Pablo Picasso has been dethroned.

The world auction market’s top earner in recent years must yield to Chinese artist Zhang Daqian (1899-1983), according to a report from French research company Artprice.

Zhang generated $506.7 million in auction revenue in 2011. Close behind was compatriot Qi Baishi (1864-1957) with $445.1 million. They lead a group of more than 450,000 artists tracked by Artprice. Picasso ranked fourth at $311.6 million.

“When you couple China’s abundance of money and its rich history of collecting in all the categories of art, it’s not a surprise,” said Larry Warsh, a New York-based collector.

The change reflects China’s growing strength in the global art market. Of the approximately $11 billion total world revenue for fine art last year, China’s share was 39 percent, up from 33 percent the year before, Artprice said. The U.S. was No. 2 with 25 percent.

Andy Warhol came in third among artists in the Artprice report, with $324.8 million. The fifth slot was occupied by yet another Chinese name, Xu Beihong (1895-1953), who tallied $212.9 million.

These Chinese “artists are maybe not well-known on the art scene but they are the leading modern masters in China,” said Martin Bremond, head economist at Artprice. “They are on top because China is the No. 1 country at auction and the Chinese are buying their own artists.”

Beating Still

Zhang is famous for his mastery of landscape painting and variety of styles, according to Melissa Chiu, director of the Asia Society Museum in New York. His 1947 “Lotus and Mandarin ducks” fetched HK$191 million ($24.5 million) at Sotheby’s in Hong Kong in May 2011, a record for the artist whose annual auction revenue increased by about 13 times in the past two years.

Qi is best known for his ink depictions of animals, birds and insects on paper and silk, Chiu said. His somber ink painting “Eagle Standing on Pine Tree; Four-Character Couplet in Seal Script” fetched 425.5 million yuan ($65.5 million) at China Guardian Auctions Co. in Beijing in May 2011.