A Breakthrough Year for Chinese Art

Tuesday, 21 December 2004 06:52

12.21.04 The People's Republic of China still pays lip-service to Communism but it is abandoning Mao Tse-tung's doctrines and embracing capitalism with breathtaking speed. Nine days ago, it opened its doors to foreign auction houses for the first time to fulfill its obligations as a member of the World Trade Organization, Will Bennett reports in The Telegraph. The move ended an extraordinary year for the market in Chinese art. In Hong Kong in late October and early November, Christie's sold art and antiques totalling £35 million ($68 million), doubling its 2003 figures, and the fever reached the US and Britain as well.

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