Art News

New report shows Chinese contemporary art market confidence higher than US & Europe

LONDON.- ArtTactic released its latest Chinese Contemporary Art Market Confidence Survey, which, like its last survey in April, shows that confidence in the Chinese contemporary art market remains high despite an overall drop in global confidence. Buoyed by mainland China’s new collectors, who have emerged as some of the world’s most voracious buyers of art, gold and jewelry, and fine wine since 2008, ArtTactic’s confidence indicator “remains strongly positive,” though the differences between domestic Chinese and international auction houses are becoming increasingly stark. While the sustainability of the current growth rates remains suspect, a majority of respondents continue to believe the Chinese contemporary art market will grow in the next six months. What all this boils down to is the same thing Jing