How Prominent the Art Industry is in China?

Similar to other investments channels out there, art suffered from price drops as a result of crisis that started in 2012. Even so, it recovered gracefully and experts are convinced that this trend in growth is going to last for years. In an effort to push its recovery, most especially in Chinese market, 金鼎翻译 is being integrated in the selling as well.

China, Number One

After all, China is biggest art market in the world with a staggering share of over 41 percent, which is followed by the US at 27 percent. This is as per the report prepared by back. The truth is, the price of selling artworks in China valued over 5 billion dollars or the equivalent of 10 years auctioning in France.

Experts from Artprice explained how did the art market from China and US grown significantly. The former is secular; meaning driven by two huge multinationals Sotheby’s and Christie’s both of which are in the 18th century.

In addition to that, they make 5.233 billion of turnover per year for selling artworks. This is on top of the ones that are being sold in Hong Kong too. The Chinese market swiftly shook the US domination because of its disruptive economic growth.

China is Taking Over the Art Industry Too

Another auction house in China is the China Guardian Auctions which was founded in 1993. These leaders are generating around 1 billion dollars in sales and accounts 20.76 percent of Chinese market. In China’s capital, purchasing art for investment purposes is fairly common compared to anything else. This dynamic actually raised to stars a great number of works that are not yet ready for sale. On the other hand, there are massive changes in the Chinese market for selling and buying of artworks.

Truth is, its government as well as several auction houses took drastic measures in regulating their art market in an effort to ensure its long-term development. Basically, even the US succumbed to speculative temptation of their art market. Believe it or not, as much as 80 percent of artworks that are sold in the US are just under 5000 dollars; a proof of pronounced taste for such collection.