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Chinese artists take first and second place on world auction market and Picasso drops from first to fourth place

Chinese artists take first and second place on world auction market and Picasso drops from first to fourth place


Chinese artist Zhang Daqian has ousted Picasso to take the No.1 position on the world auction market. Artprice reports Zhang generated $506m in auction revenue in 2011 followed by compatriot Qi Baishi on $445.1m. Warhol took third place with auction sales of $324.8m followed by Picasso on $311.6m. Fifth slot was occupied by another Chinese artist, Xu Beihong who tallied $212.9m.

The change reflects China's growing strength in the global art market. Of the approximately 11 billion total works revenue for fine art last year, China's share was 39%, up from 33% the year before. Artprice said. The USA was in second place with 25%.

Image: Lotus and Mandarin ducks by Zhang Daqian which fetched HK191m ($24.5m) at Sotheby's in Hong Kong in May 2011