CHINESE COLLECTORS LESS HUNGRY FOR EXPENSIVE ART: REPORT

Oct 07, 2015

By Michael Kramer

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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.

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