China looks to take next step in global art world

Auctioneers must improve integrity to move up to the next level. Lin Qi reports

Last year, China took the largest share of the market in global sales of art and antiques at open auctions. However, if one adds up transactions at auctions and through dealers and galleries, China ranked third by value, after the United States and the United Kingdom, according to a recent report.

The first Art Basel and UBS Global Art Market Report said Chinese auction sales accounted for 34 percent of the world total by value, exceeding the US, which recorded 32 percent, and Britain, which had 18 percent.