A woman appreciates a work of art at the preview of Christie"s Hong Kong Spring Auction 2026, on March 24. [Photo/Xinhua]

　　China"s art market is showing early signs of stabilizing after a five-year downturn, with auction prices edging higher and bidding activity returning close to historical averages, according to a report released on Friday, adding to evidence that a broader recovery is taking hold in the global art market.

　　The report, published jointly by the Cheung Kong Graduate School of Business and Italy"s SDA Bocconi School of Management, found that the MM Chinese Art Price Index, which tracks auction prices, rose 1.7 percent during the spring 2026 auction season after slipping in the autumn 2025 auction season. At the same time, the MM Chinese Art Sentiment Index, which measures bidding intensity by comparing hammer prices with auction estimates, also improved and approached its long-term average, indicating stronger competition among buyers.

　　The rebound in the Chinese art market coincides with gains in the report"s two other major global price benchmarks, with the MM Impressionist Art Price Index climbing 15 percent and the MM Contemporary Art Price Index rising 10.8 percent, the first time in years that all three major art price indexes increased simultaneously.

　　"The spring 2026 auction season suggests confidence is returning to parts of the global art market," said Mei Jianping, professor of finance at CKGSB and lead author of the report.