Despite relentless rainy weather and strong winter winds, art enthusiasts flocked to Shanghai Art Week this year to take in the fair organized by local museums and galleries. The week was capped by the opening on November 9 of the city’s two major art fairs, West Bund Art & Design and ART021 Shanghai Contemporary Art Fair. As the city showcased its vibrant and energetic art scene, stakeholders used the occasion to check in on the sizeable market’s potential after the setbacks of recent years.
There were mixed emotions at both fairs. Factors such as the exodus of foreign residents and institutions from Shanghai, Hong Kong’s disappointing autumn auctions (notably the sale), the collapse of the real estate industry, the closure of private art museums, stricter government censorship of contemporary art, and grim economic forecasts cast a palpable shado
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