They made the better Bordeaux wines unaffordable, and in Southeast Asia, record amounts are being paid down daily for Western modern and antique art. Chinese collectors and speculators now determine what counts and what does not in the art world. Latest development: they are discovering their own artists. Meanwhile, a painting like 'Eagle Standing on a Pine Tree' from 1946 by self-taught artist Qi Bashi is paid more than recognised masterpieces by Picasso or Lichtenstein. In any case, this canvas went for $65 million.
Art collectors are also no longer just in the well-known sanctuaries like Hong Kong or Shanghai, but can increasingly be found on China's 'mainland'.
So the new rich China are discovering art, and meanwhile (re)discovering their own art world. Thus, there could well be a whole new influx of previously unknown work here to the West. After all, price also partly determines appreciation. Observers, quoted in this article in the Wall Street Journal do wonder with concern whether this is about building a serious art market based on knowledge and admiration, or whether it is purely speculation and things collapse as soon as a few big 'collectors' decide to cash in their profits.
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