The Shanghai Composite Index rose 1.8% on Friday, with the SSEC index up 2.5%, as Chinese art market enthusiasm reached a fever pitch.
Art prices in China have surged 25% year-to-date (YTD), according to Bloomberg-compiled data, driven by luxury goods sales and cultural events.
Market Move
The Shanghai Composite Index has risen 12.1% over the past three months, outperforming the MSCI Asia ex-Japan index’s 8.5% gain during the same period.
Sales of art-related luxury goods have surged 30% YTD, with Chinese consumers driving growth in high-end markets such as jewelry and watches.
Drivers
The strong performance of China’s art market is attributed to a combination of factors
