03/11/2008 - China Now the World's Third Largest Art Market
China has surpassed France to become the world's third largest art market, according to the research firm Art Economics. China holds an approximate 6% share of the market, behind the U.S. with 46% and the U.K. at 27%. China now holds approximately 20% of all sales of Contemporary art, equal to the U.K. Both Christie's and Sotheby's hold their major sales of Asian art in Hong Kong, where sales have benefitted from the decline of the Hong Kong dollar, which is tied to the falling U.S. dollar. Art is viewed as a safe alternative asset and store of value during times of economic turmoil.
Christie's sales in Hong Kong increased 23% in 2007