Chinese Art Market

Nine days ago, China opened its doors to foreign auction houses for the first time to fulfil its obligations as a member of the World Trade Organisation.
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 pounds, doubling its 2003 figures, while Sotheby's auctions soared to 42 million pounds. An anonymous Asian private buyer paid a record 515,531 pounds for the 20th-century Chinese artist Sanyu's Reclining Nude at Christie's in Hong Kong.
However, no work of art dating from before 1949 is allowed to leave the country. Christie's believe they could be holding auctions in mainland China in 10 to 15 years' time, but the restrictions on exporting works of art are simply too tight to make it viable in the short term.
Sotheby's takes a similar view and says that although it "sees China as an extraordinary opportunity for future growth", it does not "currently believe that now is the moment to hold auctions in the People's Republic of China".
The truth is that China and its new millionaires - estimated to number 235,000 already - will play an important part in the art market, but it will not be the instant boom that some people have predicted. In true Maoist style, it will be more of a long march than a quick takeover.
Irish Art