China’s Art Boom is now officially over, according to France 24, more to the point, its the US that’s to blame for the collapse. Here’s an excerpt from the transcript of the above report:

“I think the biggest change in the Chinese art World has come from the US financial crisis. It has been like a tsunami.” Qin Feng, founder of the Museum of Contemporary Art Beijing, tells France 24. “It has had a major impact on Oriental art, and Asian art in general. I know two or three large exhibitions have had to be postponed, and I have also had to postpone showings…”

Businesses in Beijing’s art quarter, Dashanzi, are all too aware of the effects of the financial crisis…The area, which helped launch the careers of many of China’s famous contemporary artists, has seen 50 galleries close in the last three months alone…But despite the current turmoil, many believe the market will emerge from this glut stronger than ever …

Despite all of this, the rest of the report strikes a positive note on the value and permanence of art.

China’s Contemporary Art Market Bubble Has Burst (France 24)