China overtook France in the contemporary art market by the end of 2006 according to a study led by economist Dr. Clare McAndrew and research company Art Economics. Twenty percent of the contemporary art sales came from China, which is the same as the U.K. and second only to New York.
Melanie Gerlis reports for the Art Newspaper about the study and the economic upsurge resulting from Beijing’s burgeoning art scene.
The trend ought not to be surprising. “The international centres of art mirror the international financial centres,” said Robin Woodhead, chief executive of Sotheby’s International.