The New York Times reported that the Chinese Art Market is budding but uncertain. Auction results prove a hunger for art and an interest in serious and high-ticket acquisitions, but follow-through on purchases have been as problematic as authentication. An article by David Barboza, Graham Bowley, and Amanda Coxadditional (Reporting by Jo Creaven McGinty) came out on Oct. 28, 2014 in regards to this evolving story.
“The market is in a very dubious stage,” said Alexander Zacke, an expert in Asian art who runs Auctionata, an international online auction house. “No one will take results in mainland China very seriously.”
Indeed, even as the art world marvels at China’s booming market, a six-month review by The New York Times found that many of the sales — transactions reported to have produced as much as a third of the country’s auction revenue in recent years — did not actually take place.
Just as problematic, the market is flooded with forgeries, often mass-produced, and has become a breeding ground for corruption, as business executives curry favor with officials by bribing them with art.
Read the full story in the New York Times.