'Fundamental and important' change
Updated: 2013-03-08 12:35
China's displacing of the United States as the global art-market leader in 2011 was one of the "most fundamental and important changes" to hit the art trade in 50 years, says an economist who first reported the changing of the guard.
In her March 2012 report for The European Fine Art Foundation, Clare McAndrew attributed the Chinese market's new dominance to "expanding wealth, strong domestic supply and the investive drive of Chinese art buyers". Although economic turmoil tied to the US financial crisis had created "a more cautious buying climate throughout the world", art was proving a more appealing investment option for Chinese collectors than the real estate and stock markets, the report said.
In addition, the report predicted that the next decade would be "the first period when emerging market countries contribute more to global economic growth than developed ones". In the months to come, the Chinese art market would face challenges coping with "an overheated market", the report said.