On April 1, 2020, China announced the opening of its financial markets, a move that was almost ignored.
Foreign financial institutions, such as securities firms and insurance companies, can now conduct business independently in China.
Although this has little impact on the general public, it has a huge benefit for the "financialization of art".
In particular, with the continuous promotion of the QE policy in the United States, a large amount of capital will pour into the Chinese market, which will further promote the development of the art finance market.
In recent years, there has been a lot of talk about the "financialization of art". Since 2010, art collection investment has gradually emerged, and more and more funds have been involved in the art field through various financial means, making art a new type of investment and financial products.
However, since in China, works of art are mainly the pastime of the rich, which has caused the art market to have long had the problems of difficult to distinguish between true and false, difficult to evaluate value, and opaque transactions, which has led to the differentiation of China's art market, insufficient liquidity, serious barriers, and the middle class can only be discouraged.
In the past 20 years, with the reform and opening up, the arts and crafts industry has also caught the express train of the vigorous development of the art market, and the arts and crafts have been successfully shaped into works of art, and brilliant achievements have been made, and a large number of art masters have emerged. However, with the influx of a large number of foreign funds and financial institutions, it will inevitably promote the upgrading and development of the art market in the direction of financialization.
In the Chinese arts and crafts market, the flood of fakes has become the norm, the most common of which is the phenomenon of passing off the original master's handiwork or forging the master's seal. The intervention of foreign formal art financial appraisal institutions will strictly examine the authenticity of artworks, so that the market can trade and circulate with more peace of mind.
1. Process specification.
At present, there is a problem in the domestic art market: the lack of authoritative valuation institutions. Therefore, the evaluation of the work mainly depends on the "master title" or "work certificate". However, with the intervention of foreign financial institutions, the valuation and evaluation agencies in the market have become more diversified, which makes the market no longer blindly promote "masters" or awards, but look at the works themselves more rationally. This authoritative valuation method also provides more competitive opportunities for young art practitioners.
Although the regulation of the art transaction process is different from that of ordinary commodities, human intervention is still required to ensure smooth progress.
However, the current problem is that there are exaggerated "sky-high prices" in the market, which not only undermines the credibility of the market, but also weakens the liquidity of the market. Standardizing the transaction process, moderately reducing excessive speculation, and improving the transparency of transactions can provide more ordinary consumers with equal opportunities to enter the art market.
When the Chinese market ushered in the influx of foreign financial institutions, we have to pay attention to the fact that a lot of liquidity has also followed.
The injection of these funds will inevitably bring vitality to the domestic art market, promote the financialization process in this field, and help Chinese art to go international.
As more and more foreign financial institutions and funds pour into the Chinese market, China's local financial institutions will face severe challenges, and China's art finance market, including Gongmei artworks, will also face major challenges.
Only on the basis of standardized creation, pricing and trading, everyone pursues sincerity together and abandons routines, so that we can not be swayed by foreign capital in market competition.
Author's Note:
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