Statistics from Shanghai Municipal Administration of Culture, Radio, Film & TV show that in 2016 there are 426 artwork trading institutions in Shanghai with a total trade volume of 5.93 billion yuan ($902.54 million), according to a report in Shanghai Observer Thursday.
The exportation of local artwork and importation of foreign art have increased steadily over the years. A curator from Serbia said that Shanghai could become "the New York of the East."
Shanghai held three art fairs this fall, each having a different highlight. Shanghai Art Fair is more attractive to a general population while ARTO21 Shanghai Contemporary Art Fair showcases a variety of art. West Bund Art & Design is for those who have a deeper understanding of art.
Three major problems that Shanghai art trading market faces are the relative small scale of the industry, insufficient industrial agglomeration effect and a lack of industry support policy.
