Art-world power elevates to China
New York’s mammoth art market has lost its longtime standing as the largest in the world. In a turn of events that has caught many art experts off guard, China has snageed the top spot, beating out the United States, where New York is the art industry center, in terms of fine-art auction revenue, according to Artprice, an art market information service based in Paris.
It took just three years for China to jump from third place to first place in 2010 with 33% of global fine-art sales stemming from auctions based there. “The speed with which this evolution has happened is surprising” said Jonathan Stone, the HK based managing director for Asia at Christie’s. “it’s historic and defining moment in the auction world.”
It is just not China’s newly minted billionaire collectors that are flexing their muscles, but artists as well. A number of Chinese artists, who are barely known in the West, turned up in last year’s top global rankings.
After downplaying the rise of Chinese Art market for many years, local dealers, galleries and auction houses are springing into action to capture a piece of the bounty. Pace, Gagosian and Sperone Westwater are signing up Chinese artists and opening up representations in either Beijing or Hong Kong.
Christie’s is opening up offices in Shanghai and Beijing in order to keep up the competition with local Chinese auction houses.Even well known New York Museums like Metropolitan and MOMA are starting to add Chinese artists to their collections and include them in their shows.
These signals and trend should not be taken lightly so I advise you to also start adding Chinese artists to your collection and Eight Art Gallery is here to provide you with advise and good art. Feel free to contact us.