Masters hold strong in uncertain art market (4)

Analysts say the number of small auction companies in China doubled over the past five years, and they have been selling artworks for between one thousand and several million yuan a piece. But one analyst at Friday’s sale said investors are interested in old Chinese works, but contemporary Chinese artists still lack good avenues to promote their works.

Li Mingxing, collector, said, "Western artworks usually start to develop from galleries, where people gradually know the artist. But here in China, galleries are less developed, while auction companies grow a lot. Few of our galleries help artists develop their works, instead they only sell artworks for a profit."

China’s ministry of culture said art sales in the country were worth more than 2 trillion yuan in 2011, accounting for about 40 percent of the global market.

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