The first China International Culture and Art Expo was launched in Beijing in early December, bringing together thousands of pieces of art work and became a year-end investment. The three-day event ran from Dec 9 to 11.
The expo covered an area of nearly 8,000 square meters and was classified into three major sections: modern Chinese paintings and calligraphy, artistic institutions promotion and an exhibition of valuables from investment institutions.
The expo centered on original works. Most of their producers were present and told stories behind their production. Included were Wu Zuoren, Tian Shiguang and Han Meilin.
It also brought together many big name companies, artistic institutions and social celebrities, as well as promoting cultural traditions and modern ideas across the board.
The art market is still growing despite uncertainties in recent years. In 2005, China encouraged people to increase their property income instead of their labor revenue, and people took the opportunity to make money through investments.
And art is proving to be a rising business. Last year, China became the No 1 arts market with one-third of the world market share, according to Artprice.com, a market monitor and analyst since 2000.
In China, individuals are not the only investors capable of boosting the market. Nearly 30 arts funds companies in China's mainland have entered the market controlling a total of 5.8 billion yuan, according to a recent report on a one-year survey by Money Journal magazine and Xinhua Holdings. These funds buy art strictly as an investment, using pooled money anonymously.
But new issues with the market have begun to pop up. Buyers used to assess the value of a piece of art or antique item according to its quality, historical price and scarcity. But now, buyers must anticipate how all that capital will influence an item's future price.
The art market cooled this fall after several booming years. Both collectors and investors are buying less in retail stores and at auctions. While some observers think the art bubble is about to burst, many experts consider it a normal correction to the market.
Editor: Xu Xinlei
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