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| (CNTV) |
Compared to the buzz of the last two years, the art market seems to be experiencing a tough time with annual turnover down by more than 50%. Auction houses are therefore facing a challenge about how to overcome this slump.
It’s that time of year again. Eager collectors embark on a treasure hunt. However, at this year’s preview of the Spring Auctions in Beijing, crowds are noticeably thinner than in previous years.
Commentators note that it’s not just the number of pieces on sale, but also the estimated prices of the artwork that are sliding.
A potential buyer said, "I think now prices are going to go down; they’ve been going down since last year."
Another said, "The market doesn’t look too bad. And the price list seems OK, but yes the purchase prices are uncertain."
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