More Chinese Investors Turn to Art amid turbulence in global financial market
With global financial markets around the world reacting violently to the debt problems plaguing Europe and USA, inflation in China continuing to hit new highs and the real estate market remaining volatile, Chinese investors are likely to maintan their preference for stability and long-term gain. Having relatively few investment options at their disposal, this means we can expect more of these investors to loin the ranks of China’s new collectors, who has increasingly driven sales at auction houses not only in mainland China but also Hong Kong, London and New York.
This class of collectors has sought to diversify their assets with safe investments like Chinese contemporary art. So, in the months ahead, as market remain sensitive and the autumn auction season draws even closer, what can we expect to see?
According to the media’s view, they expect a noticeably greater interest in Chinese Contemporary art among Chinese buyers. Established artists like Zeng Fanzhi and Liu Ye, could see new records this fall, with the increasing scarity of their top-quality works leading to strong bidding.