The October 8th sale confirmed a trend at auctions in London, New York. Whereas the financial crisis has made mice out of collectors (especially speculative buyers) of contemporary works, such as Yue Minjun’s pink grimaces and the many-hued dollybirds by Liu Ye and Feng Zhengjie, sales of traditional Chinese arts are where the real muscle is to be found. Western auction houses say there may be as many as 100 mainland Chinese collectors who spend upwards of $1m a year buying art, and another 100 collectors in Hong Kong and Taiwan.
- Economist
Useful link:
www.sothebys.com
Really interesting news indeed!
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