This week it was announced that the Chinese Art Market had displaced and taken over the UK's spot. All is not rosy in the Chinese Art Market, however. Reuters reports that the contemporary art market valuations have plummeted by 66% over the last 12 months (as per Artron.net). Thanks to the earlier expansive bubble, the prices aren't exactly bargain-basement, but this is a significant shift in a market that was once burning like a magnesium fire.
On the Tianjin Exchange, art trading was suspended after two works' prices soared 1,700%. The government is trying to avoid a crash. This indicates how there are lags within one market, with some segments significantly dropping, while others are still in bubble-mode. It makes one wonder how the Russians are faring.
Source #1: [Link]
Source #2: [Link]