Chinese Contemporary Going Fast
MIAMI—All eyes have been on contemporary Chinese art lately, especially since October, when Yue Minjun’s 1995 painting Execution was hammered down for a record $5.9 million at Sotheby’s London.
ART MARKET
THE DRAGON AWAKES
Chinese Art Is Hot, But What Do the Cinese Buy?
SHANGHAI—Despite the extraordinary attention given to the explosion of the Chinese contemporary art market in the past few years, observers have only recently begun to investigate what Chinese collectors theselves are buying. The perception has long been that the growing popularity of Chinese art was due primarily to Western buyers and interest. But since an anonymous Chinese collector paid a record $2.7 million for the Liu Xiaodong painting New Three Gorges Resettlers at a Beijing Poly auction last year, focus has started to shift to what Chinese buyers are interested in.