Is Chinese Art The Next Bubble to Burst?
With China’s stock market imploding, the question becomes: is Chinese art next?
You see, Chinese art has increased in price eight times over the past seven years - as this excerpt from this week’s print edition of Modern Weekly shows:
Challenging the Art Capitals
The interest in Chinese art helped China to pass France for third place in worldwide sales of art. Although China’s share of worldwide auction sales is only 7.3%, far behind New York with 43% and London with 30%, it might not take long for China to challenge these first-class art centers. Chinese art make up 15 of the 35 artworks worldwide worth seven figures or more. And the past seven years, the price of Chinese art has gone up eight times.
It seems that Chinese art is headed for a fall — check out this short presentation for more, and add your thoughts below.
This is a funny question. I’ve noticed the outrageous prices for seemingly common works of art produced in China. Is this because the works somehow represent the first light of creativity a la Western influences, intellectualism and freedom of expression in a technically advancing society? Or is it the facade of psuedo-marketing by the big auction houses?
Gosh, I’ve created over 40 years of art work, which has never entered any market. I never consider selling or exhibiting my own work. I actually have a dumb day job, which keeps me poor and honest. Looking at the China market is absurd, personally. Not that I don’t have a profound respect for oil painters.