The Art Economy is in Freefall – and it's Mostly China's Fault

  • 2016-04-11
  • Business Insider

The global art market has fallen 7% compared to last year. And like everything else to do with the worldwide economic slowdown, most people are blaming it on China.

A report by the European Fine Art Fair (TEFAF) shows that global art sales fell from "$68.2 billion (£47.7 billion) to $63.8 billion (£44.6 billion) and the volume of sales declined by 2% to 38.1 million."

While sales actually increased 4% in the US, Chinese demand tumbled, with total sales dropping 23% to $11.8 billion (£8.2 billion). The UK also saw a 9% drop in sales, but it still jumped ahead of China to become the world's second biggest art market after the US.

Though an overall 7% year on year drop would be bad news for any global market, some see the Chinese drop in demand as a momentary blip.