Forbes thinks the pain in Chinese Contemporary Art is over and suggests you seriously think about investing in Chinese Contemporary art:

The trend will continue. First, the bubble that built up in the industry before the global equity crash has passed. Asian contemporary art prices are back to 2006 levels, according to an ArtPrice report, making investment more affordable and hinting at room for a recovery in prices in the future. Longer term, the industry is likely to thrive in China because the country has a fascination with art as a part of its heritage. Today Chinese from all walks of life are seeking to find new meaning from a rich and varied ancient culture that includes paintings and calligraphy. The government, in turn, is promoting the longer-term development of a contemporary art industry. […] The number of contemporary Chinese art collectors is also likely to grow because of Asia’s rising economic clout. As wealth expands, the investing population–and hence, the demand side of the market–will increase with it. “It is the explosion of a new era here,” says Jerome Sanz, director of the Ullens Center of Contemporary Art. “What we see is a little start ” Relatively low entry prices for contemporary art allow for great returns; they also have the intellectually satisfying benefit of allowing collectors to discover a realm that is relatively unknown in the art world with little cash down.

Getting Started in Chinese Art (Forbes.com)