We reported last week already about the huge Chinese art market, which is growing so fast that insiders say it is a bursting bubble. But, before the market collapses because rich investors come up with another hobby, it could collapse even faster as art loses quality.
This is especially likely to happen to the works of artists who are now en vogue Are: Chinese artists. They already sell very well when alive and are terrified of slaughtering their golden goose. So they make more of the same, but in shorter time and with less effort.
International news agency Reuters tells how connoisseurs are already advising to start collecting art from other Asian growth markets, such as the Philippines and Thailand. The value for money would be much more favourable in those countries than in China, where 'quality art' is now also produced in bulk.
A bright spot for collectors is that all this attention to contemporary art from China has made the market for Old Masters much more favourable. Clever collectors can still sometimes pick up a Degas or Velazquez for a very low price. These are now going for a million or four out the door, while for a relatively unknown newcomer like Clyfford Still easily $61 million.
Source: reuters
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