Thursday, March 13, 2014

Problems In The Chinese Art Market


"Some of the 'persistent problems' plaguing the Chinese art market include late and non-payment by winning bidders at auction, according to the report. A high percentage of unsold auction lots -- 54 percent of all lots offered in mainland China and 44 percent in Hong Kong -- has also dampened the market, indicating resistance to works buyers perceive as 'over-priced or not the best examples by the artists,' as well as issues of provenance and authenticity, according to the report."

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