China overtakes UK in art, antique market business

London, Mar.15 (ANI): China has overtaken Britain as the global art and antique market leader, says a report commissioned by the European Fine Art Foundation.

According to the report, the UK was knocked from second to third place as the global market destination for antiques and arts.

China's share of the global art business is 23 percent, overtaking Britain's 22 percent, The BBC reports.

The British Art Market Federation, which represents many UK dealers, said the figures made for "alarming reading".

However, the UK remains Europe's biggest market, followed by France and the United States. It continues to dominate the European market with a global share of 37 percent.

"The period from 2008 through 2010 has been one of crisis and recovery for the market for art and antiques," claims the report.

According to the report, an EU art tax due to be extended in the UK, Ireland, the Netherlands and Austria next year, risks further damage to those markets by encouraging vendors to sell elsewhere. (ANI)