China overtook the UK as the world's second-largest market for art and antiquities last year as mainland buyers became increasingly important players, Reuters reported. The influx of Chinese buyers has also boosted prices. According to a report commissioned by the European Fine Art Foundation, the estimated value of the global art and antiques market in 2010 was US$60 billion - 52% higher than the previous year. The report also showed that China’s share of the world art market nearly doubled last year to 23%, edging past the UK’s 22% share. The European Fine Art Foundation also noted that concerns have been growing in the UK over its future role in, and share of, the global art market due to an EU art tax due to be introduced in 2012, which could hamper the country’s ability to compete internationally.
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