The challenges facing the market in China

Sources of high-end art works have gradually dried up, leaving auctioneers with depleted resources and facing grave difficulties in the collection of items for auction. To collect more high-end work for the next season, some have been forced to travel overseas.

Some types of art have been accorded a comparatively higher value than market experts predicted, which has resulted in low turnover rate during the past four auction seasons.

Specific legislation and strict regulations are required for the further development of the art market. The Chinese market lacks effective legislation to correct unethical behavior, such as the sale of counterfeits, delayed payment and contractual issues.

The trading process has very low credibility and the market has seen a lack of trust between buyers and sellers.

Most Chinese arts auctioneers operate a workshop system, and lack of an administrative center limits their potential development.

Sources: Artron.net and Artprice.com

Related:

Falling sales paint a bleak picture for China's art market

Spring has yet to warm the hearts of China's auctioneers. Instead, a chill wind is blowing through the art market. In contrast to recent years, the spring auction season, which began in early February, has been a cause for concern rather than celebration. More...

Local versus global

Along with China, India is another emerging market for Western art collectors. But unlike the Westerners, Chinese collectors show little interest in southeast Asian art. More...

The potential of China's art market

Prices of Chinese art works could be set higher if exhibitions, cultural centers, and the curation and planning of shows was improved. More...