All the market sectors have been involved in the financial crisis, among these also contemporary Chinese art.

Many famous Chinese artists were forced to move from important galleries such as M50 in Shanghai and Beijing’s 798 Factory, to less expensive galleries and art studios.

The sales fell and the value of works by important artists such as Zhang Xiaogang and Liu Wei, also fell but some galleries still keep their enthusiasm.

Foreign admirers are the number one buyers of contemporary Chinese art, but a mood of pessimism is still present.

Jacopo Cordero, the Italian owner of Shanghaye Gallery, in an interview to the “Art Newspaper”, said that though the year 2008 has been positive, since last October, the sales have been falling. Meanwhile, Artside Corean Gallery in Beijing, is trying to face the crisis selling Oh Soufan’s works.

After Shanghai Arts International Festival hosted many foreign artists, Shanghai 2010 will be the new chance for Chinese Art: Xiao Hui Wang, the artist who took part to the Festival Cina Vicina in Rome last year, with two installations “My Last 100 Years” and “Floating Message Board”, will exhibit at Shanghai 2010.

Tags: 798 factory, Artside Gallery, beijing, Chinese Contemporary Art, Liu Wei, M50, Oh Soufan, Shanghai, Shanghai Arts, Shangheye Gallery, The Art Newspaper, Xiao Hui Wang, Zhang Xiaogang