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Rich Chinese drive London art boom
Wealthy Chinese who have bought property in London are spurring a boom in the art gallery trade. According to Bloomberg, rents in the posh London district of Mayfair have increased 40 percent in the last 18 months. New York-based art dealer Larry Gagosian is set to open a gallery in Mayfair. Five new art spaces are going in on Cork Street. Sotheby's is opening on St. George Street. And there is “intense demand” from other U.S. galleries. That's the opinion of Katie Blake, from the London Luxury Quarter. Even Christie’s International auction house saw its first-half sales surge by 9% to a new record of 2.4 billion pounds (US$3.7 billion). They say it's all because of "newly wealthy Chinese buyers".
