China Overtakes Britain as the World’s Second Largest Art and Antiques Market

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LONDON (REUTERS).- China overtook Britain as the world’s second largest art and antiques market last year, a new report showed, and British art officials voiced concern that an EU levy planned in 2012 would further undermine its position. “The Global Art Market in 2010: Crisis and Recovery” underlined what auction houses and consigners had seen throughout last year — a sharp rise in the number of wealthy Chinese buyers, and, with them, prices. The report, commissioned by the European Fine Art Foundation, estimated the value of the global art and antiques market in 2010 at 43 billion euros ($60 billion), up 52 percent from 2009 when values slumped as a result of the financial crisis. “The period from 2008 through 2010 has been one of crisis and recovery for the