China overtakes Britain to become world's second-largest art market



2015-06-26 12:18:27

China overtakes Britain to become world's second-largest art market

After becoming the world's #2 economy last year, China is again reminding collectors to think global

China was accountable for 23% of the global market in 2010. That's according to a new report by economist Clare McAndrew commissioned by The European Fine Art Foundation.

The Foundation, otherwise known as TEFAF, is the organiser behind the art markets' grandest annual occasion, The International Fine Art and Antiques Fair. The fairis taking place in Maastricht, Netherlands, this weekend (March 18-17).

Hundreds of the world's top dealers will be in attendance, able to buy anything from the rarest fine art by Old Masters to Faberg trinkets from the 16th century.

Anda significant numberof Chinese dealers and collectibles will likely be among them, particularly now that the People's Republic has overtaken Britain's position as the second largest art and antiques auction market.

Looking at the figures more closely, TEFAF's report says that auction sales in China rose to nearly 6bn. In doing so, they accounted for 23% of 2010's global market.

The United States maintained its 34% market share. The UK, meanwhile, slipped into third place with 22% which put it down 5% since 2006.

Experts warn against Droit de Suite

According to British newspaper the Daily Telegraph, The British Art Market Federation is using the report to issue a warning to the government about its proposed Droit de Suite, or artists' resale royalty tax.

It is planned that the tax will be imposed in 2012 onsales of all works by European artists who died up-to 70 years ago.

With the likes of Pablo Picasso consistently emerging as the market's top sellers, the tax could further divert big art sales away from the UK -especiallyconsidering that Christie's and other auctioneersare enjoying much success in China.

However, while this could have a huge negative impact on Britain's cultural economy, some Brits are still able to benefit for China's growth.

Like, for instance, the elderly UK couple whose Qing Dynasty vase unexpectedly sold for 192,000, earlier this week.

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