Not long ago Suzhou Creek was full of abandoned factories, run down and unoccupied since the 1980s. But now the area, just 20 minutes by taxi from the happening Bund, Shanghai’s famous waterfront street, attracts tourists — and serious collectors — eager to check out the slew of art galleries hoping to capitalize on the explosion of China’s contemporary art scene, which Chicago’s Zhou Brothers were at the forefront of two decades ago.
Recent reports claim the Chinese art market is estimated to be worth about $36 billion a year when everything from ceramics to modern pop art is taken into account, making the industry just another one of China’s hot commodities. [Full text]
This report follows news of record-breaking prices at a Christie’s auction of Chinese art in Hong Kong. See a Time report.