The latest Chinese Contemporary Art Market Confidence Indicator survey by ArtTactic shows a strong recovery in art market confidence, driven by substantially better Hong Kong and mainland auction results in the 1st half of 2010, as well as a pick-up in primary market activity. Interestingly the level of confidence in this market is higher than both the recent Confidence Indicators published by ArtTactic on the US & European and the Indian art markets, where the recovery process is continuing, but at a slower pace. The lower end of the Chinese contemporary art market (works priced at $50,000 or below) continues to be the segment of the market where market confidence is the highest. However, the recent survey findings show that the top end of the Chinese art market (works priced above $1million) is regaining some of the lost confidence after the art market correction in 2009. The survey points to the positives initiatives reinforcing the market, such as the opening of the Minsheng Art Museum and the partnership with Ullens Centre for Contemporary Art in April, and a successful edition of Art Hong Kong art fair in May. The 8th Shanghai Biennale, and the 4th edition of the ShContemporary art fair, are likely to bring further attention on contemporary Chinese art in the second half of the year.
