In the first half of 2025, the Chinese art market with artists born after 1990 enters a more structured phase, amidst new records and signs of rationalization.
How has the post-90 Chinese art market evolved in 2025?
The segment of ultra-contemporary artists, generally those born after 1974, is characterized by rapid fluctuations. Analyzing it on a semi-annual basis allows for more timely evaluations and more accurate forecasts for subsequent auctions.
For Chinese artists born after 1990, in particular, the market has already transitioned from a short-term speculation phase to a more long-term competition. After the explosive growth of 2021-2022 and the subsequent phase of consolidation and stratification in 2023, the first half of 2025 becomes a crucial testing ground.
During this period, the sector no longer relies on ephemeral phenomena or a few trending names but shows a more solid structure: stratified prices, a broader geography of transactions, and a different pace in sales.
Overall, the perception of this group is shifting from a symbol of speculation to a segment in the process of maturing.
What data supports this transformation of the Chinese art market?
The analysis considers artists born in mainland China after 1990, including those currently residing abroad, in the first half of 2025. The data comes from Artnet Price Database and the Artnet Intelligence Report: Mid-Year Review 2025.
The database provides the results of individual transactions, while the report places them in a macro framework, from a global perspective. The goal is not only to track price variations but to clarify how this group is taking on a more stable profile, with a different balance between leading names, mid-range, and emerging artists.
Beyond records: what happens between the high-end and mid-range?
In the first half of 2025, the gap between record prices and the mid-range for post-90 artists has widened. At the top, Li Hei Di emerged as the most observed figure, almost alone, with the momentum started in 2024 continuing decisively.
This dynamic consolidates a new price reference for her peers and marks the artist’s transition from a bet to a name almost in the blue-chip range. The large-format oil painting There Was One Summer Returning Over and Over; There Was One Dawn I Grew Old Watching (2023) reached 2.67 million HK$ (344,000 dollars) at Sotheby’s Hong Kong, 167% above the high estimate.
A small-format work, Red Peach, was sold for 490,000 HK$ (63,000 dollars) at Phillips Hong Kong, 145% over the high estimate. Additionally, in June 2025, The Invincible East Leaps Forward was sold for 1.16 million yuan (163,100 dollars) at Yongle Beijing, confirming the artist’s positioning.
The greater liquidity concentrated between 300,000 and 800,000 HK$ (from 38,600 to 103,000 dollars), a range where many works reached prices in line with or slightly above estimates. This indicates that the post-90 sector no longer depends on a few exploits but on a continuous series of mid-range transactions.
Examples include Zhang Zipiao with Paradise Lost 03 (2022), sold for 762,000 HK$ (98,100 dollars) at Phillips Hong Kong, 27% above the estimate; Yuan Fang with Dazzling Land 07 (2021), auctioned for 381,000 HK$ (49,050 dollars) at Christie’s Hong Kong, 73% above estimate; and Wang Qianyao with Dawn Blossoms Plucked at Dusk No. 1 (2022), sold for 451,000 HK$ (58,013 dollars) at Phillips Hong Kong, 13% above the estimate.
How has the geography of transactions changed?
Hong Kong remains the main trading hub for Chinese artists born after 1990, but in the first half of 2025, a more articulated map is emerging. Mainland China, New York, and London are playing a more significant role.
According to combined data from Sotheby’s, Christie’s, Phillips, and Poly Hong Kong, total sales of this segment in Hong Kong reached 12.4 million HK$ (1.6 million dollars) in the first half of 2025. Compared to previous years, the market maintains its central role but with increasing interdependence with other poles.
Outside Asia, some artists have successfully debuted in Western markets, achieving significant premiums. New York and London, historically cautious towards young Asians, are becoming testing grounds capable of stabilizing prices across different regions.
Among the most notable cases is Yuan Fang with Expanse (Blossoming) (2022), sold for 63,500 dollars (6% above estimate) at Phillips New York. Other works, Firework 09 (2022) and Untitled (2021), were sold for 28,000 dollars at Sotheby’s New York and 36,000 dollars at Phillips New York, respectively.
Jia Yirui also achieved a significant result with Christmas Halloween Eve (2021), sold for 33,020 dollars (65% above the estimate) at Phillips New York. Meanwhile, auction houses in mainland China have recorded more high-premium transactions, indicating renewed dynamism among local collectors.
Notable among these are Wei Yixin with Flowers at Sunrise (2023), auctioned for 2.65 million yuan (372,590 dollars) at Shanghai Jiahe, 1,100% above the high estimate, and Tan Yongqing with Mother of Intelligence (2022), sold for 805,000 yuan (113,280 dollars) at Yongle, among the top five results of the year in mainland China.
Is the Chinese art market really starting to cool down?
In the first half of 2025, there is a shift from collective enthusiasm to more rational selection. High premiums and price corrections coexist, signaling a phase of general repricing. Several careers have recorded real value jumps, often linked to greater international visibility and solid curatorial contexts.
Ding Shilun set a new personal record with The Adoption of the Maiden (2021), sold for 114,300 pounds (149,600 dollars, +281% on the estimate) at Phillips London. Additionally, Li Hei Di saw Drifted Petals on Her Lifted Mound (2022) reach 1.4 million HK$ (179,500 dollars) at Sotheby’s Hong Kong, over four times the low estimate.
In parallel, Yuan Fang achieved 479,000 HK$ (61,940 dollars, +92% on the estimate) for Bridging 01 (2022) at Christie’s Hong Kong. However, in online and secondary-tier auctions, withdrawals and unsold lots have multiplied, especially in the range between 200,000 and 400,000 HK$ (from 25,740 to 51,480 dollars).
Of about 85 post-90 lots offered, 19 were not sold, for a sale rate of 78%. The market thus appears more balanced: 38% of the lots went beyond the high estimate, 33% within the range, and 29% below the low estimate.
This divergence indicates a selection process based on the quality of the works and market availability. Several artists have recorded temporary corrections, particularly those appearing more frequently at auction, such as Zhang Zipiao.
Position 05 (2019) by Zhang Zipiao was sold for 151,000 HK$ (19,427 dollars) at Christie’s Hong Kong, 24% below the minimum estimate, while Pearl 4 (2022) found no buyers at the same auction house. Similar situations involved Wang Qianyao and Yuan Fang.
The Butterfly Dreaming of Becoming Zhuangzi No. 3 (2023) by Wang Qianyao was withdrawn from Poly Hong Kong, where it was estimated between 250,000 and 500,000 HK$ (32,163-64,326 dollars). Labyrinth 02 (2022) by Yuan Fang was not sold by Phillips Hong Kong, despite an estimate of 150,000-200,000 HK$ (19,300-25,732 dollars).
The coexistence of records and unsold lots shows how this segment is moving away from a single narrative to assume a multi-layered structure. In the first half of 2025, the volume of supply, frequency of appearance, and price level are increasingly interconnected.
Why do female artists and large formats remain central?
Female artists continue to represent the pillars of the post-90 Chinese segment. In the first half of 2025, the combined sales of Zhang Zipiao, Yuan Fang, Li Hei Di, Wang Qianyao, and Wei Yixin exceeded 6.3 million HK$ (811,760 dollars), accounting for 55% of the category total.
Among the most notable results are the 4.07 million HK$ (523,716 dollars) total of Li Hei Di in 2025, placing her at the top of the segment; the 1.8 million HK$ (231,588 dollars) achieved by Zhang Zipiao in multiple auctions in Hong Kong; and the eight lots of Yuan Fang sold between Hong Kong, New York, and London for about 1.2 million HK$ (154,392 dollars).
Beyond gender, the size of the works also plays a key role. More than 70% of the works sold in the early months of 2025 exceed 150 cm, with canvases between 150 and 250 cm marking an average premium of +18%, compared to a modest +4% for smaller formats.
What is the three-year trajectory of the post-90 market?
Placing the mid-2025 data in a three-year perspective highlights a clear path, in line with themes already discussed: decoupling between mainland China capitals and Hong Kong and the need for greater international absorption.
From 2022 to 2024, a phase of growth followed by stabilization is observed. In 2023, the overall market for post-90 artists from mainland China reached 16.8 million HK$ (2.2 million dollars), driven by Sun Yitian and Zhang Zipiao. In 2024, the total rose to 18.2 million HK$ (2.34 million dollars), with more stable average prices.
In the first half of 2025, the segment has already surpassed 15 million HK$ (1.9 million dollars) and could close the year at a new high. This suggests a transition from primarily speculative growth to a structural maturation of the sector.
How is the price hierarchy among artists structured today?
The values of the Chinese art market show a clearer stratification. At the top, the works of Li Hei Di, Wei Yixin, and Ding Shilun, all above 1 million HK$ (128,000 dollars), collectively reach about 952,000 dollars, accounting for 64% of the total.
The mid-range, with artists like Zhang Zipiao, Yuan Fang, and Wang Qianyao and prices between 300,000 and 800,000 HK$ (38,500-102,750 dollars), contributes about 437,000 dollars. The emerging artists, including Chen Jiaying, Yuyelai, and Tong Kunniao, with works under 200,000 HK$ (25,700 dollars), add less than 26,000 dollars each, for a share of less than 10%.
The data available so far in 2025 indicates that the Chinese art market for artists born after 1990 has surpassed the purely speculative phase. Hong Kong continues to be the center, but the push from mainland China and openings in New York and London contribute to forming a more globally recognizable ecosystem.
Which names might lead the next cycle?
In recent autumn auctions, Li Hei Di, Zhang Yuewei, and Fang Yuan achieved significant results. In parallel, multimedia artists like Pan Daijing and Tan Jing, with strong institutional support but still without true auction records, are consolidating their positioning in the primary market.
It remains to be seen whether these figures will become the next protagonists and if the names currently in the spotlight will maintain their momentum. Increasingly, the crucial question for the next auction cycle is no longer “will it sell?” but rather “how will value be defined over time?”
As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist and Econique.
She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER.
