Market for artworks in China is down 24%

The market for art and antiques in China, which has been touted since 2011 as the next major global hub, is cooling. With a 24% drop in sales by artists and galleries in 2012, the country relinquishes its recently-won first place in global art transactions to the United States, which has traditionally occupied this post. The information was collected by the 2013 TEFAF Art Market Report The Global Art Market, with focus on China and Brazil, which was presented at a seminar sponsored by the European Art and Antiques Fair Foundation (TEFAF Maastricht) in Maastricht, Netherlands.

Conducted at the request of TEFAF by Dr. Clare McAndrew, a specialist in the fine arts market, the report points out that the global economic crisis is the main reason for this decrease, which has affected the market not only in China but globally, prompting a year-to-year drop of 7%, from €46.4 to €43 billion. According to the survey, the crisis has also changed the buying behavior of consumers, who are opting for works by the most recognized artists on the market, especially from the Post-War and Contemporary periods, to minimize risk of devaluation.

Identified as a growth market, Brazil appears in the report as a major emerging economy for the arts worldwide due to the increase in the number of collectors. However, the country’s tax and import laws remain a major obstacle to the development of this market.

An important event in the arts world, TEFAF takes place from March 15th to 24th at the MECC (Maastricht Exhibition & Congress Centre) in Maastricht. A guest at the fair, ARTE! Brasileiros will follow the event over the coming days.