Posted 4/1/2024, 2:30:14 AM
China's Booming Art Market Spurs Demand for Bank Advisory Services
- China became the world's 2nd largest art market in 2023, fueling demand for art advisory services from banks
- Chinese collectors are doing substantial research before acquiring works of art
- Banks provide services like impartial expertise, collection governance, legacy planning
- First generation focused on Chinese art; younger generation buys more Western contemporary
- Online channels bringing new buyers, significant numbers of young new Chinese collectors entering market