TOKYO — The global market for contemporary art is growing rapidly, propelled by a wave of talented young Asian artists and the enthusiastic patronage of youthful collectors in China and other emerging economies. Annual auction sales for such art have risen 25 times by value in the past 20 years.
A satirical painting by Chinese artist Fang Lijun offers an instructive example. The work, purchased by Japan’s Fukuoka Asian Art Museum for 14 million yen ($89,000) in 1996, is now valued at around 1.1 billion yen.
