China’s economic growth over the last two years or so has certainly slowed, but not as badly as the rest of the world. And the number of dollar billionaires in China continues to increase, whereas in most other places, it’s decreased. There are plenty of newly rich Chinese, and they’re actively and aggressively spending money on art. Chinese collectors are reclaiming Chinese art that was lost throughout the country’s history.
In 2009, China’s percentage ownership of the art market increased a dramatic 141.7%. It’s total market share remains relatively low at 17.4% but that’s already 3rd highest in the world behind the United States and the United Kingdom.