[intro]Newsweek Predicts Return of Chinese Contemporary Market[/intro]

Newsweek looks at the results from Sotheby’s Hong Kong sales cycle–led by wines, classical Chinese art and works of art, as well as watches and gems–and sees the beginning of a move toward a revival in the Chinese Contemporary Art market. Talking to Andrew Foster, the President of Christie’s Asia, they come to an interesting conclusion that Contemporary Art is inevitable:

“The market in China for collecting is quite new, and collectors are entering through ‘easier’ categories to understand: wines, watches, jewelry, classical Chinese painting,” he says. “But they’ll all go toward contemporary painting in the end because this is the broadest global trend we’ve seen over the last 15 years: the move to embrace contemporary.” If the faster-than-expected recovery in the Asian stock markets, now at pre-crisis levels, is anything to go by, contemporary-art prices may soon return to their former glory, pushed this time by Asian buyers.

Asians Open the Wallets (Newsweek)