China's antique and art auction market up 13 percent in 2016

The turnover for antique and art auctions in China last year rose 13.3 percent to 31.7 billion yuan ($4.6 billion), the China Association of Auctioneers said on Wednesday.

According to a blue paper on auction industry growth last year, the agency said a total of 1,857 antique and art auctions were held last year nationwide.

Han Tao, vice president of the association, said China's auction industry recorded steady growth in 2016.

The turnover of the whole auction industry rose 12 percent to 519.2 billion yuan in 2016, said the paper.

Auctions of motor vehicles reported the fastest growth, rising 124.2 percent to 14.5 billion yuan. In addition, the auction of company stakes and unpaid debts jumped 46.5 percent to 59.4 billion yuan, it said.