More Chinese buyers investing in art
on Friday,December 03,2010 15:12
The art industry has rebounded since the 2008 recession as more collectors show signs that they are willing to invest in contemporary works. However, more pieces are being auctioned off to Chinese buyers, who appear to be interested in spending their new-found wealth on the arts.
Experts say that the Chinese are not only catching up in the world economic race through investing in real estate and technology, but art that is local to their country as well, NPR reports. A buyer from China recently paid $83 million at a London auction for a Qing dynasty vase, proving to the industry that more people from the Far East are willing to make the long-term investment in art.
"They are the next big wave of buyers, and they could affect the market as much as the Japanese did in the '80s," Vermillion Art Collections representative, Jehan Chu, told the news source.
Artist jobs are projected to increase by 12 percent over the next eight years, according to the U.S. Bureau of Labor Statistics.
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