The challenges facing the market in China

Sources of high-end art works have gradually dried up, leaving auctioneers with depleted resources and facing grave difficulties in the collection of items for auction. To collect more high-end work for the next season, some have been forced to travel overseas.

Some types of art have been accorded a comparatively higher value than market experts predicted, which has resulted in low turnover rate during the past four auction seasons.

Specific legislation and strict regulations are required for the further development of the art market. The Chinese market lacks effective legislation to correct unethical behavior, such as the sale of counterfeits, delayed payment and contractual issues.