China

China Beats U.S. in Antiques Trade

white cube gallery opens in hong kong China Beats U.S. in Antiques Trade

View of inside of White Cube gallery's Hong Kong branch, which opened last week. (Courtesy WSJ)

China has replaced the U.S. as the world’s top seller of antiques, according to the European Fine Art Foundation. China now has a 30 percent share of the market.

As it turns out, it was a slim victory: The U.S. holds 29 percent of the market and the U.K. scoots into third place with 22 percent.

The figures are based on both auction and dealer sales, which increased by seven percent for China, according to the BBC, which amounts to just about $60.8 billion.

Dr. Clare McAndrew, who compiled the report, told the BBC, “The dominance of China is simply reflecting a shift in the global economy.”

Tags: China