The great Chinese art bazaar – Pallavi Aiyar

From The Hindu (link):

“THE first time I sold my contemporary collection was around three years ago and I tripled my investment. If I had waited till today the same works would have gone for 10 times what I sold them for!” rues Robert Bernell, a Beijing-based publisher and collector.

Indeed, as China’s booming economy continues to sound loud, contemporary Chinese art is the latest “next big thing” in the international , sending galleries, collectors and investors alike into a rapturous tizzy.

At Sotheby‘s first New York auction of contemporary Asian art held in late March, Chinese figurative painter, Zhang Xiaogang’s “Bloodline Series: Comrade No. 120” sold for $9,79,200, more than twice the auction house’s estimate of $3,50,000.

“I wasn’t surprised at all. In fact I had bet money that this auction would see a contemporary Chinese painting go for $1 million. I narrowly lost the bet but there is no question in my mind that it will happen at the very next auction,” says Ludovic Bois, founder of Chinese Contemporary, a leading gallery of Chinese art in London and Beijing.

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