China Overtakes Britain as the World's Second largest Art Market

China has overtaken Britain as the world's second largest art and antiques market .The dragon economy over took the UK last year as mainland buyers proved they were important players on the world art market stage. British art professionals have voiced concern about the planned EU levy on art, known as the Droit de Suite which comes into effect in 2012. The levy is aimed at the sale of works by living artists and was introduced in the United Kingdom in 2006 by an EU directive. The British Art Market Federation stated that this was a "significant factor" behind the country's declining share of the contemporary art market. They strongly feel that this new law would cause further damage to Britain's position. Clare McAndrew for The European Fine Art Foundation, which launches its annual art and antiques fair in Maastricht this week, calculates that auction sales in China rose to nearly 6 billion Euros to account for 23 percent of the global market in 2010. The USA maintained its lead with 34 per cent, but the UK slipped into third place with 22 percent, down five percent since 2006. The estimated the value of the global art and antiques market in 2010 at 43 billion euros ($60 billion), up 52 percent from 2009 when values slumped as a result of the financial crisis. The report was commissioned by the European Fine Art Foundation. The study shows that dealers including Bricks and mortar galleries generated 51 percent of art  and antiques commerce compared to the 49 percent generated by auction houses.