Advisers who spoke to China Daily said they’ve noticed pullbacks in buying across the market, from the very high end to the middle and lower markets.
“There are big contemporary buyers [from China], and I think they buy a lot of Impressionist masterpieces, so I’d say those areas are particularly impacted,” said Annelien Bruins, COO and senior art adviser at Tang Art Advisory.
The changing Chinese economy drives down the prices of art, Bruins said. Chinese buyers also have been less active in the market, she said, “probably due to their own lack of confidence in the art market, or perhaps they just have less cash — if you’re not making money, then you’re probably not going to put it into art”.
Seeing this hesitation, dealers and auction houses are pulling back themselves because of a lack of guarantees that pieces will sell, she said.
Read the rest of this article, written by Amy He for China Daily USA by clicking here.