UK loses out to China in the global art market
Soaring demand for art works by Wang Yidong and other Chinese artists is part of the reason why China has overtaken traditionally strong European markets.China has pushed the United Kingdom into third place in the global market for antiques and arts, according to The European Fine Art Foundation.
The United States continued to dominate -- at least in 2010 -- with 37 percent of the global market, according to the report.
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China’s share has risen to 23 percent, with a one percent lead over the UK, which has 22 percent share, a five point drop over the previous four years.
Auction and gallery sales in China totaled almost €6 billion in 2010.
Anthony Browne, chairman of the British Art Market Federation -- which represents many UK dealers -- told the BBC that the figures made "alarming reading.”
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But Kevin Ching, chief executive of Sotheby’s Asia, told the Financial Times that he was not surprised by the new numbers, and describe the recent growth of Chinese art buyers as “phenomenal.”
Chinese buyers bought 23 percent of all lots purchased in Sotheby’s auctions worldwide last year, he said, almost doubling sales from 2009.
