China Displaces Britain as the World’s Second Largest Art and Antiques Market
March 16, 2011
One of our Most Favored Nation, China is now the world’s second largest art and antiques market, overtaking Britain. It is possible that the EU tariffs on art imports planned for 2012 would further shake its position in the art market.
The report, commissioned by the European Fine Art Foundation, estimated the value of the global art and antiques market in 2010 at 43 billion euros ($60 billion), up 52 percent from 2009 when values slumped as a result of the financial crisis. According to the research, the changes in the industry are driven by a strong performance in the United States and huge growth in China.