HENGCHANG XIANGSHANG · Hurun China Art List 2025

SICHUAN PAINTER ZHOU CHUNYA, 70, TOPS HENGCHANG XIANGSHANG · HURUN CHINA ART LIST 2025, WITH SALES OF US$18MN OF HIS WORKS AT PUBLIC AUCTION GLOBALLY LAST YEAR

BEIJING-BASED HUANG JIANNAN, 73, UP 3 PLACES TO 2ND WITH US$17.2MN OF SALES OF HIS WORKS

FAN ZENG, 87, UP 3 PLACES TO 3RD, DESPITE SALES DOWN 15% TO US$15.3MN

TURNOVER OF HURUN CHINA ART LIST TOP 100 ARTISTS US$236MN, DOWN DRAMATIC 48%

ONLY 10 ARTISTS SAW THE SALES OF THEIR WORKS UP

24 NEW TO THIS YEAR’S LIST, OF WHICH 14 ARE RETURNEES AND 10 ‘FIRST-TIMERS’

6 FEMALE ARTISTS, DOWN 2

BEIJING PREFERRED CITY TO LIVE IN FOR 55, DOWN 8

21 LIVING ARTISTS MADE THE HURUN BEST-SELLING CHINESE ARTISTS 2025, DOWN 16

ZHANG DAQIAN TOPPED THE HURUN BEST-SELLING CHINESE ARTISTS LIST FOR THE 11TH TIME WITH SALES OF US$180MN, DOWN 37% FROM THE PREVIOUS YEAR. CHINESE INK ARTIST QI BAISHI 2ND WITH US$110MN, DOWN 49%

THE HURUN CHINA ART LIST HAS FEATURED 323 ARTISTS IN 18 YEARS. 12 HAVE BEEN ON THE LIST FOR 18 CONSECUTIVE YEARS, THEY ARE: LIU YE, ZHOU CHUNYA, FAN ZENG, ZENG FANZHI, ZHANG XIAOGANG, JIN SHANGYI, WANG MINGMING, FANG LIJUN, LUO ZHONGLI, HE JIAYING, WANG YIDONG AND AI XUAN. AND 57 HAVE BEEN ON THE LIST FOR 10 OF THE 18 YEARS OF THE LIST

WORLD AUTHORITY ON WEALTH CREATION HURUN RESEARCH INSTITUTE LAUNCHES HENGCHANG XIANGSHANG · HURUN CHINA ART LIST 2025

● Oil painterZhou Chunya, 70, topped the Hurun China Art List for the second time in 18 years – the last being 2013 – with his works selling at public auction globally for US$18mn in the past year. Zhou has made the Hurun China Art List for 18 years in a row, never falling out of the Top 15, and has made the Top 10 for eight years in a row. Zhou is only the third person to top the list twice, after Cui Ruzhuo and Fan Zeng.

●Huang Jiannan, 73, up 3 places to 2nd with sales of his works at US$17.2mn. Since he first made the Hurun China Art List in 2014, Huang has been in the Top 10 ten times.

● The cut-offs to the Top 50 and Top 100 were significantly down on last year. The threshold for the Top 50 was US$1,267,000, down 47% from last year and for the Top 100 US$413,000, down 51%.

● Only three artists had sales of their works exceeding CNY100mn, 4 fewer than last year.

● For the fifth year in a row, oil painters outnumbered Chinese ink artists on the list. There are 56 oil painters this year, 4 less than last year; The number of Chinese ink artists was 35, down 2. Among them,Huang Jiannan, Ai Xuan, Liu GuosongandCao Junhave attainments in Chinese ink painting and oil painting. Compared with ten years ago, the proportion of oil painters on the list has increased significantly, with 27 oil painters and 74 Chinese ink painters on the list in 2015.

● Li Zhen was the only sculptor to make the list, with sales of his works hitting US$2.1mn and earning him 29th place. Only 11 sculptors have made the Hurun China Art List in the past 18 years.

● The number of artists under the age of 50 has dropped for the first time in nearly five years, down 4, to 25.

● 2 are over 90, 1 more than last year.

●Beijinghas consistently been the city where the most artists on the list were born and reside. This year, the list of artists currently living in Beijing is still ahead of other cities with 55, but 8 less than last year;Jiangsuwas second, with 6, 2 more than last year, followed byGuangdong, Sichuan and Shanghai, each with 5. Four artists on the list live abroad, all in the USA.

● In terms of birthplace, 14 were born inBeijing, 1 more than last year;JiangsuandShandongtied for 2nd with 9 each.

● 25 artists have made the Hurun Art List for 10 consecutive years, the closest thing to a ‘blue-chip’ artist. They are:Cui Ruzhuo, Liu Ye, Huang Jiannan, Zhou Chunya, Fan Zeng, Zeng Fanzhi, Zhang Xiaogang, Liu Xiaodong, Jin Shangyi, Liu Wei, Wang Guangyi, Wang Mingming, Wang Xingwei, Fang Lijun, Liu Guosong, Ren Zhong, Luo Zhongli, Shi Guoliang, He Jiaying, Shang Yang, Lin Yong, Jia Youfu, Wang Yidong, Mao YanandAi Xuan. These 25 artists accounted for 57% of the total turnover of artists on the list over the past decade.

● On the Hurun Best-Selling Chinese Artists 2025, which includes both living and deceased artists,Zhang Daqiantopped the list for the 11th time with US$180mn, down 37% from the previous year. Chinese ink artistQi Baishikeep the 2nd with US$110mn, down 49%.Xu Beihongranked 3rd with US$85mn. In terms of art categories, 70 Chinese ink artists made the list, 2 less than last year; The number of oil painters on the list was 21, down 12.

(27 August 2025, Maotai, Guizhou) The Hurun Research Institute today launched the HENGCHANG XIANGSHANG · Hurun China Art List 2025, a ranking of the Top 100 Chinese living artists based on the sales of their works at public auction in the year ending 31 December 2024. The report includes the Hurun Best-Selling Chinese Artists 2024, a list of the 100 best-selling artists from China, including both living and deceased artists. The lists were compiled from data collected by Chongqing Cultural Art Industry Association, Artprice and Artron. This is the 18th year of the list.

The total turnover of the 100 artists on the HENGCHANG XIANGSHANG · Hurun China Art List 2025 was US$236mn, down a dramatic 48%. The cut-off to make the list was down to only US$413,000. Only three artists saw sales of their works at public auction exceed CNY 100mn, 4 less than last year. A total of 323 artists have made the Hurun China Art List these 18 years. The average age of the artists was 64 years, two more than last year.

Chairman and Chief Researcher of Hurun, Rupert Hoogewerf, said:

“The challenges facing the economy are reflected in the contemporary Chinese art market. The cut-offs to make the Hurun Top 10, Hurun Top 50 or Hurun Top 100, as well as the transaction volumes, were all down to one of their lowest levels since records began 18 years ago.”

“Despite the poor performance of the contemporary art market, the number of potential collectors in China is still considerable. The Hurun Global Rich List 2025 shows that China has more than 800 billionaies, and on the recent Hurun China Rich List, there are nearly 1100 entrepreneurs with more than CNY5bn. It is worth noting that nearly 80% of the entrepreneurs on the Hurun China Rich List were not on the list ten years ago, showing that a new generation of entrepreneurs has emerged in the past ten years. For artists, this means constantly refreshing and looking for new collectors. There is enough money there, just that these potential collectors are not spending it on art at the moment. Perhaps now is a good time for bargains?”

“25 artists on the Hurun list were under the age of 50, 4 fewer than last year, but still accounting for a quarter of the list. The most successful Under50s artists were Beijing oil painterHuang Yuxingand Shandong Chinese ink painterLi Jinghong. The most successful Under40s artists were 39-year-old Liaoning oil painterMi Qiaomingand 37-year-old Jiangsu oil painterJi Xin. The most successful Under35s artist was 34-year-old Zhejiang oil painterSun Yidian.”

“I am very proud that the Hurun China Art List is now in its 18th year, making it the longest-standing art list in China. Often, friends tell me of some amazing undiscovered artist, but if after eighteen years, this artist has not yet made the list, then it is most likely that the artist is still in their emerging period and has not yet made it. Only 323 artists have made our list, 39 of whom have passed away.”

“The Hurun Art List is designed as a reference for potential collectors, particularly those outside of the art industry. We only include objective data, ie sales of the works of living Chinese artists at public auction around the world. We do not take into account sales at galleries or private transactions with the artists themselves, since these figures are almost impossible to verify.”

“Art auction houses are changing with the times, with the likes of Phillips launching the e-commerce platform Dropshop, and Sotheby's launching the 'Buy Now Instant Collection' platform in China.”

“AI platforms such as DeepSeek and Kimi are rapidly revolutionarising the art market. In March this year, Christie's London held the world's first AI art auction, displaying more than 20 works, with a total transaction of US$790,000.”

“Although the total turnover in China’s contemporary art market last year was down by almost half, overall the global art market was still pretty resilient. In 2024, total turnover in the global art market fell by 12% year-on-year, but transaction volume increased by 3% to 40.5 million transactions.”

“Hurun Report has always been committed to the mission of ‘Passionate About Entrepreneurship.’ Building on a foundation of heritage and revival, HENGCHANG SHAOFANG has joined forces with Hurun Report to launch a new high-end masterpiece: HENGCHANG XIANGSHANG. HENGCHANG XIANGSHANG embodies not only the century-old heritage of jiangxiang-flavored baijiu but also the ideals of entrepreneurship and sustainable development. HENGCHANG XIANGSHANG is the title sponsor of the ‘2025 Hurun China Art List,’ bridging the gap between liquor and art. HENGCHANG XIANGSHANG is also a ‘liquid artwork’ that can be passed down through generations. Its production process itself is an artistic expression: the Dragon Boat Festival's mold culture is like an artist's first stroke, the Double Ninth Festival's sorghum putting is like the opening of a musical piece, the nine distillations are like the repeated polishing of a sculpture, the eight fermentations are like the layered rendering of an oil painting, and the seven distillations are like the climax and echoes of a symphony. Every drop of baijiu is a collaboration between nature and the craftsman, and every jar of baijiu is the sedimentation of time and culture.”

This is an English language summary of the full Chinese press release which can be found at www.hurun.net. Please note percentage changes of the sales totals is based on a comparison of the Chinese Yuan sales figures of this versus last year. For media inquiries please contact our public relations team whose contact details can be found at the end of this report.

The Top 10

Three new faces made the Hurun Top 10.

Turnover of the Top 10 artists was down 29% on average, less than the rest of the list. Their average age was 68, 4 years older than the average age of the total list and 3 years older than last year’s Top 10. There are 8 oil painters in the Top 10, which is the same as last year. 8 live in Beijing and 1 in Shanghai and Sichuan each.

Oil painterZhou Chunya, 70, up 2 places topped the Hurun China Art List with US$18mn in turnover. Zhou has made the Hurun China Art List for 18 years in a row, never falling out of the Top 15, and has been included in the Top 10 for eight years in a row, Zhou topped the Hurun list in 2013.

Huang Jiannan, 73, up 3 places to 2nd with US$17.2mn. Since Huang first made the Hurun China Art List in 2014, he has been on the list for 12 consecutive years, 10 of them in the Top 10.

Fan Zeng, 87, saw his turnover decrease 15% to US$15.3mn, but was still up 3 places to 3rd. Fan has been included in the Hurun China Art List for 18 consecutive years, and has been in the Top 10 for 16 consecutive years since 2010. Fan topped the list in 2011 and 2012.

Zhang Enli, 60, saw his turnover down 10% to US$12.7mn, up 4 places to 4th, the third time he has made the Top 10 since 2014.

The turnover of 91-year-old oil painterJin Shangyiincreased by 57% to US$9.8mn, rising him up 10 places to 5th. Jin has made the Hurun China Art List for 18 consecutive years, and this is the year he has made the Hurun Top 10 since 2014.

Oil painterHuang Yuxing, 50, down 2 places to 6th with US$9.6mn, down 52%. Huang has made the Hurun China Art List for the seventh time this year and for the fourth year in a row.

Oil painterZeng Fanzhi, 61, stayed at 7th place with US$6.9mn in sales, down 56%. Zeng has made the Hurun China Art List for 18 consecutive years and is the only artist not to leave the Hurun Top 10.

Oil painterLiu Ye, 61, who topped the Hurun China Art List last year, ranked 8th this year with US$5.2mn in total turnover, down 88%. Liu has made the Hurun China Art List for 18 consecutive years and ranked in Top 10 for 6 consecutive years.

Jiang Guohua, 71, ranked 9th with US$4.97mn in total turnover, down 46%. This is the 9th time Jiang has made the Hurun China Art List, and the 5th time in Top 10.

60-year-old oil painterLiu Weiranked 10th with US$4.94mn in total turnover, fell 23%. This is the 17th year Liu has made the Hurun China Art List, and the 4th time in Top 10.

Top 10 most expensive works by living artists

Among the Top 10 most expensive works by living artists, 9 were oil paintings and 1 Chinese ink byCui Ruzhuo, who fell out of the Top 10 for the first time since records began. The 9 oil paintings were byJin Shangyi, Wang Xingwei, Zhang Enli, Qiu Xiaofei, Liu Wei, Zhou Chunya, Mao YanandLiu Ye.

Youngest artists of the HENGCHANG XIANGSHANG· Hurun China Art List 2025 Top 10

Geographic Distribution

Fastest-Growing Artists from the HENGCHANG XIANGSHANG · Hurun China Art List 2025

Artists Who Have Been on the List for 10 of the 18 Years of the Hurun Art List

Hurun Best-Selling Chinese Artists 2025 Top 10

Top 10 new faces on the Hurun Best-Selling Chinese Artists 2025

Hurun China Art List annual list data changes

HENGCHANG XIANGSHANG · Hurun China Art List 2025, Most Successful Chinese Living Artists

Hurun Best-Selling Chinese Artists 2025

About Chongqing Cultural Art Industry Association

The Chongqing Cultural Art Industry Association, approved by the administrative departments of the Chongqing Culture and Tourism Development Commission and the Chongqing Civil Affairs Bureau in 2015, is officially registered as a nonprofit corporate social organization. The Association is dedicated to establishing a comprehensive industry service platform that aims to foster exchanges and cooperation within the industry, enhance the industry's overall competitiveness, and serve as a bridge between the government, society, enterprises, and individuals.

About HENGCHANG XIANGSHANG

HENGCHANG XIANGSHANG — Carrying on a Century-Old Craft, Celebrating Entrepreneurial Spirit

In 2017, Deng Hong, founder of Global Centre, formally acquired the century-old HENGCHANG SHAOFANG, proposing a development strategy centred on four key principles: quality, brand, scale, and longevity. In recent years, HENGCHANG SHAOFANG has demonstrated remarkable performance within the premium baijiu market, achieving robust brand revitalisation and market expansion that has garnered significant attention from both the industry and consumers.

Founded in 1999, Hurun Report has always been committed to ‘Passionate About Entrepreneurship’. Building on the principles of inheritance and revival, Global Premium Wines Spirits Co. has partnered with Hurun Report to launch a new premium brand—HENGCHANG XIANGSHANG. Hengchang Shangxiang embodies not only the century-old heritage of jiangxiang-flavored baijiu but also the ideals of inheritance and sustainable development among entrepreneurs.

HENGCHANG XIANGSHANG adheres to the authentic ‘12987’ traditional craftsmanship of Maotai Town, with a one-year cycle, two batches of raw materials, nine rounds of steaming, eight rounds of fermentation, and seven rounds of distillation. Every step reflects the harmony between Eastern craftsmanship and time. HENGCHANG XIANGSHANG, like Patek Philippe to time, is not merely a consumer product but a symbol of identity, vision, and the enduring legacy of family values.

About Hurun Inc.

Promoting Entrepreneurship Through Lists and Research

Oxford, Shanghai, Mumbai

Established in the United Kingdom in 1999, Hurun is a research and media group, promoting entrepreneurship through its lists and research. Widely regarded as an opinion-leader in the world of business, Hurun generated 8 billion views on the Hurun brand in 2024, mainly in China and India, and recently expanding to the UK, US, Canada and Australia.

Best-known for the Hurun Rich List series, telling the stories of the world’s successful entrepreneurs in China, India and the world, Hurun’s other key series focus on young businesses and entrepreneurs, through the Hurun Unicorns Index, two Hurun Future Unicorns indices, the Hurun Uth series and the Hurun Pioneers series.

Hurun has grown to become the world’s largest list compiler for start-ups, ranking over 3000 start-ups across the world through its annual Hurun Global Unicorns Index (startups with a valuation of US$1bn+), and two Hurun Future Unicorn Indexes: Gazelles, most likely to ‘go unicorn’ within three years, and Cheetahs, most likely to ‘go unicorn’ within five years.

The Hurun Pioneering Young Startups and Entrepreneurs series focuses on startups set up within the last ten years and founders aged 45 or under.

The Hurun Uth series includes the Under25s, Under30s, Under35s and Under40s awards, representing the cream of each generation of young entrepreneurs who have founded businesses with a social impact and worth US$1m, US$10m, US$50m and US$100m respectively.

Other lists include the Hurun 500 series, ranking the most valuable companies in the world, China and India, the Hurun Global High Schools List, ranking the world’s best independent high schools, the Hurun Philanthropy List, ranking the biggest philanthropists and the Hurun Art List, ranking the world’s most successful artists alive today.

Hurun provides research reports co-branded with some of the world’s leading financial institutions and regional governments.

Hurun hosts high-profile events across China and India, as well as London, Paris, New York, LA, Toronto, Vancouver, Sydney, Luxembourg, Istanbul, Dubai and Singapore.

For further information, see www.hurun.net.

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