Shanghai-based Hurun Report releases 2015 art list

A useful guide for new art collectors, Hurun Report's annual Hurun Art List always makes quite a splash in art circles when it's released in March every year.

Announced on Wednesday in Beijing, the 2015 Hurun Art List starts off with 71-year-old traditional Chinese painter Cui Ruzhuo listed as best-selling artist of the past year, followed by 51-year-old Zeng Fanzhi and 77-year-old Fan Zeng.

Recording 470 million yuan ($75.77 million) in total last year, this is the first time Cui has reached the No.1 spot on the Hurun Art List since the list was first launched eight years ago. His Red Maple and Snow White sold for 145 million yuan in 2014, the most expensive Chinese work of art that year.

The 2015 Hurun Art List also shows that China is still the world's largest art market with a 37 percent share. The U.S. follows close behind with a 32 percent share.

However, total sales in the Chinese market declined for its 3rd consecutive year, down 7 percent from 2013, and almost 30 percent down from the peak reached in 2012.