China’s art and antiques market is the world’s largest with 2013 sales exceeding US$8.5 billion and has increased in value by 28.8 percent from 2012.The overseas market of Chinese art and antiques in 2013 was US$2.3 billion, representing an even larger increase from the year before of 42 percent.
Transparency into the Chinese art market is growing thanks to professional art news providers such as Artron.net, Hurun, YangGallery.com, among others; however, art auctioneers compete aggressively.
In order to win business, the largest auctioneers might guarantee a minimum bid, and have been known to lose millions when actual bids do not clear the minimum. Moreover, art investors have also been concerned about distinguishing fakes.
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