Record-breaking year for contemporary art

The contemporary art market, buoyed by high demand and massive growth in China, smashed through the $2-billion mark for the first time in a record-breaking 2013/14, according to new figures released on Tuesday.
In the year from July 2013, sales of contemporary art at public auctions reached $2.046 billion dollars, up 40 percent on the previous year, according to Artprice, a Paris-based organisation which keeps the world's biggest database on the contemporary art market.
This growth, despite a gloomy global economic climate, came as China pushed past America to top the world market by raking in 40 percent of auction earnings.
"As many pieces are being sold in China as in the United States, United Kingdom and France together," said Artprice in its annual report.

This post was published at Yahoo