Chinese Contemporary Art benefits from Surging Antique Auction Sales
With virtually no restrictions on import and export of Chinese contemporary art, the major auctions houses see benefits in comparison to the repatriation issues with regards to Chinese antiques that also are surging in prices. They see a stronger focus on this segment, particularly in locations like New York and London, where they have seen an increase of Chinese bidders.
Yet the western collectors getting back in the game after being taken over by Chinese buyers in the wake of economic crisis in 2008, demand is not only rising in mainland China but also in Europe and USA. So while Hong Kong has become the epicenter of the Chinese contemporary art auction world, it would not be surprising to see more competition the major auction houses in New York and London.
This trend is likely to feed more interest within China as well, as blue-chip Chinese Contemporary artists selling outside of the mainland will make them more of a commodity at home, making the desire to buy and sell inside and outside of mainland China stronger among the country’s emerging collectors.