Releases of new films was canceled in China, and symphonic tours suspended due to quarantines and fear of infection with coronavirus COVID-2019. Major art fair in Hong Kong was cancelled, and the important spring auctions of works of art in new York was postponed due to the fact that wealthy Chinese buyers can be difficult to visit them.
While China is struggling to control the epidemic of coronavirus, the country is essentially closed for business for the global economy of the arts, which exposes the sector to the deep financial uncertainty.
According to last year’s Art Basel and UBS Global Art Market Report, China was the third largest art market in the world, accounting for 19 percent of the 67 billion dollars spent on art this year. United States (44 percent) and the United Kingdom of great Britain (21 per cent) took the first two places.
Last week the annual Art fair Art Basel Hong Kong, scheduled for mid-March, was cancelled, depriving dealers and artists the opportunity to show work to clients based in China and beyond.
“This is the center of the artistic universe for a week, and it leads to other things during the year, “said Ben brown, owner of galleries in London and Hong Kong, who said his store has brought great profit every year. True. “Imagine if you had to cancel the Oscars. The world of cinema will continue, and the films will either make money or lose money, but this is a serious blow“.