However, the TEFAF art market report also launched this month paints a different picture.

FORBES: Collectors Buy Art Because They Love It (Or Want to Take Out A Loan With It)

In the past five years, the Chinese art market ranked as the fastest-growing in the world, as well as the most important emerging market in terms of the size of its domestic sales, according to a report by TEFAF Maastricht.

CNN: China grants license to Christie's