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Classic Chinese Art Market

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The Classical Chinese Art Fund
The
Classical
Chinese
Art
Fund
FR3208
Arts
and
Antiques
Market:
Coursework
2
The
Classical
Chinese
Art
Fund
Content
Page
1. The
Classical
Chinese
Art
Fund
1.1. What is the
Classical
Chinese
Art
Fund?
1.2. Investment
Profile
of the Fund
1.3. Rationale:
The
China
Factor
1.4. Investment
Approach
and
Strategies
1.4.1. Growth
Strategies
1.4.2. Risk
Management
Strategies
2. Market
Analysis
2.1. Art
Segmentation
2.1.1. Chinese
Calligraphy
2.1.2. Chinese
Paintings
2.2. Major
Players
2.3. Demand and Supply
Analysis
3. Role of Public
Institutions
and
Regulatory
Policies
4. The
External
Competitive
Environment
4.1. Correlation between Chosen
Sector
and other forms of Investment
4.1.1. General
Outlook
of the Art
Fund
4.1.2. Comparative
Analysis
of the Fund and Other
Art
Investment
Funds
5. Prospective
Investment
Portfolio of Art
Works
6. Conclusion
• Appendix
The
Classical
Chinese
Art
Fund
FR3208
Arts
and
Antiques
Market:
Coursework
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The
Classical
Chinese
Art
Fund
1. The
Classical
Chinese
Art
Fund
1.1. What is the
Classical
Chinese
Art
Fund?
The
Classical
Chinese
Art
Fund
is an investment fund approach that capitalizes on the valuable asset class of
Classical
Chinese
Art,
specifically
Chinese
paintings and calligraphy art pieces.
Chinese
paintings and calligraphy art works are considered one of the highest forms of art1 in the Chinese cultural heritage with its great symbolic value. A relatively unexplored sector within the Chinese art investment market, the
Classical
Chinese
Art
Fund seeks to provide an alternative asset class for potential investors within the
China
market, as a means to diversify their investment portfolios.
The
art market operates independently from the typical economy2 and the Fund would thus serve as an investment tool of great potential, to diversify their risks and profit channels. Our objective is to attract private investors, be it investors with a strong attachment to the illustrious
Chinese
heritage or investors who see the wealth of potential in the art market, looking for a safe and viable investment with strong potential returns, while managing and protecting the interests of our investors.
Through
this, we also hope to promote the cultural value of these works of art in our modern generation. The
Classical
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Art
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FR3208
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The
Classical
Chinese
Art
Fund
1.2. Investment
Profile
of the Fund
Investment
Focus:
Chinese
Paintings and Calligraphy
Works

70%
Chinese
Paintings
and
30%
Calligraphy works Size of the
Fund:
USD$50 million* Value
Range
of
Art
USD$50,000

$1 million Investment
Duration:
3-­‐5 years Location:
Mainly
China and Hong
Kong
Base
Investment
Sum:
USD$100,000†
Management
Fees:
2% on assets and 20% of capital gains from acquisition and disposition of art works3
Estimated
Annualized
Return:
12%‡4
Targeted
Investment
Segment:
Ultra
High
Net
Worth
Individuals
(U.H.N.W.I.),
specifically within the
China
and
Hong
Kong markets Housing of the
Fund:
Investment banks or
Art
Investment
Fund
Groups
*
The
Fund
will be valuated on a quarterly basis through the price valuation of the art pieces by art market †
Based
off the Chinese
Art
Fund by the
Fine
Art
Fund
Group: http://vxartnews.com/2012/10/masterpieces-­‐ not-­‐blue-­‐chips-­‐investing-­‐in-­‐art-­‐2/

Competitive returns with
Art
Funds launched within the past year, e.g.
The
Art
Collection
Fund( http://www.bloomberg.com/news/2012-­‐01-­‐24/art-­‐investors-­‐lured-­‐by-­‐12-­‐return-­‐promise-­‐from-­‐80-­‐million-­‐ fund.html).
Modest
estimate based on potential growth rates and recent trends, as well as stipulated costs associated with the management of the fund.
Refer
to
Appendix
A for turnover reports of traditional and contemporary art markets. The
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The
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Notes
on
Investment
Profile:
• Investment duration is determined to be between
3-­‐5
years, which is longer than the average maturity period of 1.5 years for traditional Chinese art funds, wherein Chinese investors have a general inclination towards short-­‐term investments with quick returns5. Timing the sales of art pieces is crucial to ensuring maximal returns for investors, hence allowing the fund to incubate for a period of 3-­‐5 years before liquidating enables stronger monetization
(ref.
British
Rail
Pension
Fund).
This reduces the impetus of speculators and adds greater assurance of the stability of the fund’s value.
• Location is limited to China and Hong
Kong
where the containment of the
Chinese
cultural heritage is endorsed and thus safeguards the value of the art pieces.
This
geographical selection averts currency exchange considerations. • Storage costs, Insurance costs and auction house commissions on the acquisition and holding of art pieces are not included in the management fee6.
• Target
Investor
Segment is U.H.N.W.I.7 within the
China
and
Hong
Kong markets, this is due to the growing pool of the affluent and wealthy Chinese investors. [Refer to Appendix
B
to observe the growth in wealth of
Chinese
investors.]
1.3. Rationale
According
to a report by the
European
Fine
Art
Foundation,
China’s
share of the global art market had grown from
23%
in
2010,
to
30%
in
2011
and had surpassed the United
States
and the United
Kingdom
as the world’s new leading source of art and antiques with a 40% share in
20128.
With the impact of the
2009
recession, demand in traditional markets such as the U.S. and Europe is proving to be less than promising. Meanwhile, the Chinese art market is attracting more buyers with the resilience of the Chinese economy against the global recession and its rapidly growing wealthy and affluent middle and upper class9.
China,
as an emerging market, is gaining more attention and opening up more opportunities for investment.
Between
2000 and 2011, the Chinese art and calligraphy market alone grew by more than 700% according to the Chinese
Painting
400
Index10.
Despite the looming financial bubble within the
Chinese
art market with its rampant growth, we see the potential of the Chinese painting and calligraphy sector specifically. We will The
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The
Classical
Chinese
Art
Fund evaluate its past and present performances in our following sections, as well as draw future forecasts for this market. Figure
1-­‐1
Distribution of Sales by Geographical
Segment
(2011)
Chinese
Calligraphy and paintings account for the majority share of transactions in most auctions.
In
2010, the aforementioned sector accounted for 41.61% of the art pieces sold, while record prices have kept increasing. This demonstrates the incremental growth trend of the market valuation of
Chinese
paintings and calligraphy works, due to the strong interest in and viability of this sector.
[Refer
to
Appendix
C for detailing of example record sale prices of
Chinese
paintings and calligraphy pieces] The
Chinese
art market is in general, situated within a more contained market environment, with a strong and fervent cultural heritage.
The
cultural value attached to these classical forms of art reflecting their traditional art forms, as reflected by the government support for the arts,
(refer
to
Section
3) may be viewed as a safety net that safeguards the market value of art pieces held in the portfolio. With the surging demand by
Chinese
art collectors and investors for classical and contemporary Chinese art painting and Historical
Background
• 1911:
Pu
Yi, the last
Chinese
emperor was abdicated;
He
and his retinue started to sell art works to make a living, yet the global art market did not show interest in Chinese art at the time.
• It was not until the
1980s
that
Chinese
art began to garner global recognition. The
Chinese
reform led to remarkable economic developments and personal wealth grew rapidly.
This
led to the eventual growth and expansion of the
Chinese
art market, which has since attracted worldwide attention on
Chinese
art.
(Source:
Factsanddetails.com)
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The
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calligraphy works as observed by the increased supply of artworks at auction houses such as
Christie’s11,
it is a fertile breeding ground for stable financial growth and capitalization. Art is a thriving asset class (see
Figure
1-­‐2) and China is the upcoming emerging sector to look forward to. Despite a slowdown in the
Chinese
Art
Market
in
201212
and the concerns of unsustainability of art value growth, we believe that with the appropriate financial instruments and strategies
(refer
to
1.6)
executed by a competent management team§, the associated risks would be hedged against to offer a stable and viable investment fund option for prospective investors.
This
is supported by forecasts and expectations of progressively burgeoning
Chinese
art market13, of which China is now the key driver of the global art market.
As
an alternative asset class, the
Chinese
art market also provides an option to investors looking to diversify their investment portfolios, given high inflation environments and the volatility of traditional economic markets such as property, bond and stock markets. Figure
1-­‐2
Performance of Art
Investments14
1.4. Investment
Approach
and
Strategies
for
Growth
§
Refer
to
Appendix
D for the detailed responsibilities of the
Fund’s
management team. The
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The
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The
Fund will employ a two-­‐pronged approach to ensure maximal investor protection against risk and strengthen the Fund’s position for stable and enhanced growth in value of the art pieces in the account. 1.4.1. Growth
Strategies
I. Acquisition and Disposition—The
Fund
will be utilizing the traditional
‘Buy
and
Hold’
Strategy, in which
Identified
artworks will be procured through various channels, held for a strategic time period before being sold off at a capital gain.
The
procurements will be balanced between contemporary and ancient paintings and calligraphy works. This is also to anticipate and manage risks associated with the uncertain outlook of the contemporary art market15, while the paintings market demonstrates strong growth16.
The
regional focus for the portfolio seeks to capitalize on the intrinsic cultural and symbolic value classical Chinese art pieces.
Our
strategy is to focus on less prominent
Chinese
artists and also on the rarity of art pieces to cultivate a strong position for value growth.
The
Fund looks to engage a
Chinese
auction house as an advisor on the art holdings, with the proposed condition for eventual sales to go through them17. II. Showcasing of Art—The
Fund
seeks to engage in strategic collaborations with major art galleries, museums and exhibitions in China and Hong
Kong
to display the art collection to the public. This would be promoted as a cultural directive, to raise public visibility that could augment the value of the artworks in possession with stamps of recognition and prestige18 from reputable art dealers and museums. The
Fund
plans to engage in an alliance with the Ministry of Culture to promote the Chinese cultural heritage.
1.4.2. Risk
Management
Strategies
I. Choice of Financial
Institutions

Housing
of the fund is a critical contributing factor to the success of the fund. The credible reputation of incumbent art fund groups would provide a more trustworthy platform for investors. II. Insurance and Storage

Engage premium security and maintenance detail to safeguard the art pieces.
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III. Maturity
Period

As
aforementioned, the 3-­‐5 year period would allow the value of acquired artworks to mature and stabilize before liquidating for returns. This works to defend against speculation. IV. Choice of Buyers and Sellers

Selection of reputable auction houses and private collectors, for the assurance of the authenticity and credibility of the portfolio pieces. The
Fund
will go through
Chinese
Auction houses specifically for easier passage (less legal restrictions) to tap into lucrative mainland market19.
What
the
Classical
Chinese
Art
Fund promises to deliver is the utmost dedication of the Fund in providing a safe enclosure for the investor to grow their capital
(highest
possible returns). Refer to Section
6
for a sample portfolio of art pieces that we are looking to procure with the successful establishment of the fund. 2. Market
Analysis
2.1. Art
Segmentation
In summary, the two most popular categories in the
Chinese
Art market are
Modern
Art and Post-­‐War
Art20.
The
Fund
will be focused on Chinese paintings and calligraphy works.
2.1.1. Chinese
Calligraphy
Chinese calligraphy can be subdivided into classical calligraphy and modern calligraphy, of which the latter refers to
20th
century
Chinese
calligraphy and accounts for approximately
80%
of the entire calligraphy market21.
Under
the classical category, calligraphy works by ancient artists including
Huang
Tingjian,
Mifu
and
Wang
Meng are playing big influences.
Modern
calligraphy is led by Fu
Baoshi,
Qi
Baishi
and
Zhang
Daqian.
2.1.2. Chinese
Paintings
Chinese paintings are considered one of the highest forms of art within the
Chinese
heritage and it is only in modern times, that we see western influences in painting techniques of artists22. The influential and reputable artists are as listed in
2.1.1.
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2.2. Major
Players
Major players of the Chinese art market include individual collectors, auction houses, galleries, fund management groups, investment trusts and art exchanges.
I. Art
Investment
Funds

Shanghai-­‐based
Noah
Wealth
Management,
China
MIsheng
Banking
Corporation,
Beijing-­‐based
Zhong
Bo
Auctions
company,
Shanghai-­‐based
Terry
Art
Fund23
,
The
Chinese
Fine
Art
Fund, etc. II. Auction
Houses

Christie’s,
Sotheby’s,
Beijing
Poly,
China
Guardian, etc. III. Museums and Galleries

Located across Mainland
China
and
Hong
Kong, for example, the Hong
Kong
Museum of Art
2.3. Demand and Supply
Analysis
From the earlier analysis, prices of Chinese calligraphy and paintings have been steadily rising. The rapid growth of the
Chinese
economy had created a boom in the
Chinese
art market. This has resulted in rising demand for
Chinese
artworks at auctions24 that has largely augmented their market value, where even young investors are also in the active playing field25.
The
major players as expounded previously have also contributed to the high supply in the Fund’s targeted art segment, such as global auction houses,
Christie’s
and
Sotheby’s,
launching
Chinese
Art auctions and exhibitions26 to fight for a lucrative piece of the Chinese market in recent years.
With
increasing government and public support for culture and the arts (refer to Section
3),
the supply of
Chinese
artworks is likely to expand to meet the rising demand in the China market. With strong demand and supply forces at work, the market value of Chinese
Calligraphy
and
Paintings
is likely to experience steady growth for the foreseeable future, conditional on the state of the Chinese economy. Many skeptics have questioned the potential of the market, especially with the fall in Chinese art sales in 2012 27 , however we believe this is circumvented by the government’s growing support for the arts.
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3. Role of Public
Institutions
and
Regulatory
Policies
3.1. Role of Public
Institutions
The developmental boom of Chinese museums, for example, the
China
Art
Palace
or the Nanjing
Sifang
Art
Museum
has amplified promotion of the art market in China.
This
provides the avenue for greater visibility of artwork. In lieu with growing government support for the museums, strategic partnerships with museums to showcase the Fund’s collection of art would be a platform to raise visibility of these artworks, which translate into greater valuation.
Governmental
support for the arts has been increasing over time as exemplified by the commitment to grow cultural spending to
5%
of
GDP
by
2016.
This would work towards building a stronger art infrastructure for stable long-­‐term expansion.
(Refer
to
Figure
3-­‐1 to observe public financing across art markets.) 3.2. Role of Regulatory
Policies
Current laws in place are the Auction
Law
of the People’s
Republic
of
China
and the Law of Cultural
Relics
Protection.
However,
both laws fail to regulate the behaviour of consigner and buyer28.
Skeptics
of the Chinese art market propose that the lack of legal regulations and guidelines compromise the credibility and value of transactions.
On
the macro level, political uncertainty has also dampened the appeal to buyers and sellers in the market, as Figure
3-­‐1
Public
Financing
of
Cultural
Industries
(%
of
GDP)
The
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The
Classical
Chinese
Art
Fund observed by the deceleration of Chinese auction house sales in
201229.
The lack of a legal framework and expertise to regulate art investments could pose additional risks for the Chinese art market, especially amidst the bubble forming in the contemporary art market.
As
Bobby
Mohseni,
the
Hong
Kong-­‐based director of the art advisers MFA
Asia,
says,
“Art
investment in China lacks a lot in terms of clarity and compliance, and it is hard to gauge whether the lever of professionalism is there”30.
However
it is noted that majority of art funds are not regulated and the
Fund
is to be run like a private equity31 with mechanisms as described in
Section
1.5 to hedge against fake artworks and appropriate channels and collaborations to demonstrate transparency and commitment to investors’ interests.
However,
it is noted that protecting investor confidence is pertinent.
The
associated risks are thus downplayed by the increase in government support for the
Chinese
cultural arts scene.
With
China’s growing domination of the international art market, China’s
Ministry
of
Culture
has shown strong endorsement for the growth and development of the
Chinese
art market in terms of knowledge and regulations32. As such, as the market continues to grow, we may expect improved regulation of the art markets alongside reduced risks. On an interesting note, China has long refused licenses to major auction houses33
(Sotheby’s
and
Christie’s)
to operate in the mainland market, which could be looked upon as providing a geographically contained environment for the value of its artworks to grow with growing global demand.
Nonetheless,
the
China
market is indeed opening up internationally, as exemplified by
Sotheby’s
breakthrough partnership with a Chinese art firm34.
This
would facilitate further expansion and growth of the Chinese art market.
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4. The
External
Competitive
Environment
4.1. General
Outlook
of the Fund
In
a
November
2012
China
Confidence report, 2012 experienced a economic slowdown and confidence in the
Chinese
contemporary art markets had waned by 35%
(refer
to
Figure
4-­‐1).
However,
expectations for the year 2013 are very hopeful with the Expectation indicator sitting
44%
above the Current indicator, which demonstrates growing confidence in the future of the market 35 .
The
report further demonstrates growing risk perceptions of the contemporary art market for short-­‐term speculators, however the Fund seeks to minimize speculation for long-­‐term stable growth.
Moreover,
the
Fund
is pursuing a diversified investment portfolio of to contain risks of the contemporary art market.
Referring
to
Figure
4-­‐236, we foresee that the diversified portfolio would hedge against the varying expectations across price segments. Therefore, this would give the
Chinese
art market to regain composure and allow the Fund to attain stable and promising returns.
Figure
4-­‐2
Price
Segment
Analysis
(China)
Figure
4-­‐1
Chinese
Contemporary
Art
Market
Confidence
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4.2. Comparative
Analysis
of the Fund and Other
Art
Investment
Funds
As explicated in
Section
1.2, compared to the typical shorter holding period of
Chinese
art funds (1.5 years37), the
Classical
Chinese
Art
Fund offers a unique value proposition for investors looking for a stable and longer term investment profile.
The
upside of long period would allow the market to stabilize allow the Chinese art market to realize its real value potential.
Within
the
China
Sector, there were over 70 investment funds launched in
2012,
which signals strong competition for valuable art pieces. Given that our unique focus is on calligraphy and paintings, we project strong growth prospects for the portfolio, as seen in
Figure
4-­‐3.
38
Figure
4-­‐3
Market
Index
by
Art
Classification
On
the international stage, there is the Fine
Art
Fund
Group
and
Artemundi
Global
Fund
offering higher annualized returns of
25%39
and
18%40
respectively.
However
the
Fund
is forward looking with an expected growth in pool of wealthy
Chinese
investors

Growth in the number of billionaires by
20%
per year until
2014
(vs.
5.6%
on a global average)41. The
Art
Collection
Fund,
is of a similar fund structure but the long term forecast of the
Chinese
art market is more promising42.
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Against external investment alternatives such as other mutual funds and equity or stock options, the art market in general is promising and ultimately provides an alternative to the uncertain economic conditions of the global economy today. As seen in
Figure
4-­‐4, art market progression is similar to that of the S&P500 with regards to total return. Figure
4-­‐4
MEI
MOSES
Chart of Art
Index
against
S&P
50043
5. Prospective
Investment
Portfolio of the
Art
Fund
The
Classical
Chinese
Art
Fund
believes in the long-­‐term perspective and hence are focused on acquiring art pieces with long term performance confidence trend from its associated artists.
Referring
to
Figure
5-­‐144
Figure
5-­‐1
Confidence
Quadrant of China’s prominent artists
(November
2012)
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The
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Prospective
Artists
&
Example
of
Artworks
Huang
Zhou-­‐
Donkeys to be sold at
China
Guardian,
23
March
2013
(Lot
1)
Other
Artists
1. Liu
Xiao
Dong
2. Huang
Ting
Jian
3. Li
Ke
Ren
Liu
Wei
-­‐
Landscape and Portrait
2005
No.1 for sale at Shanghai
Hosane
Auction
Co
Ltd.
Fu
Baoshi
Chen
Banding
Character
and
Landscape
sold at 2.47m
Yuan
at
China
Guardian
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6. Conclusion
The
Classical
Chinese
Art
Fund
is a promising investment option for investors looking for an alternative and viable place to invest their money. With the strength of the
Chinese
art market and the robustness investment milieu as established by our management team with its unique focus beyond contemporary art, the
Fund
welcomes investors to earnestly consider this as a home for their investments. Appendix
Appendix
A45
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Appendix
B:
HNWI
Annual
Growth
2009
2010
Appendix
C
According
to
Beijing
Poly, one of the three biggest auction houses in
China,
the
Hand
Scroll
Dizhuming
by poet and calligrapher Huang
Tingjian
from
Song
Dynasty was sold for 436.8 million yuan in Spring
201146.
A painting by
Qi
Baishi was sold for 425.5 million yuan in May
2011.
Image
1
Di
Zhu
Ming by Wei
Zheng
Image
2
Eagle
Standing
on
Pine
Tree with Four-­‐
Character
Couplet in Seal
Script
By
Qi
Baishi
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Fund
Appendix
D
Management of the
Fund
The
Fund
will be managed by a diverse group of professionals for the maximal protection of investors’ interests, equipped with the relevant expertise in both the Chinese art market and investment management. 1. Identifying and managing the organized and timely acquisition and disposition of potential art works. 2. Raising capital for the Fund
3. Showcasing investment portfolios
(collection
of art pieces) through public exhibitions or through loans to museums and festivals
4. Managing the protection and insurance of the art investments.
5. Monitoring the art market in general and the fund’s artists to understand the current and future progression of relevant sectors (environmental scanning). 6. Managing relations with suppliers of art works,
e.g.
auction houses and private sellers or collectors.
References
Hays,
J.
(2008).
Museums
and
Collections
of
Chinese
Art.
Retrieved
2013, from Facts and Details.
1 Chinese Calligraphy Expo. (2011). Ancient Chinese Paintings. Retrieved from Chinese Paintings Expo:
2 Davidson, A. (2012, May 30). How the Art Market Thrives on Inequality. Retrieved from The New York
Times: http://www.nytimes.com/2012/06/03/magazine/how-the-art-market-thrives-oninequality. html?_r=3& 3 The Art Fund Association. (2013). What are Art Funds. Retrieved from The Art Fund Association LLC: http://www.artfundassociation.com/_what_are_art_funds/basic_af.html 4 Bissonnette, Z. (2012, Feb 3). Are Art Funds the Right Way to Invest in Art? Retrieved from CNBC: http://www.cnbc.com/id/46256450/Are_Art_Funds_the_Right_Way_To_Invest_In_Art 5 Hong'e, M. (2012, 1 5). China Focus: China's Art market booms, but bubble looms. Retrieved from News
Xinhua: http://news.xinhuanet.com/english/china/2012-01/05/c_131344104.htm
6 Bissonnette, Z. (2012, Feb 3). Are Art Funds the Right Way to Invest in Art? Retrieved from CNBC: http://www.cnbc.com/id/46256450/Are_Art_Funds_the_Right_Way_To_Invest_In_Art 7 Davidson, A. (2012, May 30). How the Art Market Thrives on Inequality. Retrieved from The New York
Times: http://www.nytimes.com/2012/06/03/magazine/how-the-art-market-thrives-oninequality. html?_r=3& 8 Xinhua. (2012, 3 17). China becomes world's largest art, antiques market. Retrieved from China Daily: http://www.chinadaily.com.cn/business/2012-03/17/content_14855021.htm 9 Crow, K. (2011, 10 7). The China Factor. Retrieved from Online Wall Street Journal: http://online.wsj.com/article/SB10001424052970203476804576613050373696270.html 10 Xiong, J. X. (2012). The Chinese Art Market and the Origin of Bubbles. Gray Matters. Retrieved from http://corporate.morningstar.com/ib/documents/MethodologyDocuments/IBBAssociates/ChineseArtMa rketOriginBubbles.pdf
11 Kolesnikov-Jessop, S. (2010, 4 21). Classical Returns. Retrieved from The Daily Beast: http://www.thedailybeast.com/newsweek/2010/04/21/classical-returns.html 12 O'Dea, M. (2012, 10 12). 5 Art-Market Trends Revealed by the Recent Hong Kong Auctions. Retrieved from
Blouin Art Info: http://www.artinfo.com/news/story/833163/5-art-market-trends-revealed-by-therecent- hong-kong-auctions 13 Gleadell, C. (2012, 9 25). Competition for a slice of the lucrative Chinese art market is hotter than ever.
Retrieved from The Telegraph: http://www.telegraph.co.uk/culture/art/artsales/9564935/Competition-for-aslice- of-the-lucrative-Chinese-art-market-is-hotter-than-ever.htm 14 Zeveloff, J. (2011, 12 15). A Deep Look at the Growing Global Marketplace for Art as an Investment.
Retrieved from Business Insider: http://www.businessinsider.com/art-as-an-asset-class-investment-
2011-12?op=1
The
Classical
Chinese
Art
Fund
FR3208
Arts and Antiques
Market:
Coursework
20
The
Classical
Chinese
Art
Fund
15 Hunt, K. (2012, 7). Chinese art funds on a risky road to maturity. Retrieved from The Art Newspaper: http://www.theartnewspaper.com/articles/Chinese-art-funds-on-a-risky-road-to-maturity/26863 16 Pomfret, J. (2012, 10 9). Sotheby's autumn HK sales drops as China economy slows. Retrieved from Reuters: http://uk.reuters.com/article/2012/10/09/uk-china-art-hongkong-idUKBRE89810L20121009 17 Wang, A. (2012). Chinese Antiquities:An Introduction to the Art Market. New York: British Library
Cataloguing in Publication Data.
18 Guo, J. (2012). What Drives the Chinese Art Market? The Case of Elegant Bribery.
19 Pomfret, J. (2012, 10 9). Sotheby's autumn HK sales drops as China economy slows. Retrieved from Reuters: http://uk.reuters.com/article/2012/10/09/uk-china-art-hongkong-idUKBRE89810L20121009 20 Stamford Management Group. (2010). The Asian Art and Antiques.
21 Ibid.
22 Jin Dynasty. (2013). Retrieved from History of Chinese Painting: http://www.chinaonlinemuseum.com/painting-history.php 23 Fine Art Wealth Management. (2011). Art Fund Tracker. Fine Art Wealth Management Issue 10, , p. 1.
24 Christie's. (2011, 6 29). Classical and Modern Chinese Paintings Saw Tremendous Growth in Demand.
25 Crow, K. (2011, 10 7). The China Factor. Retrieved from Online Wall Street Journal: http://online.wsj.com/article/SB10001424052970203476804576613050373696270.html 26 Gleadell, C. (2012, 9 25). Competition for a slice of the lucrative Chinese art market is hotter than ever.
Retrieved from The Telegraph: http://www.telegraph.co.uk/culture/art/artsales/9564935/Competition-for-aslice- of-the-lucrative-Chinese-art-market-is-hotter-than-ever.htm 27 Gerlis, M. (2013, 2 4). Sales halve at China’s leading auction houses. Retrieved from The Art Newspaper: http://www.theartnewspaper.com/articles/Sales-halve-at-Chinas-leading-auction-houses/28536 28 Gong, L. (2012, 7 13). Behind the thriving scene of the Chinese Art Market. Erasmus University Rotterdam.
Retrieved from http://oaithesis.eur.nl/ir/repub/asset/12773/GONG.pdf
29 Gerlis, M. (2013, 2 4). Sales halve at China’s leading auction houses. Retrieved from The Art Newspaper: http://www.theartnewspaper.com/articles/Sales-halve-at-Chinas-leading-auction-houses/28536 30 Hunt, K. (2012, 7). Chinese art funds on a risky road to maturity. Retrieved from The Art Newspaper: http://www.theartnewspaper.com/articles/Chinese-art-funds-on-a-risky-road-to-maturity/26863 31 3030Press. (2010, 2). Art Funds in China. Retrieved from 3030 Press: http://www.3030press.com/news/8/
32 Kun, L. (2012, 12 20). China's Art Market to Go Global. Retrieved from CRI English: http://english.cri.cn/7146/2012/12/20/3301s739583.htm 33 Pomfret, J. (2012, 10 9). Sotheby's autumn HK sales drops as China economy slows. Retrieved from Reuters: http://uk.reuters.com/article/2012/10/09/uk-china-art-hongkong-idUKBRE89810L20121009 34 ibid.
35 Art Tactic. (2012, November). Chinese Contemporary Art Market Confidence Survey . Art Tactic.
36 ibid.
37 Hong'e, M. (2012, 1 5). China Focus: China's Art market booms, but bubble looms. Retrieved from News
Xinhua: http://news.xinhuanet.com/english/china/2012-01/05/c_131344104.htm
38 Guo, J. (2012). What Drives the Chinese Art Market? The Case of Elegant Bribery.
39 Matai, D. (2011, Oct 16). Is Fine Art a Safe Haven? Retrieved from The Market Oracle: http://www.marketoracle.co.uk/Article31006.html 40 Artemundi Group. (2013). Fundamentals. Retrieved from Artemundi Global Fund: http://artemundiglobalfund.com/fundamentals/ 41 Art Media Agency (AMA). (2013, Feb 14). Art: A Borderless Market? Retrieved from Art Media Agency: http://www.artmediaagency.com/en/61015/art-a-borderless-market/ 42 Reyburn, S. (2012, Jan 24). Art Investors Lured by 12% Return Offer by $80 Million Fund. Retrieved from
Bloomberg: http://www.bloomberg.com/news/2012-01-24/art-investors-lured-by-12-return-promisefrom-
80-million-fund.html
43 The Mei Moses Fine Art Index. (2013). The Mei Moses Fine Art Index. Retrieved from http://www.artasanasset.com/main/ 44 Art Tactic. (2012, November). Chinese Contemporary Art Market Confidence Survey . Art Tactic.
45 Gong, L. (2012, 7 13). Behind the thriving scene of the Chinese Art Market. Erasmus University Rotterdam.
Retrieved from http://oaithesis.eur.nl/ir/repub/asset/12773/GONG.pdf
46 Hays, J. (2008). Museums and Collections of Chinese Art. Retrieved 2013, from Facts and Details.

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