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The Chinese art market is losing value and has seen a drop to about 50% of the values that contemporary art was fetching in past years. This drop in price was a surprise but the Chinese art market was very inflated in the past which many people saw as unhealthy. Several of the artists which have had works sold for millions are seeing a rapid decrease in the value of their artwork.

The Hong Kong market for artwork is looking into focusing more on the Western art for their sales to gain an increase of sales. Some artists have seen a decrease in valuation of up to 66%, which severely cuts the value of very intricate pieces. The values of antiques are going up because they are going into fashion once again.

At its peak, the Chinese art market allowed artist to make very fast money for their contemporary artworks.

Source: Reuters

Photo: Contemporary art by Luo Guirong

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