8/21/2023 0 Comments Hocus focus market eav art marketsThis import duty tax might not affect individual collectors in the U.S., but it has inflicted upon the import scenario of Chinese art in art galleries across the U.S resulting in the less profitable import of Chinese artwork.Īn art gallery is a place to experience and purchase art. – China trade war, thousands of items were imposed with a 10% import duty. According to the Commerce Department data, art, and antiques from China accounted for over USD 280 million of imports. The country imports various Chinese artworks, including hand-executed paintings, drawings, and sculptures. The U.S., one of the largest art markets, has made its position as an international trade hub by increasing import and export activities around the world. – China Trade War is one of the biggest challenges for the art market which might hamper the growth trend in the coming years. Therefore, investment in art as a collectible asset is growing. According to the art market research, art investment achieved a 10.6% return in 2018. According to the Deloitte Art & Finance Report in 2016, 73% of wealth managers expect their clients to include art and other collectible assets in their wealth. Therefore, instead of investing in stocks or bonds, investors are increasing their spending on art items. Against the backdrop of Brexit, HNWIs are inclined toward tangible asset investments that do not rely on governments. Since 2016, Europe’s HNWI population has started investing more in art. Art, as an investment, is soaring with popularity in Europe. Diversification in investment across a different range of assets helps reduce risk and increases the chances of returns. ![]() One of the major trends for the market is growing investment in art as a collectible asset, Traditional investors invest in standard stocks and bonds, ETFs, and mutual funds. According to the UBS and Arts Economics, 35% of the U.S.-based HNWIs were active in the art and collectibles market in 2017. The surging population of these HNWIs is accelerating the demand for high-end art items. ![]() According to a Credit Suisse report, there are around 36 million millionaires worldwide. The number of millionaires around the world has risen by 170% since 2000. ![]() Increasing Spending on Artwork by HNWIs is one of the major factor driving the global art market. Art Market Anticipated to Touch a CAGR of 16.6% During the Forecast Period
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