The Impact of China on the Global Art Market

Love them or loathe them, the Chinese are here to stay. It is hard to believe that a mere 30 years ago, they were still locked in the throes of the Maoist efforts to achieve socialist nirvana. In the ensuing decades, the newer, younger Chinese leaders recognised that, while communism wasn’t such a bad thing, after all, the country had to begin competing in the world’s markets. With over 1.1 billion people available for any task necessary, they began to build factories to produce goods for the Western world at prices that couldn’t be beat. Even the iconic iPhones and iPads are made in China, even though the technology is American. This increased manufacturing output has raised the standard of living for millions of Chinese and created quite a few millionaires in the process. Poor old Mao must be turning in his grave!

 

art 300x257 The Impact of China on the Global Art Market

 

Chinese Artists Enter the World Stage

 

In the span of just a few decades, China has become an important barometer for the art world. It seems that if Chinese buyers aren’t buying, the rest the world gets a case of the jitters. This happened in the first quarter of 2013, when global art sales fell by 7%, largely due to the fact that sales in China alone fell by 50%. Yes, what happens in the Chinese market matters. It is also worth noting that, in 2012, 4 of the 10 best-selling artists in the world were Chinese. Have you ever taken a close look at contemporary Chinese art? Maybe it’s time you did. Still, in the world market for art, some names seem to remain perennial. In the first quarter of 2013, over 600 works of Pablo Picasso were sold for a total value slightly above €55 million. China did suffer a slight dip in its economy in the first quarter of this year, which probably explains the lack of activity in that market. But now, as we come to the end of 2013, their manufacturing strength is beginning to show once again, and it is safe to assume that Chinese buyers will once again be at the forefront.

 

The Decline of Impressionism

 

It’s not that Impressionist art is not as popular as ever, it’s just that its value on the global art market has decreased over the last decade. Some experts estimate that the value has dropped by 12% during this time, while contemporary art has risen in value, at least in the eyes of buyers. It is hard to predict what the next wave will bring. Will contemporary art continue to be the most popular, or will art from another era begin to take its place at the top of the sales charts?

 

Let Yourself Be Inspired

 

Whether you are a professional or amateur artist, you may very well not want to pay much attention to the latest trends in the art world. After all, you create things that are meaningful to you and that hopefully will be enjoyed by others. Regardless of your motivation, you always need to have plenty of supplies at hand so that you can create whatever you want when inspiration hits you. It is good to know that you can always get plenty of supplies at jacksonsart.com/. Here, you will find a wide selection, excellent prices and a very friendly and reliable customer service staff.

 

 

Image attributed to: http://www.flickr.com/photos/hardchessesandyou/5554367985/

 

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