Date: 19 March 2015
China now the biggest market for Modern art
China is the world’s largest market for Modern art—just—with 30.6% of total share by value. The figure eclipses the US ( 30.5%), according to the latest annual report published by The European Fine Art Fair (Tefaf) and written by the economist Clare McAndrew. The value of art traded reached an all-time high, worth an estimated €51bn last year. Art fairs accounted for around 40% of total revenue made by dealers last year (around €9.8bn), though the costs of taking part in them is steep: dealers spent a combined €2.3bn on fairs in 2014, McAndrew found.
Source: The Art Newspaper.