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SHANGHAI: Shanghai has held its first-ever Chinese Collectors Convention, against a backdrop of economic uncertainty.
Some 800 participants, including collectors, dealers, critics and experts from China and abroad, attended the forum themed "Collection - Civilization and Self-Cultivation" from October 7 to 9.
Speakers from China, Taiwan, Hong Kong, Singapore and North America discussed the challenges of collecting both antique and contemporary art pieces, as well as the importance of acquiring such collections.
Chen Dong, associate director, Shanghai Municipal Administration Commission of Cultural Heritage, said: "Since the reform and opening up of China, we are richer in terms of material goods. Many have the money, time, desire and interest in collecting art pieces.
"At the beginning, collectors had to learn how to distinguish what to collect. Now, with this knowledge, they can share their experiences. The basic purpose is self-cultivation."
Prices for top Asian artworks – particularly Chinese contemporary pieces – have sky-rocketed in recent years. According to statistics released by the Guardian Auction House in China, the Chinese art market saw revenue hit an all-time high of 20 billion RMB or US$2.94 billion last year.
In this current state of financial turmoil, can the Chinese art market weather the economic downturn? Some market watchers said that even though the sale of art is inevitably linked to the economy, it might not necessarily translate to less interest.
Wang Yan Nan, CEO, China Guardian Auctions, said: "Many collectors or corporate sponsors may find it a good time to join the art market since things are cheaper and people have different perceptions.
"People in general have a passion to collect cultural relics and possess artwork. It is normal for the market to fluctuate. I think the business of collecting artwork will develop very well."
But according to most avid and experienced collectors, the biggest challenge they face is finding good works to invest in.
- CNA/so
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