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The Rise of Chinas Contemporary Art Market

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					The Rise of China’s Contemporary Art Market

        School of the Art Institute of Chicago
           Arts Organizations in Society
                      Fall 2007

                   By Kelly Chen
Abstract

Based upon a discussion surrounding “Approaches to implementing cultural policy,” the

author further explores the changing cultural and foreign policy in China in regards to the

rapidly developing Chinese contemporary art market. With the new money and China’s

push toward garnering international attention, the author takes an in-depth look at the

economic situation that has allowed the contemporary art market to grow. The author also

discusses cross-cultural issues and how that effects international business relationships,

referencing Aihwa Ong’s article “Reengineering the Chinese soul of Shanghai,” among

others that address the concept of guanxi, while also addressing the overall cultural norms

and values in China. Within this discussion, the author explores the role of the returning

diaspora and non-Chinese immigrants and their impact on industry and work culture.

Lastly, projections are made about the art market and artistic practice in China based

mainly upon economic and political theory.

       The bibliography consists of a mix of periodicals that ground the paper in current

discussions about these issues, and academic journal articles that go more in-depth with

cultural analysis.


Introduction

All eyes are on China now. From the Olympic games that will take place in Beijing in the

summer of 2008 to the economics and politics of industry to the arts, the world’s

attention is on the rise of China as an international superpower. The Chinese government

is both revelling in and concerned about the attention. With a population of over 1.3




                                                                                             2
billion people occupying a country similar in size to the United States1, China certainly

has the manpower to support nearly any industry and to get things done quickly.

           With the success of the 2008 Olympic bid, China has quickly moved forward with

architectural plans, a modern “cultural revolution” in terms of public behaviour, and a

public relations campaign aimed at the international community. An important part of

Chinese culture is the concept of mienzi, or face. It is very important to represent

yourself—which also means your family or your people—with an outward face of

respectability. The Olympics give China a chance to prove to the world that it is worthy

of respect and should be taken seriously. With this concept in mind, China granted the

Olympic Stadium bid to world-renowned architectural firm Herzog & de Meuron. The

government has also enacted “Queue Days” as a way to teach their citizens to stand in

lines to wait, and fines are now being issued for public spitting (a common practice tied

to the idea of ridding oneself of evil)2. The government has tried to clear the air of

pollution by forcing rain and banning a sub sect of vehicles from entering the city. Within

the communist system, the government still has the power to enforce such rules, as

extreme as they may seem to outsiders.

           In regard to industry, outsourcing in China has allowed multi-national

corporations to grow their profits by cutting down labour and manufacturing costs and

has offered the option of twenty-four hour service. More widely accepted now,

outsourcing to China was seen negatively by many Americans in the labour force.

           The most recent negative attention China’s rise has brought on is in relation to

foreign trade policy. In the spring and summer of 2007, amidst trade negotiations, US

1
    CIA World Factbook, “China,” CIA, https://www.cia.gov/library/publications/the-world-factbook/geos/ch.html.
2
  Jim Yardley, “No Spitting on the Road to Olympic Glory, Beijing Says,” The New York Times, April 17, 2007,
International section.


                                                                                                                  3
news outlets focused on recalls of Chinese-manufactured food and other products.

Former Food and Drug Administration director Carl R. Nielsen states that “the reality is,

this is not a single-country issue at all. What we are experiencing is massive

globalization”3. In response to the trade issues, China quickly—and publicly—announced

that it was taking action against violators and enforcing more stringent policies in regard

to health and safety4. With China’s rise perceived as a threat by many Americans and

others in the international community, it is not surprising that its products and culture are

coming under intense scrutiny.

         In the midst of all this, the Chinese government is trying to balance the negative

attention with positive attention. What used to be viewed as a major threat to the Chinese

government has now become a way of attracting international attention from a wealthy

and powerful sector—the art market. This essay aims to explore how the shifting political

and economic environment has come to foster the growth of Chinese contemporary art in

China and abroad. I will concentrate on providing an overview of the political history in

relation to the Chinese art world, China’s new push toward capitalism, the growing class

of the nouveau riche, then the current market. Finally, I will conclude with my

predictions on market growth and China’s cultural policy in regard to contemporary

Chinese art—especially in the post-Olympic setting.


An Evolution in Politics and Policy

As is the case with most countries, the hegemonic policies of the government steer

cultural production. In 1942, Mao Zedong announced that the arts should “serve the

3
  Andrew Martin and Griff Palmer, “China Not Sole Source of Dubious Food,” The New York Times, July 12, 2007,
Business section.
4
  David Barboza, “China Moves to Change Damaged Global Image,” The New York Times, July 29, 2007, International
section.


                                                                                                             4
people—meaning the working class and soldiers. As Anbin Shi argues, “his sanctification

of ‘work-peasant-soldier literature and arts’ lays down the groundwork for the socialist

cultural hegemony” that was to follow5. Later, in 1949, Mao issued a call-to-order for

cultural producers to share their work with the people as a way to educate the masses. At

this point, many Chinese artists felt empowered and were dedicated to producing work in

the name of the revolution. An Artists Association was founded, and established artists

were appointed leaders. However, as Michael Sullivan states, “the actual power in the

Association was of course held by a core of Yan’an-trained Party men”6. The Socialist

Realism style of art of the Soviet Union was encouraged because it could easily be used

as propaganda. “Understanding or even eradicating conflicts and complexities in the

course of the Communist-led revolution, the red classics are of no exception in eulogizing

the omnipotence and benevolence of the CCP, the People’s Liberation Army, and

Chairman Mao”7.




                                                                        Sun Zixi, In Front of Tiananmen, 1964

                                                                        An example of the Socialist Realism style

                                                                        (Chinese National Art Gallery, Beijing)




         In the 1950s and 1960s, the government tried to encourage peasant art by sending

art teachers to the countryside, and art was being newly classified as “’harmful’ (nudes,

5
  Anbin Shi, “Toward a Chinese National-Popular: Cultural Hegemony and Counterhegemony in Maoist and Post-
Maoist China,” Social Semiotics, Vol. 10, No. 2 (2000): 203.
6
  Michael Sullivan, “Art in China since 1949,” The China Quarterly, No. 159, Special Issue (1999): 712.
7
 Anbin Shi, “Toward a Chinese National-Popular: Cultural Hegemony and Counterhegemony in Maoist and Post-
Maoist China,” Social Semiotics, Vol. 10, No. 2 (2000): 205.


                                                                                                                  5
abstractions, expressionist works, for example); ‘good’ (revolutionary art in all its forms);

or ‘not harmful’ (landscapes and still lives)”8. Though an abundance of art was produced

in this period, creative expression was stifled.




                                                                     Yue Minjun, Remote
                                                                     Mountain’s Summon, 2006

                                                                     An example of the Cynical
                                                                     Realism style of painting,
                                                                     which Yue Minjun continues
                                                                     to use today.

                                                                     (Artnet)




           Beginning in 1979 and continuing through the 1980s, a new wave of Chinese art

was being produced and recognized. Functioning much like the European exhibits of

rejected salon applicants that came to be the beginnings of new movements, the Stars

exhibitions of 1979-80 were approved only because they were predicted to fail. Instead,

Stars is now seen as the beginning of the avant-garde and sparked a growth in

independent artist groups9. These artists used the Socialist Realism aesthetic as a means

of protest—now deemed Cynical Realism—and most of their work was made as a

critique of the Cultural Revolution, though it was not particularly objectionable or

obvious to government authorities. Jane Macartney provides a scintillating description of

the atmosphere of the late 1980s artist community in Beijing:

       A sprinkling of foreigners added splashes of color to the rare gathering in a temporary art

       gallery. The atmosphere crackled with excitement. Public showings of contemporary art


8
    Michael Sullivan, “Art in China since 1949,” The China Quarterly, No. 159, Special Issue (1999): 713.
9
    Michael Sullivan, “Art in China since 1949,” The China Quarterly, No. 159, Special Issue (1999): 715.


                                                                                                            6
       were rare. An air of derring-do infused the show. In hushed tones, art aficionados,

       painters and the odd diplomat discussed the question of the day. How would the

       Communist authorities respond to an exhibition that conformed neither to socialist realist

       norms nor party propaganda guidelines?10



            The 1989 Tiananmen Square occupation marked the new beginning of arts

censorship. As Sullivan states, “the process had begun of weeding out, interrogating and

punishing artists who had taken part in, or supported, the Tiananmen Square

occupation”11. Encouraged by the government—led by Deng Xiaoping—to participate in

trade, it was in the early 1990s when Chinese artists began to rely heavily on foreign

collectors both inside and outside of China. As Macartney explains, “It was becoming

clear to the communist authorities that Chinese art had gained international fame and also

represented big money. The works had won critical acclaim and record prices; they had

come to represent the vibrancy of new talent in China rather than a threat to party

authority”12.


Capitalism and Business Practices

Deng Xiaoping took over after Chairman Mao’s death in 1978. With his takeover came a

new perspective on economics and China’s place in the world. “Though Deng continued

to elevate socialism over capitalism, he believed in market forces and pushed for stronger

economic ties with the outside world”13. To that end, Deng travelled to the United States

and encouraged foreign investments. The Tiananmen Square occupation was


10
     Jane Macartney, “Let a thousand artists bloom,” The Times, November 3, 2007, Features section, Times Magazine.
11
     Michael Sullivan, “Art in China since 1949,” The China Quarterly, No. 159, Special Issue (1999): 717.
12
     Jane Macartney, “Let a thousand artists bloom,” The Times, November 3, 2007, Features section, Times Magazine.
13
  Maureen Fan, “Cashing In on Communism; In the land of Mao, getting rich is finally glorious. It’s also
complicated,” The Washington Post, February 18, 2007, Magazine section.


                                                                                                                      7
discouraging to business-owners, as well as the students and artists who participated, and

set back the economic progress that had been made by that time. It was not until Deng

made his southern China tour in 1992 and declared that, “To Get Rich is Glorious” that

the economic boom was reinvigorated14.

             Foreigners, especially Europeans, in China became major collectors of Chinese

contemporary art, and their influence gave way to international recognition and

acquisitions by foreign galleries. Foreigners in Beijing and Shanghai founded a number

of commercial galleries at this time, including ShanghART (founded in 1996) and Red

Gate Gallery (founded in 1991)—both still considered important in the Chinese art

market15. In fact, a majority of the contemporary art galleries and museums in China are

still owned and operated by foreigners, non-Chinese immigrants, or members of the

returning Chinese diaspora.

             Important to note here, is the concept of guanxi and how it relates to the

economics of China’s industries in general, and specifically to the contemporary art

market. Guanxi can be defined as the opposite of Western realpolitik. Family and

interpersonal relationships guide business deals and employment. As Aihwa Ong

discusses in “Reengineering the ‘Chinese Soul’ in Shanghai,” the concept of guanxi used

to evoke the illegitimate side of business, but its new meaning focuses on social

obligations and responsibilities16. Ong argues that guanxi conflicts with Western business

practices that focus only on skill and other practical measures, and the question remains

about how the two cultures can co-exist or compromise. However, I disagree that


14
     Ibid.
15
     Michael Sullivan, “Art in China since 1949,” The China Quarterly, No. 159, Special Issue (1999): 718.
16
   Aihwa Ong, “Reengineering the Chinese soul of Shanghai,” Chapter 10 in Neoliberalism as exception. Mutations in
citzenship and sovereignty. Duke University Press 2006, 235.


                                                                                                                 8
Western business is without this concept. In the Western context, networking is used to

build relationships with others in the same or similar fields so as to leverage those

connections for personal benefit later on in a business deal or otherwise. Networking,

especially through family connections, is often used in the college admissions and hiring

processes. Many American dynasties, such as the Rockefellers and the Kennedys, are

sustained through familial ties. Perhaps the issue is when Chinese guanxi permeates from

the CEO level to the assembly line worker level, and unexpectedly effects Western

companies that do not expect any politics in the outsourcing of production.

         In regards to the contemporary art market in China, the foreigners who own the

top galleries and museums, like ShanghART and the Ullens Center for Contemporary

Art, often have guanxi with various artists and government officials. For example, Guy

Ullens is a Belgian industrialist and the son of a former Belgian diplomat to China. He

has over 1500 pieces of Chinese contemporary art in his personal collection. Many of his

pieces would be deemed inappropriate by the Chinese government, but his new museum

is moving forward without much difficulty. Ullens is confident in his belief that

“retaining a sense of humility is key to making the relationship work. ‘We are poor little

peasants from Belgium,’ he jokes. ‘The way to negotiate in the West is to say: I will give

you this, you give me that. In China you have to understand that you are like a child at

school. You can't negotiate the terms of your existence in the class but if you do well

your teacher rewards you’”17. Galleries with the right connections—especially

international connections—and understand the importance of guanxi seem to operate

smoothly under the radar of the Chinese government.


17
   “Ullens Center: race is on to bring art to China,” Telegraph.co.uk, November 20, 2007,
http://www.telegraph.co.uk/arts/main.jhtml?xml=/arts/2007/11/20/baullens120.xml.


                                                                                             9
The Nouveau Riche

The questions remain of who is driving the new business in China, and how much

economic or guanxi power they possess. Since Deng Xiaoping’s tour of the south, wealth

has been accumulating in China. It is estimated that “on the mainland, about 175 million,

or 13.5 percent, of consumers have become what many Chinese scholars consider to be

middle class, earning as much as $30,000 a year … Another 320,000 to 500,000 people

report enough income—about $60,000 a year—to put them into an upper-middle class,”

and “of the top 40 on the list, more than a quarter are younger than 40”18. The richest

individuals have built their wealth through guanxi, and are passing along opportunities to

their children by providing them with international education and material luxuries.

Young professionals, who are often the second generation in their families to have

wealth, are more likely to flaunt their riches by making extravagant purchases19.

          Chinese contemporary art is still priced much less than Western masters and

traditional Chinese ink paintings, making it an attractive investment for the nouveau riche

in China20. The artwork was traditionally being sold to foreign collectors, but the number

of domestic collectors is increasing quickly. Chinese auction houses that used to focus on

traditional paintings and sculpture are beginning to focus on contemporary art. Karl

Schweizer of UBS says that “the rich are getting richer, they are more comfortable with

alternative assets such as art and there is a shortage of supply—few ‘classic’ modern



18
   Maureen Fan, “Cashing In on Communism; In the land of Mao, getting rich is finally glorious. It’s also
complicated,” The Washington Post, February 18, 2007, Magazine section.
19
   Jonathan Watts, “China’s new rich learn to flaunt it: Self-made millionaires are getting a taste for Ferrari, Armani
and Cartier—and the confidence to show them off,” The Guardian, January 14, 2006, Guardian International Pages
section.
20
   Allen T. Cheng, “Art rush gains steam in China; New money chases contemporary works in booming market,” The
International Herald Tribune, July 19, 2006, Finance section.


                                                                                                                     10
artists (who worked from 1870 to 1950) and post-war artists have produced work of

lasting value. Some investors are even venturing into the riskiest area of the market, so-

called ‘wet-art’ recently off the easel”21. The fact is that there are enough wealthy people

in China to potentially sustain the Chinese contemporary art market. The question is

whether or not the rich will actually continue to invest in it.


The Current Policy

In December of 2001, China joined the World Trade Organization, which was a large

step toward economic liberalization. It was at this time that “a consumer market had

begun to drive production,” and it was in 1995 that the Chinese government formally

invested in cultural industries through their Ministry of Culture22. A major issue with

creative industries in China concerns piracy and counterfeit items. Though these

problems are generally tied to film and music, it is also a problem with art. Michael

Keane describes this as “in this sense, it demonstrates unique characteristics that allow

products to reach consumers more directly than the formal commercial route of

proscribed distribution outlets, venues and galleries … the high incidence of informal

distribution of products … has seriously impacted upon the capacity to grow creative

enterprises”23. Painting villages have cropped up all around China. In these villages,

“painter workers” create copies of everything from the most popular Chinese

contemporary paintings to Impressionist landscapes and sell their works for just a few

dollars. One such painting village is Dafen, just outside of the manufacturing city of

Shenzhen. It is said that there are over 8,000 painters at work in Dafen, and “at least ten

21
     “Going, going, up,” The Economist, January 11, 2007.
22
   Michael Keane, “Brave New World: Understanding China’s creative vision,” International Journal of Cultural
Policy, Vol. 10, No. 3 (2004): 267.
23
   Ibid., 273.


                                                                                                                11
painting villages are nearby, employing up to 30,000 people. In an echo of China's

conquest of industries from clothes to toys to electronics, they are turning painting into a

mass-market industry, destroying their competitors with unmatchably low prices”24.




                                                                    Painting village in Dafen, China where
                                                                    visitors can buy anything from fake Yue
                                                                    Minjun paintings to fake Impressionist
                                                                    paintings.
                                                                    (Courtesy of Flickr user: An Pu Ruo)



           The 798 arts district in Beijing is the center of China’s contemporary art scene.

The area, however, “has had an uneasy relationship with officialdom since fringe artists

began setting up studios and galleries in the late 1990s. The landlord, SevenStar Group, a

state-controlled conglomerate, welcomed the rent but had plans to redevelop the area.

The artists were supposed to move out by 2005”25. In 2006, the Chinese government

appointed the district the centre of China’s cultural creative industry.

           Today, the 798 arts district in Beijing and the 50 Moganshan Lu district in

Shanghai are teeming with galleries and museums. With international attention brought

on by the 2008 Olympics, officials in Beijing are “becoming aware that the contemporary

art community centred at 798 … has the potential to one day give this city the sort of

buzz other global capitals would die for”26. The Chinese government’s recognition of art

as important in building international clout was recognized as early as the late 1980s, but


24
     “Painting by numbers; China’s art business,” The Economist, June 10, 2006.
25
     “798—and out?” The Economist, May 10, 2007.
26
  Mark Magnier, “Betting big on today’s Chinese art,” Los Angeles Times, November 12, 2007, Calendar section,
Home edition.


                                                                                                                12
it was not until the Sotheby’s 2006 Asian Contemporary Art auction in New York that

the scale of international recognition was obviously valued. The record-breaking auction

garnered much international press, and posited China as a modern, cultured country.

           Though it seems that commercial art galleries and artists in Beijing and Shanghai

are operating with freedom, there have been raids in the gallery districts where artworks

have been seized or censored. In 2007, well-known artist Wang Qingsong’s work was

seized for nudity. There are many theories about why the government has been turning an

almost-blind eye toward the art market. “Many believe that the Chinese government

simply has bigger concerns: the Internet and movies—mass culture that more people see

and are influenced by than contemporary art. On a more cynical note, it could be that

promoting contemporary art counterbalances China’s human-rights record, in addition to

generating lots of cash”27. Nonetheless, the Chinese government is still watching over

and asserting its control over the contemporary art market when and where it can.


The Foreign Market

The foreign market for Chinese contemporary art has been the driving force behind the

increase in prices, and continues to drive the artistic boom in China. It was in the 1980s

that foreigners, often businessmen or diplomats, began investing in Chinese

contemporary art, and it is those same investors who are now selling their work on the

auction blocks. Not only are they raising the profile of Chinese artists, but they are also

raising the investment value in the artwork they own.

           Sotheby’s first contemporary Asian art auction in New York in 2006 brought in

$12.7 million, and the eyes of world were suddenly on China’s contemporary art scene.

27
     Barbara Pollack, Art’s New Superpower,” Vanity Fair, December 2007, 330.


                                                                                              13
Since that auction, Sotheby’s and Christie’s have broken more records. The most recent

Christie’s sale in Hong Kong brought in $108.3 million28. Artists such as Zhang

Xiaogang and Yue Minjun anchor the auction sales, and are often criticized for creating a

market that is driven only by profit. Zhang and Yue have been creating works in the same

style since the 1980-90s. Buyers are willing to spend just as much on their works

produced in the past few years as they are on their early works. There is great concern by

critics “that the focus on prices has led to a decline in creativity as artists knock off

variations of their best-known works rather than explore new territory”29.

         Another group of artists are taking advantage of the international attention.

Galleries in Beijing and Shanghai are quickly picking up fresh graduates from China’s art

schools. They are given gallery shows and their work sells for a competitive amount of

money. The question remains as to how important these artists are in the long-term, and if

they are being exploited for profits—though the galleries are artists are mutually

benefiting in the short-term.

         Michael Goedhuis, a dealer in Asian contemporary art, points out “there is not a

single museum in the West that has committed itself to buying Chinese art. It's just

starting to happen. Guggenheim, the Tate Modern, MoMA, they're all looking”30. The

Asia Society in New York was an early leader in supporting Chinese contemporary artists

in the United States. Most recently, the Asia Society Museum organized a mid-career

survey of performance artist Zhang Huan. The Guggenheim recently appointed a senior


28
   Linda Sandler, “Christie’s $108.3 Million Hong Kong Sale Quadruples Estimate,” Bloomberg.com, November 25,
2007, http://www.bloomberg.com/apps/news?pid=20601088&sid=atKYVEmEAl64&refer=muse.
29
   David Barboza, “China’s boom industry? Avant-garde art; Fears of a bubble as prices skyrocket,” The International
Herald Tribune, January 5, 2007, News section.
30
   David Barboza, “China’s boom industry? Avant-garde art; Fears of a bubble as prices skyrocket,” The International
Herald Tribune, January 5, 2007, News section.


                                                                                                                  14
curator of Asian contemporary art, Alexandra Munroe. She is organizing a retrospective

of Cai Guo Qiang’s work, and states, “our goal is take up the scholarship and help create

a canon for contemporary Asian art”31.

         Galleries across the globe are now representing Chinese contemporary artists—

especially the rising stars. Whereas “most established Chinese artists built their careers

without the benefit of gallery representation,”32 many young artists are looking toward

the gallery network as a means of building their reputations, globally. New York galleries

like PaceWildenstein, Marian Goodman, and Max Protetch have signed on several

Chinese artists. International galleries that specialize in Chinese contemporary art are also

flourishing. These include Chambers Fine Art and Goedhuis Contemporary Art, among

others. Meanwhile, new and established artists keep producing work and selling abroad

and within China.



Conclusion

''’What is happening in China is what happened in Europe at the beginning of the 20th

century,’' said Michael Goedhuis … ‘ground is being broken. There's a revolution under

way’''33. It is still too early to say whether or not the Chinese contemporary art market is

sustainable, or which art or artists are significant enough to hold a place in canonized art

history. The opening of the Ullens Center for Contemporary Art is being perceived as a

major step toward establishing the 798 arts district in Beijing as a permanent fixture and



31
   Barbara Pollack, “New Works from China Command Attention,” The New York Times, March 28, 2007, Currents
section.
32
   Barbara Pollack, Art’s New Superpower,” Vanity Fair, December 2007, 330.
33
  David Barboza, “China’s boom industry? Avant-garde art; Fears of a bubble as prices skyrocket,” The International
Herald Tribune, January 5, 2007, News section.


                                                                                                                 15
community34. The argument is that the Chinese government would not dare to bulldoze

this million-dollar museum that is owned by foreign interest. The state-of-the-art facility

hopes to attract overseas attention and exhibitions. The museum aims to focus on

emerging artists and provide educational programming for the public. Abroad,

institutions like the Guggenheim, the Museum of Modern Art, and the Asia Society

Museum are acquiring work that they feel has a place in art history.

         In regard to the market, many are speculating about investment values,

specifically whether the market will continue to rise or if the bubble might burst in the

near future. This not only applies to the contemporary Chinese market, but also to the

general post-war contemporary market. “Among the anxious are Jianping Mei and

Michael Moses of New York University, who compile an index which shows that prices

of post-war and contemporary art have done better than the S&P 500 Total Return index

over the past ten years. Mr. Moses points to a five-year compound annual growth rate of

above 20%; the last time this happened was in the frenzied years of 1985 to 1990”35.

         There are still many moving pieces when analyzing the Chinese contemporary art

market. The effects of the counterfeit market and the large influx of fresh graduates

selling their works are still to be determined, as is the government support or allowance

of the contemporary art districts. Once the Olympics are over, will China revert back to

harsher scrutiny of artwork? Will the wealthy subset of Chinese who are investing in the

art be punished for flaunting their riches? What role does guanxi have in determining

which artists will be successful?



34
   Mark Magnier, “Betting big on today’s Chinese art,” Los Angeles Times, November 12, 2007, Calendar section,
Home edition.
35
   “Going, going, up,” The Economist, January 11, 2007.


                                                                                                                 16
       As previously discussed, China is in an important moment now as the

international community is keeping a close eye on developments leading up to the 2008

Olympics. The evolving cultural policy toward artists in China began with the artist as

government-sponsored educators or disseminators of propaganda and has become artists

as representatives of China’s modern, cultured society. Though guanxi is still an

important part of Chinese business culture, the term is re-imagined in the contemporary

context without the connotations of corruption. Instead, the young, nouveau riche

understand guanxi in a way more closely related to the Western ideas of networking.

Guanxi permeates through all levels of business and industries in China, and can be

argued as a key component in establishing the contemporary art market. Much of the

sustainability of the current situation depends on the balance of little government control,

the investment interest and power of the nouveau riche, and market saturation. Overall,

China is developing at a rapid pace—from buildings to manufacturing to art. Only time

will determine the successes and failures of this period.




                                                                                          17
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