After the last time we talked about the bad influence of Chinese art market growth, today will illustrate the nowadays atmosphere of the Chinese art market.
First of all, one of the most vital benefits of the active growth in the art market is that is economic growth, which identify with the culture.
The policy change affects the art market during 2013. It was claimed that the western auctioneers start to enter the Chinese art market, as the first sale of Christie’s auction (Sep, 2013) in China. This is marked as an extraordinary progression in the Chinese art market, after the long time close for foreign auction houses entering the mainland. This sale set the first step of entering the Chinese art market and China is on its way to amalgamation the global market.
Moreover, Sotheby, the biggest western auction also stated that they have a plan in Beijing at the end of 2013. It was noted that the growth of the economy could be notice by the investment products, which is clearly reflected Chinese art market’s rise.
Investment trusts and art exchanges offered billions of art-related products for people to buy and sell in particular pieces of works. The overlord of art-investment vehicles involved highly debate for the reason of these funds put the most percentage of the art market in China than in the US or Europe. And these funds accomplish with short term, such as two years. On the other words, the investors could withdraw their funds in much shorter time.In general, different institutions both offer art-related investment products, the economic growth in China the change acutely in recent years.
The other benefit of the form the art market exploded is that the people pay more attention to the quality. Due to a large amount of new collectors shows, Tatlow (2013) mentioned that China lacks of internal culture in art education from generation to generation, with this situation when people notice that which is something with value, what collectors can do is turn to the market and purchase it.
Nowadays, those Chinese collectors care about more quality and culture rather than blind purchase. Chinese people becoming richer and more awareness and responsibility for their dignity and history, not just buying as “treasure hunting”.
Levin claimed the major difference both western and Chinese buyers as “Western buyers ask about history, while Chinese are interested in the value of the material.”
Well, it still need some time for the marketing becomes more mature.
In the recent past, Chinese art has present itself as a vital change in the market and still on the way to reach mature. The ambition of China’s market is obvious, but still a little bit unstable. The government should make efforts on the weakness law, and fix the policy for the auction market. Even though there’re still remaining large room to improve, I firmly believe the explored of art market could create a vibrant market and threat culture as a core area for the economy in the long run.