China Overtakes Britain in Art Market: Report

In yet another indication of the emerging clout of China’s wealthy class, the Chinese art and antique market has overtaken that of Britain to become the second largest in the world:

“The Global Art Market in 2010: Crisis and Recovery” underlined what auction houses and consigners had seen throughout last year — a sharp rise in the number of wealthy Chinese buyers, and, with them, prices.

The report, commissioned by the European Fine Art Foundation, estimated the value of the global art and antiques market in 2010 at 43 billion euros ($60 billion), up 52 percent from 2009 when values slumped as a result of the financial crisis.

“The period from 2008 through 2010 has been one of crisis and recovery for the market for art and antiques,” said the report, released on Monday.

“Luxury spending contracted sharply in many countries during 2009, however 2010 brought the first signs of economic recovery with a rebound in consumer confidence and with Chinese consumers driving growth in many luxury sectors.”

Read more about the report from the European Fine Art Foundation. Read more about China’s art market via CDT.

March 14, 2011 10:33 AM
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