Cafes, shops, and galleries gentrify Beijing’s Dashanzi Art District, which is named “798” after the converted factories that now show some of China’s most expensive contemporary art.
According to BBC News,
Sotheby’s sold just $2.9m (£1.5) worth of modern, Chinese art through its Hong Kong office in 2004, but that figure rose to $69.9m last year.
And the profile of those buying the art has changed: in 2004 it was 80% foreigners, but now, as the Chinese economy booms, 80% are from China.
For this reason, Chinese American artist, Eric Lee, strategically moved from New York City to Beijing to boost his art career.
“Some of my friends joked that I’d have more New York galleries knocking on my door in Beijing than in New York,” said the 37-year old artist.
Learn more about the 798 Art Zone by watching a video on CDT.
