Confidence index in Chinese Art increases
A confidence survey report published recently by ArtTactic indicates that the confidence indicator for Chinese contemporary art has increased by 17% in April 2013, showing that it remains a growing asset for security among art collectors.
The indicator raised from 49 to 57, reversing a previous negative trend that began in spring 2011. It is believed that the market has been spurred by a rise in competition and scarcity of work since Chinese auction houses Guardian and Beijing Poly now in the market in Hong Kong as well. In addition, the continued strong presence of Chinese collectors will likely contribute to these factors. Over 250 private museums will open in China over the coming years.