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China becomes the world’s largest art market

Jul. 2, 2012 (China Knowledge) – China saw its arts transactions exceeded RMB 210.8 billion in 2011, reflecting a YoY increase of 24% to become the world’s largest arts market, according to the latest report released by China’s Ministry of Culture.

The country’s arts auctions realized RMB 97.5 billion in transaction last year that includes RMB 14.87 billion from Hong Kong, Taiwan and Macau.

RMB 35.1 billion was derived from gallery, art brokerage and art exhibition. While the online transaction reach RMB 15 billion.

According to the report, China’s arts exports hit RMB 3 billion in 2011.

The transaction of original modern and contemporary art such as handicraft, ceramic, jade ware, jewelry and embroidery reached RMB 59 billion last year. However, the transaction value of art reproductions and other derivatives was RMB 15 billion.

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