Art has always been considered a good investment. Chinese investors do not except the rule and in recent years, the third country in the world with the most millionaires, has seen a explosion in the business of art collection. Today, China is considered the second art market in the world after the United States. The NYT’ article ‘The New Collectors” tells the story of Mr Liu Yiqiam, a 50 year old financier from Shanghai who started his life as a taxi driver, and now has a fortune worth $800 million.
With disappointment growing towards the Chinese stock market and real estate, the Chinese art market is attracting more and more newly rich investors. Mr Liu Yiqiam is the perfect example of the Chinese new money. He has put together a unique private collection of the finest Chinese art and is willing to share his treasures in two private museums of Shanghai. Like he explains in this video, only years ago, many Chinese did not even have money to buy food. No no one would pay for a museum ticket so who would spend money setting up one?
Yet China’s emerging interest in Art is changing the world art market. Guilaume Cerutti from Sotheby’s France argues that “we are living the biggest thing in the art world in 20 years”. A market that used to be governed by the United States and Europe, now truly has a third participant composed by Chinese buyers seeking to buy primarly Chinese art. Check out this article about how investors are redrawing the map of the art market.