China strictly controls art speculation and causes the market to decline

According to the latest survey data, the sales volume of the Chinese art market dropped by nearly a quarter last year and has lost its position as the world’s largest art market. However, experts said that this decline is a healthy adjustment for the market.

The report pointed out that China's strict control of speculation and other factors of art caused a 24% decline in the Chinese art market. But this is not a catastrophic collapse but a healthy adjustment. Carlyle McAndrew from the consultancy ArtEconomics said that this is a market need. The previous growth was not sustainable. This adjustment will make the market more mature.

ArtEconomics has been commissioned by the European Art Fair to complete the latest global art market report. The report shows that last year, the sales of Chinese art was 10.6 billion euros. China’s global market share fell from 30% to 25%, becoming the second largest art market in the world. The US’s global market share is 33%, rising to the global level. A major art city is often ranked third in the UK, with a market share of 23%.

McAndrew said that despite the decline in the Chinese art market last year, China has remained the fastest growing market in the world in the past five years.