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.