Shanghai's young, wealthy elites are increasingly buying artworks from around the world. This younger generation of collectors have been educated overseas, granting a globalised perspective on the art industry and its value, and encouraging them to give up-and-coming artists a chance alongside the classics. "(Chinese art collectors) have become more knowledgeable, sophisticated and ambitious", said Lorenz Helbling, founder of ShanghART Gallery in China. Auctions remain the marketplace of choice for collectors, prompting auction houses to alter their methods to appeal to Asian buyers.
China's young, wealthy elites are increasingly buying artworks from around the world. This younger generation of collectors have been educated overseas, granting a globalised perspective on the art industry and its value, and encouraging them to give up-and-coming artists a chance alongside the classics. "(Chinese art collectors) have become more knowledgeable, sophisticated and ambitious", said Lorenz Helbling, founder of ShanghART Gallery in Shanghai. Auctions remain the marketplace of choice for collectors, prompting auction houses to alter their methods to appeal to Asian buyers.