The Chinese auction market has experienced a slight decline compared to last year, revealed Ouyang Shuying, deputy secretary general of the China Association of Auctioneers, at the fifth China Art Market Summit (CAMS) hosted by art media site 99ys.com last Friday.

According to Ouyang, the Chinese market is experiencing a period of adjustment, with total transactions in the auction market reaching 15.3 billion yuan ($2.46 billion) from January to September. Not all the news was bad. She mentioned some positive changes in the market, such as expanding and diversified tastes and an influx of younger collectors.

Titled Transition: The Future of the Art Market, CAMS 2014 was open to galleries, auction companies, agents and art centers. 

During the summit, collector Wang Zhongjun, CEO of Huayi Brothers, recalled his astonishing purchase of Van Gogh's masterpiece Nature morte, Vase aux marguerites et coquelicots (also known as Still Life, Vase with Daisies, and Poppies).

"At the preview for Sotheby's HK auction, I was surprised to see Van Gogh's work. But I didn't make up my mind until I heard the explanation and introduction of the painting by the staff. At that point I thought I could give it a try. My estimated price was $ 70 to 80 million, but I finally only paid $55 million, which was great for me," he said.

Global Times