Lots of bargains but few buyers in store

"Half and Half" from contemporary artist Wang Huaiqing. Base price, 4 million yuan ($585,700). Who will start me off?"

Not a single bid was forthcoming, a scenario repeated many times at China Guardian's Grand Fall Auction, a key event in the art world.

The global recession has clearly cooled the Chinese art market and Guardian's fall auction, known as a barometer of domestic market sentiment, was its latest victim. It ended last Thursday with final takings of 360 million yuan ($52.78 million), only one third of the 993 million yuan ($145.6 million) from the company's spring auction.