The third time of adjusting in art market happened in 2012 after twice in 1997 and 2008 respectively. With the influence of the tax inspection and auction houses having a try in Hong Kong, confidence in art market is under the spotlight. Yu Ding, as the head of the national institutes of art and culture, he compiles the Annual report of the Chinese art market. In his opinion, Even though Chinese art market slowed down on the whole in 2012, the coming ten years are still the ten golden years of collecting international art works. A China’s system of collecting world’s art works is being shaped, helping raising the statue of Chinese art works in international market.
The slown down 2012
There was a sustained growth of Chinese art market in 2011. The total market turnover has reached 210.8 billian RMB, including galleries, art expoes and auctions, ranking No. 1 in the world. As for 2012, a key phrase about the market is slowing down. On one hand, the global economic crisis, including European debt crisis, led to global recession, making a change in economy as well as supply-demand relationship. That was the change in international market. On the other hand, it was natural because of the market rule, we just ran into the speed-down point of the circle. In the Spring auction of 2012, though the economy was going down on the whole, art market showed a readjustment and went up.