Anita Archer, PhD (2019), University of Melbourne, coordinates a Research Unit at that University. She is also an international auctioneer and art consultant, and has written two journal articles on emerging art markets in Asia.

• Contents AcknowledgementsList of Illustrations1 Introduction1 Art Auctions, Emerging Markets, and Chinese Contemporary Art2 The Evolution of an Art Auction Market: Christie’s, Asian Avant-Garde, 12 October 1998, London1 Introduction2 Auction Market Evolution3 Creating a Platform in the West for Chinese Contemporary Art4 Christie’s Asian Avant-Garde, London5 Conclusion3 Joining the Dots to Inaugurate a New Auction Category: Sotheby’s Chinese Contemporary Art, 31 October 2004, Hong Kong1 Introduction2 Forming Dots: a Broadening Base of Emerging Market Infrastructure from 1998 to 20043 Auction Market Inauguration: Sotheby’s Chinese Contemporary Art, Hong Kong4 Conclusion4 Adding Value through Translocation: Sotheby’s Contemporary Art Asia, 31 March 2006, New York1 Introduction2 Market Momentum through Consensus Building3 Translocation: Sotheby’s Contemporary Art Asia, New York4 Conclusion5 Embedding Chinese Contemporary Art into a Global Market for Art Superstars: Sotheby’s Contemporary Art Evening Auction, 12 October 2007, London1 Introduction2 A Global Art Market Boom3 Shaping Superstars: Strategic Responses by the International Auction Houses to the Global Art Market Boom4 Consecrating Contemporary Chinese Art: Sotheby’s Contemporary Art Evening Auction, London5 Conclusion6 Investing in, and Profiting from, Symbolic Value in an Emerging Art Market: Sotheby’s The Estella Collection, 9 April 2008, Hong Kong1 Introduction2 The Formation of The Estella Collection3 Positioning the Collection for Purpose and Profit4 Conclusion7 Facing Reality and Navigating Global Change: Sotheby’s The Ullens Collection, 3 April & 2 October 2011, Hong Kong1 Introduction2 Response and Readjustments after the Global Financial Crash3 The End of a Collector’s Dream4 Navigating a Turning Point: Sale of The Ullens Collection5 Conclusion8 ConclusionAppendix 1: Summary of Top Hammer Prices Achieved at Auction by Forty-Five Chinese Contemporary Artists, 1998–2020Appendix 2: Auction ResultsGlossaryIllustration Credit ListBibliography

Anita Archer, PhD (2019), University of Melbourne, coordinates a Research Unit at that University. She is also an international auctioneer and art consultant, and has written two journal articles on emerging art markets in Asia.

• Contents AcknowledgementsList of Illustrations1 Introduction1 Art Auctions, Emerging Markets, and Chinese Contemporary Art2 The Evolution of an Art Auction Market: Christie’s, Asian Avant-Garde, 12 October 1998, London1 Introduction2 Auction Market Evolution3 Creating a Platform in the West for Chinese Contemporary Art4 Christie’s Asian Avant-Garde, London5 Conclusion3 Joining the Dots to Inaugurate a New Auction Category: Sotheby’s Chinese Contemporary Art, 31 October 2004, Hong Kong1 Introduction2 Forming Dots: a Broadening Base of Emerging Market Infrastructure from 1998 to 20043 Auction Market Inauguration: Sotheby’s Chinese Contemporary Art, Hong Kong4 Conclusion4 Adding Value through Translocation: Sotheby’s Contemporary Art Asia, 31 March 2006, New York1 Introduction2 Market Momentum through Consensus Building3 Translocation: Sotheby’s Contemporary Art Asia, New York4 Conclusion5 Embedding Chinese Contemporary Art into a Global Market for Art Superstars: Sotheby’s Contemporary Art Evening Auction, 12 October 2007, London1 Introduction2 A Global Art Market Boom3 Shaping Superstars: Strategic Responses by the International Auction Houses to the Global Art Market Boom4 Consecrating Contemporary Chinese Art: Sotheby’s Contemporary Art Evening Auction, London5 Conclusion6 Investing in, and Profiting from, Symbolic Value in an Emerging Art Market: Sotheby’s The Estella Collection, 9 April 2008, Hong Kong1 Introduction2 The Formation of The Estella Collection3 Positioning the Collection for Purpose and Profit4 Conclusion7 Facing Reality and Navigating Global Change: Sotheby’s The Ullens Collection, 3 April & 2 October 2011, Hong Kong1 Introduction2 Response and Readjustments after the Global Financial Crash3 The End of a Collector’s Dream4 Navigating a Turning Point: Sale of The Ullens Collection5 Conclusion8 ConclusionAppendix 1: Summary of Top Hammer Prices Achieved at Auction by Forty-Five Chinese Contemporary Artists, 1998–2020Appendix 2: Auction ResultsGlossaryIllustration Credit ListBibliography

Anita Archer, PhD (2019), University of Melbourne, coordinates a Research Unit at that University. She is also an international auctioneer and art consultant, and has written two journal articles on emerging art markets in Asia.

• Contents AcknowledgementsList of Illustrations1 Introduction1 Art Auctions, Emerging Markets, and Chinese Contemporary Art2 The Evolution of an Art Auction Market: Christie’s, Asian Avant-Garde, 12 October 1998, London1 Introduction2 Auction Market Evolution3 Creating a Platform in the West for Chinese Contemporary Art4 Christie’s Asian Avant-Garde, London5 Conclusion3 Joining the Dots to Inaugurate a New Auction Category: Sotheby’s Chinese Contemporary Art, 31 October 2004, Hong Kong1 Introduction2 Forming Dots: a Broadening Base of Emerging Market Infrastructure from 1998 to 20043 Auction Market Inauguration: Sotheby’s Chinese Contemporary Art, Hong Kong4 Conclusion4 Adding Value through Translocation: Sotheby’s Contemporary Art Asia, 31 March 2006, New York1 Introduction2 Market Momentum through Consensus Building3 Translocation: Sotheby’s Contemporary Art Asia, New York4 Conclusion5 Embedding Chinese Contemporary Art into a Global Market for Art Superstars: Sotheby’s Contemporary Art Evening Auction, 12 October 2007, London1 Introduction2 A Global Art Market Boom3 Shaping Superstars: Strategic Responses by the International Auction Houses to the Global Art Market Boom4 Consecrating Contemporary Chinese Art: Sotheby’s Contemporary Art Evening Auction, London5 Conclusion6 Investing in, and Profiting from, Symbolic Value in an Emerging Art Market: Sotheby’s The Estella Collection, 9 April 2008, Hong Kong1 Introduction2 The Formation of The Estella Collection3 Positioning the Collection for Purpose and Profit4 Conclusion7 Facing Reality and Navigating Global Change: Sotheby’s The Ullens Collection, 3 April & 2 October 2011, Hong Kong1 Introduction2 Response and Readjustments after the Global Financial Crash3 The End of a Collector’s Dream4 Navigating a Turning Point: Sale of The Ullens Collection5 Conclusion8 ConclusionAppendix 1: Summary of Top Hammer Prices Achieved at Auction by Forty-Five Chinese Contemporary Artists, 1998–2020Appendix 2: Auction ResultsGlossaryIllustration Credit ListBibliography