Local versus global

Along with China, India is another emerging market for Western art collectors. But unlike the Westerners, Chinese collectors show little interest in Southeast Asian art. Experts believe this is a result of a strongly nationalistic streak among Chinese collectors. Extremely expensive art works are often bought as by officials in search of guanxi, or connections and networking, rather more than as collectors' items.

So, based on this social and cultural background, the market is markedly different from that in the West. Chinese collectors show a marked preference for works by artists from their own provinces and regions. They rarely have the same passion for works from the West or other Southeast Asian countries. However, Western artists who work in an Eastern style are likely to have better prospects in the Chinese market.

China's laws on the protection of the country's cultural heritage forbid the involvement of foreign-invested partnerships in the auction market, and foreign auctioneers are not allowed to participate in activity on the Chinese mainland. Western auctioneers are allowed to open offices on the mainland, but only for the collection of items that have been sold through domestic auction houses or for previews.

Sources: Artron.net and Artprice.com