2015...The year that was

8 Auctions

Generally the art market is pausing. The salerooms have seen fewer bidders looking for short-term benefits but more rational buyers who accept reasonable, moderate prices.

Auction houses are segmenting what they offer to cater to the diversified need of a growing base of middle-class buyers.

While an economic slowdown over the past year has made a lot of Chinese art buyers rather hesitant, Liu Yiqian, 52, remains bold and decisive when spending at auctions.

The self-made Shanghai billionaire and collector shelled out $170.4 million on Italian artist Amedeo Modigliani's Reclining Nude at a Christie's sale in New York on Nov 9. The price is the second-highest paid for an artwork at auction.

The extravagant purchase thrust Liu into the media spotlight amid heated debate. Some people sees his purchase as a boost to national pride, hailing a Chinese buyer's confidence to buy a Western masterpiece, while others say it's just another example of Chinese collectors' recent spending on Western artworks by paying inflated prices.

Liu's lavish spending has won him the sobriquet ren xing ge (the rich guy who buys whatever he wants).