumping to 835 in 2007, indicating a dramatic expansion in Chinese art auctions worldwide.

Totaling 6.65 billion yuan, auctions of oil paintings and contemporary art registered 32.4 percent year-on-year growth in 2007, the highest growth rate among the major categories.

According to a market confidence survey conducted by Artron from December 26, 2007 to January 31, 72 percent of the 1,200 art market insiders surveyed are confident in the 2008 Chinese art market, 56 percent believe "hot money" will play a positive role in the Chinese art market, and 66 percent believe the prices of Chinese art will continue to go up this year.

Also, 46 percent believe that trends in global art market would have great impact on the domestic art market, 33 percent believe that the impact will be limited and 21 percent don't think there would be any impact.

Neverland may be Jackson's nevermore

Michael Jackson's Neverland Ranch will be put up for sale at a public auction next month unless the pop star pays the more than $24 million he still owes on the property, according to a Tuesday court filing.

Financial Title Co filed the notice of trustee's sale with Santa Barbara County Superior Court, setting the auction date for March 19. A spokeswoman for Jackson did not immediately return a call for comment.

Julie Wagner, a manager at the San Francisco-based title company, confirmed that Jackson's property was set for auction.

Court documents obtained by Fox News warn Jackson that he has until the date of the auction to take action to keep his lavish estate.

If the property does go to auction, the initial asking price could be higher than the $24.5 million Jackson owes because of interest due and other costs, according to the filing. Everything from the estate's merry-go-round and other carnival rides, locomotives, sculptures to the curtains and bath tubs in the estate would be up for sale should the auction take place, according to the filing.

The reclusive star no longer lives at the famous, 2,500-acre spread in Los Olivos, a popular tourist spot northwest of Santa Barbara known for its wineries.

He's been mostly residing abroad since his 2005 acquittal on child molestation charges, although he has spent time in Las Vegas as he tries to stage his musical comeback.

China Daily-Agencies

(China Daily 02/28/2008 page18)