Art collectors need more legal knowledge

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As Chinese art collectors have emerged as important participants in global art transactions and private museum establishment, they need to know more about the legal issues involved.

Art collectors need more legal knowledgeIt is projected that 1,200 private museums will be built in Asia in the next five years, according to law firm Withers. This rapid growth in private museums has been particularly prominent in China, where wealthy collectors often see the creation of a private museum as a way to give back to society.

In terms of art investment, China was the leader in the global art market in 2016 with auction turnover close to US$4.8 billion, while auctions in Western markets have declined overall by more than 35% across the year. In addition to the strong auction sector, Chinese collectors are also purchasing more Western works of art through private sales.

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