China overtakes Britain as second biggest art market

China overtook Britain as the world's second biggest market for art and antiques last year, said a report from the European Fine Art Fair (Tefaf) opening in the Netherlands Thursday.

The United States continued to dominate the international market with a share of 34 percent, said the report from European Fine Art Foundation, organisers of what claims to be the world's leading art and antiques fair.

"China became the world's second largest art market in 2010 with a global share of 23 percent, overtaking the UK for the first time," it said, referring to a "seismic change in geographical distribution".

"Auction sales in China totalled almost six billion euros ($8.5 billion) in 2010."

The international market rose 52 percent from a low point in 2009, said the statement, as luxury spending rose on the back of the global economic recovery.

The European Union's share of the market was 37 percent, a drop of 16 percent from a high in 2003.

The foundation warned that an EU "art tax" due to be extended to Britain, Ireland, the Netherlands and Austria next year "risks further damaging an already weakened European art and antiques market by encouraging vendors to sell elsewhere".

Tefaf will feature about 260 exhibitors in the southern Dutch city of Maastricht for 10 days from Thursday.

One of the highlights for this year's edition, the 24th, is a 1658 masterpiece by Golden Age Dutch master Rembrandt van Rijn, entitled "Portrait of a Man with Arms Akimbo", priced at $47 million.

Vendors from 16 countries will exhibit more than 30,000 paintings, sculptures, pieces of furniture, jewellery, procelain, clothing and rare manuscripts.

PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
Arts and Entertainment
Ben Affleck as Nick Dunne, seated next to a picture of his missing wife Amy, played by Rosamund Pike

film
Arts and Entertainment
Rachel, Chandler and Ross try to get Ross's sofa up the stairs in the famous 'Pivot!' scene

Friends 20th anniversary
Arts and Entertainment
Lena Dunham

books
Arts and Entertainment
A bit rich: Maggie Smith in Downton Abbey

There’s revolution in the air, but one lady’s not for turning

TV
Arts and Entertainment
Chloe-Jasmine Whicello impressed the judges and the audience at Wembley Arena with a sultry performance
TVReview: Who'd have known Simon was such a Roger Rabbit fan?
Arts and Entertainment
Nick Frost will star in the Doctor Who 2014 Christmas special

TV
Arts and Entertainment
A spell in the sun: Emma Stone and Colin Firth star in ‘Magic in the Moonlight’
filmReview: Magic In The Moonlight
Arts and Entertainment
Friends is celebrating its 20th anniversary this year
TV
Arts and Entertainment
Ben Whishaw is replacing Colin Firth as the voice of Paddington Bear

TV
Arts and Entertainment
Actor and director Zach Braff

TV
Arts and Entertainment
Maisie Williams plays 'bad ass' Arya Stark in Game of Thrones

TV
Arts and Entertainment
Liam Neeson said he wouldn't

TV
Arts and Entertainment

TV
Arts and Entertainment
Meera Syal was a member of the team that created Goodness Gracious Me

TV
Arts and Entertainment
The former Doctor Who actor is to play a vicar is search of a wife

film
Arts and Entertainment

music
Arts and Entertainment
Pointless host Alexander Armstrong will voice Danger Mouse on CBBC

TV
Arts and Entertainment
Pharrell dismissed the controversy surrounding

music
Arts and Entertainment
Jack Huston is the new Ben-Hur

film
Arts and Entertainment

TV
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

ES Rentals

    Independent Dating
    and  

    By clicking 'Search' you
    are agreeing to our
    Terms of Use.

    Secret politics of the weekly shop

    The politics of the weekly shop

    New app reveals political leanings of food companies
    Beam me up, Scottie!

    Beam me up, Scottie!

    Celebrity Trekkies from Alex Salmond to Barack Obama
    Beware Wet Paint: The ICA's latest ambitious exhibition

    Beware Wet Paint

    The ICA's latest ambitious exhibition
    Pink Floyd have produced some of rock's greatest ever album covers

    Pink Floyd have produced some of rock's greatest ever album covers

    Can 'The Endless River' carry on the tradition?
    Sanctuary for the suicidal

    Sanctuary for the suicidal

    One mother's story of how London charity Maytree helped her son with his depression
    A roller-coaster tale from the 'voice of a generation'

    Not That Kind of Girl:

    A roller-coaster tale from 'voice of a generation' Lena Dunham
    London is not bedlam or a cradle of vice. In fact it, as much as anywhere, deserves independence

    London is not bedlam or a cradle of vice

    In fact it, as much as anywhere, deserves independence
    Vivienne Westwood 'didn’t want' relationship with Malcolm McLaren

    Vivienne Westwood 'didn’t want' relationship with McLaren

    Designer 'felt pressured' into going out with Sex Pistols manager
    Jourdan Dunn: Model mother

    Model mother

    Jordan Dunn became one of the best-paid models in the world
    Apple still coolest brand – despite U2 PR disaster

    Apple still the coolest brand

    Despite PR disaster of free U2 album
    Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

    Despite the result, this is the end of the status quo

    Boyd Tonkin on the fall-out from the Scottish referendum
    Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

    Manolo Blahnik: Flats, Englishness, and Mary Beard

    The shoe designer who has been dubbed 'the patron saint of the stiletto'
    The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

    Scrambled eggs and LSD

    Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
    'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

    'Normcore': Blending in is the new standing out

    Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
    Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

    New leading ladies of dance fight back

    How female vocalists are now writing their own hits