Chinese Art market is more and more popular these days. One of the famour Art companies called RongBaoZhai has held its autumn auction forum, where the trade money has been up to 100 million RMB(about 12 million USD) in the morning of Dec. 18. (Link in Chinese).
It is hard to imagine how many of the bidders are interested in the art, but some funds speculated at the ravulation of RMB are joining the auction, aiming at taking advantage of the revaluation of RMB in the future.
It is reported that the average auction amount for Chinese art market per year is about 3 billion RMB(about 360million USD). I assume that the number will be up to four times in 2004, according to the latest market trends. It will bring great pressure to RMB in short-term, though the foreign reservce is up to 100 billion USD in China.
There is two way to solve the problem: One is the Chinese government intefere with the market as they did in the property field, but it is hard; The other is to suggest the Chinese bidders to buy foreign art work to balance the exchange rate. But it seems that not many people are interested in the foreign art work now. They are still going after the Chinese art work now. One example is a tycoon in Tianjin has bought the stamp of the latest rocket launching signed by the astaurant, in the price of 2.2 million RMB.
The latest edition of Businessweek showed a story the reason why collectors are crazy for Chinese art. It is a pity that he only referred to the collectors' interest in the art work, without mentioning the purpose of some speculators.