Last year saw tremendous growth in the Chinese art market, especially the auction sector, a newly released market report shows.

The 2007 gross transaction volume in worldwide auctions of Chinese art reached 23.7 billion yuan ($3.3 billion), making up 29.1 percent year-on-year growth, according to a report conducted by Artron Art Market Index.

The 2006 gross transaction volume in worldwide auctions of Chinese art was 16.8 billion yuan, says Artron chief analyst Jiang Wei.

Special sales for Chinese art in 2006 reached 764 with the number jumping to 835 in 2007, indicating a dramatic expansion in Chinese art auctions worldwide.

Totaling 6.65 billion yuan, auctions of oil paintings and contemporary art registered 32.4 percent year-on-year growth in 2007, the highest growth rate among the major categories.

According to a market confidence survey conducted by Artron from December 26, 2007 to January 31, 72 percent of the 1,200 art market insiders surveyed are confident in the 2008 Chinese art market, 56 percent believe "hot money" will play a positive role in the Chinese art market, and 66 percent believe the prices of Chinese art will continue to go up this year.

Also, 46 percent believe that trends in global art market would have great impact on the domestic art market, 33 percent believe that the impact will be limited and 21 percent don't think there would be any impact.

(China Daily February 28, 2008)