How Are Asia’s Art Markets Faring?

The Big Picture is excerpted from The Asia Pivot, Artnet Pro’s biweekly members-only newsletter providing mission-critical analysis, insights, and exclusive intelligence on developments in Asia’s art markets, with a focus on business opportunities and challenges. Subscribe here to receive it directly to your inbox.

‘Gonna Be Golden’

Asia’s astounding cultural diversity is mirrored in the various trajectories of its art markets. As we celebrate the second anniversary of The Asia Pivot, we are proud to have presented a “Bigger Asia” through the 21 issues we published over the past year, amplifying voices from across the region while breaking down walls that have long divided Asian communities.

Beyond established markets, like China, South Korea, and Japan, we have drawn attention to emerging hubs, charting the rise of South Asia, the potential of Central Asia, the dynamic developments in Southeast Asia, and the investment in the Gulf. We have also spotlighted the Asian diaspora, which continues to shape global art narratives. We are grateful that leading voices have shared their insights.

From London to Seoul, and from New York to Shanghai, Cathy Fan and I have taken part in public events to discuss the evolution of Asia’s art worlds. This Friday, at Art Market 2050 in London, I will moderate an Asia Pivot panel that looks at the future of art and technology in the region.

Thank you for subscribing to TAP. We couldn’t have done this without your support. To borrow from the KPop Demon Hunters (2025) hit “Golden”: Together, we’re glowing.

Now, let’s dive into our annual data analysis on Asia’s art markets. And don’t miss Cathy’s accompanying report, excerpted below, on the top-selling living Asian artists.

China Loses Market Share. But It Still Leads

The ranking of the top five Asian countries, based on total auctions sales of art and design from October 1, 2024, to September 30 this year, is identical to the one for the same period between 2023 and 2024, according to data from the Artnet Price Database. But the numbers reflect a telling shift in the dynamics across these markets.

China, including mainland China and Hong Kong, remained, on top, with total sales (including fine art, traditional Chinese ink paintings, and calligraphy) amounting to $1.69 billion. However, as China grapples with economic uncertainties, including a trade war with the U.S., its total was down 29.6 percent, from $2.4 billion, in the previous report. Its market share in Asia also shrank slightly, from 85.5 percent to 82.2 percent. As I reported earlier this month, each of the recent Hong Kong marquee auctions was down from the equivalent sale last year. However, Hong Kong remains the trading hub for the most valuable lots in the region, and 47 percent of China’s total sales value was generated in the city.

Japan ranked second, with a $139 million total, down from $143.8 million in the October 2023–September 2024 period that is being used as the comparison throughout this story. Its market share, however, inched upward, from 5.1 percent to 6.8 percent, providing ballast for the optimism reported in this space in August. Various industry players have also been cultivating new business models that have been well-received in recent years.

India came in third, with $92 million in total sales, up from $80.8 million last time. Its market share climbed from 2.9 percent to 4.5 percent. As we have argued, India has immense potential, and its momentum increased this year with headline-grabbing sales, the emergence of new buyers, and a sales-tax cut. Events such as the India Art Fair, which will take place on February 5–8 in New Delhi, overlapping with the debut of Art Basel Qatar (February 5–7) in Doha, will be interesting to watch.

Coming in fourth is South Korea, with $61 million in total sales, down from $70 million; it now has 3 percent of the region’s market, up from last year’s 2.5 percent. While the country’s art stars and cultural export continue to make headlines, South Korea’s art-market dip has concerned some local art dealers, prompting them to adjust their strategies. But results at the recent Frieze Seoul and Kiaf Seoul appeared to be better than expected, so there is still hope for growth going forward.

The Philippines remained in fifth, with $37 million in total sales, the highest among all Southeast Asian countries, accounting for 1.8 percent of Asia’s market, similar to the previous figure. Trailing behind was Singapore, ranked sixth with $22 million or 1.1 percent share. It swapped positions with seventh-place Taiwan, which had $14 million in total sales, down by a staggering 44 percent from $25 million last time.

Further exclusive data about auctions in Asia from that same period, October 1, 2024, to September 30, 2025. (All figures include fees.)

Top Five Asian Artists at Auction

1. Yayoi Kusama (b. 1929): 620 lots sold vs. 783 lots offered, $104,562,162

2. Zhang Daqian (1899–1983), 527 lots sold vs. 821 lots offered, $81,458,459

3. Zao Wou-Ki (1920–2013), 305 lots sold vs. 390 lots offered, $79,769,512

4. Qi Baishi (1864–1957), 496 lots sold vs. 778 lots offered, $67,986,551

5. Yoshitomo Nara (b. 1959), 255 lots sold vs. 329 lots offered, $65,234,611

Top 5 Lots by Asian Artists

1. Calligraphy in Cursive Script (1545) by Rao Jie, $32,231,458, Sotheby’s Hong Kong

2. Untitled (Gram Yatra), 1954, by M.F. Husain, $13,750,000, Christie’s New York

3. Cosmic Eyes (in the Milky Lake), 2005, by Yoshitomo Nara, $11,488,292, Sotheby’s London

4. The Solar Eclipse (1967) by Zhang Daqian, $11,040,460, China Guardian Auctions Co., Ltd., Beijing

5. 17.3.63 (1963) by Zao Wou-Ki, $10,951,016, Christie’s Hong Kong

Top 5 Lots Sold at Auction in Asia

1. Untitled (Yellow and Blue), 1954, by Mark Rothko, $32,471,707, Sotheby’s Hong Kong

2. Calligraphy in Cursive Script (1545) by Rao Jie, $32,231,458, Sotheby’s Hong Kong

3. Buste de femme (1944) by Pablo Picasso, $25,288,878, Christie’s Hong Kong

4. Sabado por la Noche (Saturday Night) (1984) by Jean-Michel Basquiat, Christie’s Hong Kong

5. The Solar Eclipse (1967) by Zhang Daqian, $11,040,460, China Guardian Auctions Co., Ltd., Beijing

Top 5 Auction Houses in Asia

1. Christie’s Hong Kong: $315,302,627, 1,066 lots sold vs 1,270 lots offered

2. Sotheby’s Hong Kong: $310,703,677, 1,927 lots sold vs 2,300 lots offered

3. China Guardian Auctions Co., Ltd., Beijing: $274,770,172, 4,483 lots sold vs 5,160 lots offered

4. Xi Ling Yin She Auction Co. Ltd, Hangzhou: $118,332,267, 2,503 lots sold vs 2,958 lots offered

5. Poly International Auction Co., Ltd., Beijing: $82,608,336, 1,419 lots sold vs 2,654 lots offered