In 2021, the turnover of Fine Arts auctions in China increased by 43% to a total amount of 5.9 billion USD, surpassing that of America, 5.7 billion USD to be exact, and becoming the largest market in the world. Each art market reacted to the impact of Covid-19 differently. In France, UK, and the US, the turnover dropped by 30% to 39%, while China (+2%) and Germany (+11%) experienced remarkable increase. With the outstanding performance of Classical and Modern art pieces, China took back its crown in the global market.
The Art investment market is internationally recognized as one of the three largest investment markets, next to only real estate and the stock market. According to the universally renowned TEFAF Art Market Report, the yearly turnover of the Art Market is 400-500 billion RMB, and the average yearly turnover reaches 400 billion RMB. Research shows that the size of the potential Art Investment Market in China is around 2 trillion RMB, which is 4-5 times of the total size of the Art Market. The huge potential of the Art Market in China is yet to be discovered.
With the reopening of the borders after the pandemic lockdown, a new peak of Art Market in China is to be expected. Standing at this critical point in art history, ARTnews !In Chinese:”#$announced its debut in China.The first issue of China’s ART news magazine features Mr Xu Bing on the cover