Can China’s contemporary art market survive and even thrive in the global financial crisis? Yes it can, but its probability of thriving is not great.
The number and scale of art exhibitions in the coming years might shrink dramatically as people in the art world anticipate a gloomy economic situation in the near future. The streamlined market as necessarily a bad thing, though. People will use their money more rationally, and put more care into less famous artists whose works are not as expensive as those of Zhang Xiaogang or Xu Bing.
A slump in the art market is unavoidable. We must be prepared for chilly winter days ahead. And let’s face the music.
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