Oct 07, 2015
By Michael Kramer
China’s appetite for valuable contemporary art – appears to be waning.
That’s according to the latest figures from Artprice – in their 2014-2015 Contemporary Art Market Report.
The Paris-based company says the pullback comes as a result of China’s cooling national economy.
The Artprice report says money raised in Chinese auctions – in the 12 months leading up to June – slumped a staggering 37 percent – which was reflected in the world market sliding 12 percent.
Globally, more than $1.75 billion was generated from sales of contemporary art – and a third of that was raised in the U.S. – mostly from sales in New York.
Beyond the slowing economy, the decline may also be the result of an anti-corruption campaign by Beijing – which has prompted some Chinese billionaires to shy away from publicity and become less showy.