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Olympic Year
will see consolidation of an increasingly shaky art market
[April 2008]While 2007 saw the Shanghai stock market
reach record levels - and then suffer a fall of about 50% into
early 2008, the Chinese art market continued to find both new
highs and broader areas of doubt. Chinese Contemporary Art attracted
record prices in 2007, but looks highly speculative at current
levels. By contrast the market for antiques is increasingly
defined by a paucity of objects of quality. The few objects
of real importance to reach the market quickly reach levels
in the millions of dollars. Nonetheless the desire to diversify
out of cash has only intensified as inflation rates rise and
other asset classes such as property and stocks move sideways.
Expect to see Chinese collectors move out of Chinese art into
areas such as wine, Impressionists and South-East Asian art,
while the few lucky Western collectors of Chinese art that have
held on wonder whether it is still too early to sell. For further
information contact william@fineartagent.com
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