Boom of Chinese contemporary art will continue
In 2002, the contemporary art market in China gererated almost one million dollars. In 2010, according to ArtTactic, the figure stands at 167.4 M$. However, these figures take into account only public auctions. If private sales were also taken into consideration, this sum would be doubled or more.
The development of the Chinese contemporary art market has been impressive over the past eight years, but the most recent sales at Christie’s HK indicate that the growth spurt is far from over. The modern and contemporary art sales generated 484 MHK$, an increase of 74% compared with the autumn 2010 sales.
Although it should be taken into account that artworks are not liquid as an asset and that these figures were attained at the end of the financial crisis, it seems clear that the Chinese contemporary art market has not yet peaked.
Chinese collectors focus principally on their country’s traditional and modern art, as illustrated by a recent record for a work by Qi Bashi, which sold for 65 M$ in Beijing.
Contemporary collections mostly include of works by Chinese and Western artists that are recognised by Western museums. Should these Western art institutions develop in China, this could lead to collectors focusing on the Chinese artists that have received acclaim in their own country.
Areport in Art Newspaper states that ” the immense clout of China will eventually have a reverse effect, shifting our value systems away from our astistic heritage towards theirs.”
As someone said” everyone is sending people to China or opening in Hong kong, because when the taps open there, it will be an immense market.”
It only confirms, that as a collector you should have a chinese painting in your collection.