Last year, according to the latest TEFAF art market report, the Chinese market totalled $11.6bn in sales. Though the figure is a significant 23% lower than in 2014, in part due to the economic slowdown, the Chinese art market still makes up 19% of the total, just behind the UK and the US.
This means more and Chinese buy overseas, travel to art fairs worldwide, while galleries and auction houses in China are showing more and more foreign artists on the mainland.
Today one third of Christies’ sales come from Asia, roughly $2bn, with one-third of that from mainland China, according to Wei, who anticipates stable sales from China this year.
Although the economic slowdown in China may be worrying equities investors, Chinese art collectors are still buying.
“The market is maturing very rapidly. It is now not so different than London or New York”, Maggio said, adding that her sales have been growing on par with the expansion of China’s middle class.
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