Art Sales Plummet in China
20 December 2013
China’s art auction market suffered a sharp downturn in 2012, amid a global slump in demand for Chinese art, fueled in part by concern about the many fakes that are offered for sale.
A year after reporting record revenue, auction houses in mainland China reported that sales fell nearly 50 percent in 2012 from $8.2 billion to about $4.4 billion, according to a study released Wednesday by the China Association of Auctioneers in Beijing and the New York-based art market information company Artnet.
(New York Times, December 19, 2013)