China Now World’s Largest Art Market
A report by the European Fine Art Foundation said that China has now overtaken United Kingdom in becoming the world’s second largest art market. But it didn’t stop there, a few weeks later the industry was shocked again when Artprice announced that upon its review, China took the No. 1 spot from the United States. Reports showed that Chinese investors are buying everything from Picasso’s prized paintings to earliest live recordings of Elvis Presley.
Sixty years ago, China had no interest in the art market, but with China’s disposable income increasing ten fold in the past twenty years, more and more investors are looking into the market of fine arts, antiquities and Hollywood type memorabilia. And with financial markets is experiencing volatility, arts and other memorabilia look like viable investments.
Most of investors are buying western items because of the fact that China has been cut off from western culture for a long time.