Friday, 12 August 2016

China has come to dominate the art and antiquities market

The 'Mom and Pop' antiquities dealerships of the US cannot compete
Soon the regulations and standards in the antiquities market may not be being set by the US and western Europe but China. China has come to dominate the art and antiquities market. Now it must take up the burden of protecting these treasures say:  Deborah Lehr and Katie Paul, 'The Potential Dark Side of China's Art and Antiquities Boom', The Diplomat August 12, 2016. The Diplomat did not bother to ask anyone from the antiquities trade to comment or contribute.
China will become the primary destination for the world’s culture. China is taking on the mantle of custodian of the world’s heritage — as such, it must establish itself as a responsible stakeholder in safeguarding our shared history. [...] In 2009, the Chinese government designated “culture” as a strategic industry. Today, China is on track to dominate this vast and profitable industry. Nowhere is that rise more apparent than in the art market. [...] Even though China only recently opened its door to foreign auction houses, it has rapidly become the largest art market in the world, just ahead of the United States and the United Kingdom. And it continues to boom. While the two art market capitals of the world — New York and London — were down last year by 49 percent and 30 percent respectively, acquisitions by Chinese collectors rose almost 20 percent.

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