China loses top place in art market to US: TEFAF
Updated: 2013-03-15 17:17
By Lin Qi (chinadaily.com.cn)
|
|||||||||||
After two years of a strong performance, China was overtaken by the United States in the art market in 2012, for the first time in three years, a report by The European Fine Art Fair has shown.
Related: Technology transforms art sharing
China had an art market share of 25 percent in 2012, down from 30 percent in 2011. The US regained its premier position in the global art market with a 33 percent share, up 4 percentage points year-on-year.
In its annual report, TEFAF analyzed the performance in the global art trade of auction houses, dealers and galleries. The report examined the fine art category as well as antiques and decorative art. This year, it focused on the booming art landscapes in China and Brazil.
The report said that global art sales contracted by 7 percent to 43 billion euros ($55.6 billion) last year, due to the continued global economic slowdown and uncertainty.
A slowing Chinese market, where sales fell 24 percent, played a key factor in the global decline.
The report attributed the deceleration of the Chinese market to a reduction of high-quality and high-priced items on the market, and less participation of art funds and other investors.
|
|
Related Stories
The art of Jan Worst on display 2013-03-15 13:42
Chen Danqing's works on display 2013-03-15 11:37
Making it real 2013-03-15 09:39
Artists in tune with global audiences 2013-03-14 09:28
Classical China 2013-03-13 16:57
Technology transforms art sharing 2013-03-08 10:31
Today's Top News
Police continue manhunt for 2nd bombing suspect
H7N9 flu transmission studied
8% growth predicted for Q2
Nuke reactor gets foreign contract
First couple on Time's list of most influential
'Green' awareness levels drop in Beijing
Palace Museum spruces up
Trading channels 'need to broaden'
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Liaoning: China's oceangoing giant |
Poultry industry under pressure |
'Spring' in the air for NGOs? |
Boy set to drive Chinese golf |
Latest technology gets people talking |
Firms crave cyber connection |