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Art Market Overview: China in Difficulties

Published on , by Agathe Albi-Gervy

The Chinese art market has been hit hard by the health crisis: as indicated by Artprice, auctions in Hong Kong were suspended until July, while on the mainland they only started up again in August.   

  Art Market Overview: China in Difficulties
 

In the end, the Chinese art market was brought to a standstill for over six months. While Fine Art sales in China brought in $4 billion during 2019, only 22% of this figure has been achieved since the start of the year. This performance may affect the position China occupies in global Fine Art sales—last year, the country accounted for 31% of sales worldwide in this sector. Contemporary art could be a powerful lever for growth here: in 2000, living artists only represented 4% of the local art market's value, compared with 25% today.

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