Art market rebounds from financial crisis

"BEIJING, Oct. 9 (Xinhua) -- The global art market has recovered from the financial crisis, with both confidence and prices continuing to rise. And one of the growth centers is the Asian market, particularly Beijing and Hong Kong.


Compared to other investments, art is relatively unaffected by political and economic changes and has a good long-term performance, which lays a foundation for the art market recovery.


Increased transaction volumes and astronomical artwork prices indicate that the global art market has recovered.


CRISIS AND RECOVERY


The European Fine Art Foundation said the financial crisis exerted a strong influence on the global art market, which witnessed a recession in 2008.


"The credit crunch really affected the art dealing industry," said Zhan Xuhua, art consultant with Artability Art & Collection, adding that some famous paintings were sold at discount prices in auction houses in 2008 and 2009."

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Global art market rebounds from financial crisis: