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)