Sydney, 29 Avril 2011
The Australian art market, which has started investing in China, has seen its buyers’ interests turn away from National art and turn to Chinese Art.
While Chinese Contemporary Art is becoming more and more sought-after on the continent, Aboriginal art is declining, even though most of the greatest Australian collectors used to take an interest in it.
The Aboriginal works of art represent a fragment of the past, because in spite of the evolution in arts, each item is the result of a thousand-year-old tradition, just like Primitive art. This particularity has undoubtedly been, for a long time, the reason behind such a success.
Last year, an assessment of the current situation was made and a decrease in the market was already noticed. In 2007, the Aboriginal art market accounted for about 24 M$ a year; in 2008, it was 12 M$, in 2009 it was 11 M$ and in 2010 6 M$. The results for the beginning of 2011 suggest a possible radical decline in the months to come. Australians are making international investments and turning to new markets rather than local ones.