Analysis of the Asian Art Market

During the art market booming on a global scale, due diligence of art market has become more and more important not only in developed countries,but also in developing countries, especially Asia area. When we collect our interviews from Asia, we can find some similarities between them. First of all, all of the interviewees from Asia do not know about the Royal Institute of Chartered Surveyors (RICS).After our explanation, they are able to know about the valuation of RICS. This may be for two reasons. The first point is that the art market in Asia is quite short and simple. People are not well aware of importance of the valuation of art and antiques. For example, art market in China just was built about 20 years. (interviews no.1) There is few experience in the art market, particularly contemporary art section. The second point is that RICS launched in art and antiques in recent decade year. It may be a reason why people do not know this institution.

The second similarity between the interviewees is that they do not know what is due diligence. It could be also for two reasons,on the one hand, there is no translation for this term in Chinese or Korean.On the other hand, it is obvious that they do some parts of due diligence in their daily work and own area. However, they cannot recognize it is due diligence.

The valuing process of due diligence in their works could be summarized in six general steps. The first step is that when the provenance is not clear, they will ask the artist who created this work. In the contemporary art market, it should be a direct and easy way. The second step, if the artist is dead, the family members of this artists could be an important way to establish the provenance. The third step is when people...

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