ArtTactic’s Chinese Contemporary Art Market Confidence Survey Shows Continued Strong Recovery

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NEW YORK, NY.- This week, ArtTactic released its newest Chinese contemporary art market confidence survey, which — as expected, considering the success of this spring’s auctions in Hong Kong and mainland China — shows a 27% positive increase in confidence over December 2009, with a majority of respondents believing either that the Chinese contemporary art market has rebounded or will do so within one year. Over the past 18 months, the emergence of the mainland Chinese auction house as a strong regional force and the growing clout of new Chinese collectors has injected a serious dose of optimism into the market, and led ArtTactic to conclude that the current trend sets out the possibility that Chinese contemporary art volume in 2010 might even come close to pre-crisis historical levels. Highlights of ArtTactic’s latest report: • 71% of respondents believe the market has already rebounded (35%) or will do so within one year (36%). This is significantly hig