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Highlights from the Fifth International Artwork Trade Week The Fifth Shanghai International Artwork Trade Week, held from November 9 to November 13, demonstrated a robust recovery in the city's art market, according to recent data released on Wednesday. The event, comprised of over 100 art fairs and 30 auctions as part of the annual Artwork Trade Week, underscores the municipality's ambition to position Shanghai as a premier global trading hub for art. During this year's iter

Sotheby's Recent New York Auctions and what they tell us about the state of the art market. The modern art sale conducted by Sotheby's on Monday evening witnessed robust bidding and favorable prices for artworks attributed to notable artists such as Claude Monet and Mark Rothko. However, the culmination of the New York auction portrayed a nuanced representation of collector interest, achieving a total of US$190.4 million, or US$223.3 million inclusive of fees. The final aggre

Sotheby's navigated a challenging sale; however, resilience persists within the market. In the midst of a conflicted region, Sotheby's conducted its Middle East sale on Tuesday, procuring high prices for select pivotal lots, albeit achieving a mere 54 percent sell-through rate. The extent to which this will assuage the apprehensions of observers within the Middle East art market, anticipating the reverberations of the Israel-Gaza conflict, remains uncertain and is significant

London remains the preeminent hub of the European art market. It consistently upholds its position as the epicenter of the art world, eclipsing the attention garnered by Paris. External factors, such as Brexit and the global pandemic, momentarily raised questions about whether London would relinquish its prominence to Paris. However, subsequent analysis has dispelled such conjecture as unsubstantiated. In the sphere of art commodification, London continues to assert itself as

The expansion of Western art businesses into the Asian market has been extensively documented. Notably, Hong Kong has emerged as a leading hub for the art market, hosting all three major auction houses and attracting prominent galleries such as Gagosian, Hauser & Wirth, and David Zwirner. In recent years, the art scene in Seoul has also gained momentum, resulting in the expansion of Gladstone and Pace galleries to the city. According to UBS and Art Basel's A Survey of Global

The Chinese art market in 2021 was surprisingly strong despite the pandemic and threats of a recession, according to the tenth annual Global