Talk to those running businesses that depend upon Mainland Chinese buyers continuing to acquire art and you’ll hear the background concern about Xi Jinping’s capital clampdown.
Many art buyers have legitimate hard currency overseas that they can use for purchases. But there’s a pervasive unease in the art market about whether the flow of funds can keep up over the long term.
Now the South China Morning Post has a different take on the problem. They say its simply lack of attention from the authorities. Though it is unclear how the funds would escape notice on their way out of China when they are fungible:
Luckily for […] collectors, the art world has, for now at least, escaped the attention of the Chinese government in its clampdown on capital outflows.
Recent measures by Beijing to stop funds from flowing out of the country have included limiting overseas acquisitions and investments. Recently, the National Development and Reform Commission and the State Council said deals falling under the “restricted” category – such as property, film, entertainment, sports and hotels – were being closely monitored.
However, the scrutiny is yet to spread to art collecting – a situation collectors hope will continue.
How a new generation of Chinese art collectors are taking on the world (South China Morning Post)