Buyers becoming more prudent as art sector matures

Art sales in the Chinese mainland accounted for 22 percent of the 51-billion-euro ($55.62 billion) global market in 2014, a report from the European Fine Art Foundation said.

China's share of the auction business last year stood at the equivalent of 7.56 billion euros, or 30.7 percent of the world total, the report said. The top two auction houses in China are Poly International Auction Co Ltd, whose 2014 sales totaled 908 million euros, and China Guardian Auctions Co Ltd, with 621 million euros.

A substantial proportion of the activity in China is a result of the global reach of Sotheby's and Christie's, the report said.