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Chinese Art Sales Rise Seen As Result of Search for Alternative Investments to Financial Markets

August 2, 2016 by Marion Maneker

Poly Auction

Barron’s looks at the upturn in Chinese art sales reported by Artprice recently as a sign that Chinese investors are wary of financial markets and real estate but still need to store value.

This comes after a five-year slump in Chinese domestic art sales amid a widespread crackdown on corruption often using those same markets to hide payments:

The gains aren’t likely to fire up global art sales, however. Instead they reveal a return to normal for Chinese buyers who view tangible assets like fine art to be a better investment opportunity now than volatile stocks or low-interest-rate bonds.

Still, the 18% jump in auction sales in China, including Hong Kong, Macau and Taiwan, is welcome good news for an art market in the midst of a slump. China sales at the two biggest global auction houses, Christie’s and Sotheby’s, as well China’s top two houses, Poly Auction and China Guardian, totaled $2.3 billion in the first half, up from $1.97 billion last year, Artprice.com data show. […]

The real future for Asia may lie in India, where sales of modern and contemporary art from several auction houses rose a collective 36% in 2015, ArtTactic reports.

Why Fine Art Sales in China Are Rising Again (Barron’s)

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