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The world's greatest artists are getting used to seeing this currency when selling their art (Photo: EUobserver)

Booming Chinese art market surpasses Europe

China has become the second largest art market in the world after the US, surpassing Europe, where high taxes are a turn off for high-end buyers and sellers.

If forty years ago it was illegal to own a piece of artwork in China, nowadays its art market is second only to the US, having for the first time surpassed the British one, a report published by the European Fine Art Foundation reveals.

The contemporary art market, for instance, rose from one million US dollars in 2002 to ove...

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The world's greatest artists are getting used to seeing this currency when selling their art (Photo: EUobserver)

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