The Chinese fine art market has run out of steam after three years of phenomenal growth, with sales at auction plummeting sharply in 2012.

Even so, it still accounts for 41 percent of the global fine art auction in terms of turnover, ahead of the United States and United Kingdom, according to Artprice.com's latest report.

For the first time, the French art market watchdog released its 2012 art market review in conjunction with the Beijing-based Art Market Monitor of Artron, which monitors the Chinese art market.