China overtakes US as world's largest art, antiques market

Beijing, Mar 17 (ANI): China has overtook the United States as the world's biggest market for art and antiques in 2011.

A report, 'The International Art Market in 2011' by the European Fine Art Foundation, organizers of the European Fine Art Fair said that the historic turning point is also an important indicator of seismic shifts in the wider global economy

According to the report, China's share of the global art market rose from 23 percent in 2010 to 30 percent last year, pushing the United States to second place with a share of 29 percent, it said.

The United Kingdom's art market, which was overtaken by China's in 2010, remained third with a 22-percent market share while France was a distant fourth with a share of six percent, The China Daily reports.

According to the report, sales of art and antiques at auctions in China saw a dramatic rise of 177 percent in 2010 and a further 64 percent increase in 2011, with the modern and contemporary sectors accounting for nearly 70 percent of the market.

With the strong growth in China, the global art market continued to recover last year.

The sales revenue grew seven percent year-on-year last year, but was 63 percent higher than in the crisis-hit year of 2009. (ANI)