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.
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.