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.Â Â 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.Â Â Chinese art make up 15 of the 35 artworks worldwide worth seven figures or more.Â Â 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.