Chinese Arts Scene improving?
The Chinese arts market had grown from 2003 to 2011 with parabolic speed, but contracted suddenly in 2012 with art sales dropping 24% and auction sales dropping with 30%. The downturn ended China’s brief time as the world largest art market – a spot it held for one year – with USA regaining the top spot. According to Paolo Mozzo, Chairman of Artantide.com” There has been a lot of speculation that drove up prices 2008-09 and then dropping after the financial crisis.
Chinese artists who have accessed the Western market before the crisis were sold at hefty prices by foreign collectors and lost value when things went wrong”. The Chinese market now is overall quite young and artists who had not established themselves before the crisis still have a lot of potential, are also relatively cheap, with good chances of improvement. China is still changing fast which could involve a stronger appetite for international art pieces.
Another reason for optimism is the Chinese government is ready to support artistic and cultural enterprises, since over 100 museums have opened annually in the last few years.