How Contemporary Art in China became Widespread

The Special Administrative Region’s biggest boost hasn’t come from the global marketplace, but from its economic growth across the borders of mainland China. In the first decade, China had a GDP increase of 14.2 percent which peaked in 2007.  During the financial crisis, its GDP had grown to 10.6 percent in 2010, the same year that the Greater China region became the world’s largest art market. 
Regardless of the unknowable future of the virus, it is likely that Hong Kong and other Asian cities are likely to recover more quickly than countries in Europe or the United States.
This June, a  painted Chinese porcelain vase from the 18th century had been delivered in a shoe-box, which had sparked a bidding war of 20 minutes before it had finally been sold at 16.2 million euros. These objects had represented  a category of the broad international market and has received more attention since the financial crisis. Sales  of Chinese art and antiques outside of China had grown 8% in 2017. 

According to Ning Lu, who is vice president of operations at art net and author of CCA report, “If the top 0.5 percent of lots that sold above $1.4 million dollars are stripped out, the total revenue from oversea sales actually fell 12 percent”. 

It is important to know the different types of Chinese art markets: the mainland’s is a vast yet tricky one to navigate, while the others are more accessible overseas, including Honk Kong, which has attracted a broader amount of spenders. 
Uncertainty surrounds the Chinese art markets today, because Chinese consumers from the mainland had been confronted with two major challenges, which are political unrest and the protests in Hong Kong along with the spread of COVID-19.
Hong Kong is known to be the world’s largest art Market and is the financial and business center, which connects China to the rest of the world.
As of March 2020, Chinese art has been under a great amount of stress, with the growing impact of the virus.