This thesis is exploring the development of the remarkable, albeit recent, Chinese art market. From a timid start to an explosive growth the Chinese art market reached record braking prices mostly due to unbridled speculation. After 2012 there is a restructuring of the market. Both Auction houses and galleries move towards a more mature stage amid collectors’ taste development. Contemporary art is becoming the most dynamic sector of the market, fostered by the engagement of a new generation of collectors. The Covid pandemic, initially shocked the market in 2019, but China has been able to adapt quickly and emerge from it even stronger increasing the turnover of 2% in 2020 and mostly in the second part of the year.
Extensive interviews with market actors show a sentiment of confidence and positivity for the future outlook of the Chinese market.

TABLE OF CONTENTS

1. Introduction 1
1.1. Research motivation 2
1.2. Research purpose 2
1.3. Methodology 3
2. The recent development of the Chinese art market 4
2.1. The first steps: from the 70’s to 1992 4
2.2. 1993-2003. Early stage of development 4
2.3. Chinese Contemporary Art Market 6
2.4. 2004-2011. Explosive growth 7
2.5. The arrival of Western Galleries into China 8
2.6. 2012-2018. Adjustment of the auction market. Art fair, Private museums, and western art 9
3. The art market in China in 2019 11
3.1. Introduction 11
3.2. Mainland China Market 11
3.3. Market structure. 18
4. The market evolution in 2020 21
4.1. What is new in 2020? 23
4.2. What are the new methods introduced during the pandemic? 24
4.3. What do clients like? 25
5. Conclusion 29
6. References 32
7. Appendix 34
7.1. Interview 1 34
7.2. Interview 2 38
7.3. Interview 3 41
7.4. Panel discussion 43
7.5. Interview 5 46

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Li, X., Su, C.-W., Qin, M., & Zhao, F. (2020). Testing for Bubbles in the Chinese Art Market. SAGE Open. https://doi.org/10.1177/2158244019901249

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