Looking ahead in 2024, a profound structural shift could be poised to reshape the Chinese art ecosystem. Historically, the public auction market has been the primary driver of public tastes and artistic trends. However, the auction market is currently undergoing a notable reduction in scale and influence, with a noticeable shift towards localization rather than internationalization. Local art fairs are emerging as the most vibrant category for galleries and a broader spectrum of participants across various provinces. Regional art fairs continue to experience robust growth, with the most prominent local art fairs predominantly situated in first-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen. Nevertheless, emerging first-tier cities like Chengdu, Nanjing, and Hangzhou and second-tier cities including Xiamen are actively embracing this trend. In November, Shanghai hosted two of China’s largest-ever art fairs: Art021, marking its 10th edition with 150 galleries and art and cultural organizations, compared to the 29 it had in 2013. Simultaneously, the 10th edition of the West Bund Art & Design showcased 185 galleries, both domestic and international, with 54 of them making their debut at the fair.

Chinese galleries, now with over two decades of history, have primarily concentrated their presence in the two supercities of Beijing and Shanghai, with the number of galleries in Beijing nearly five times that of Shanghai. Beijing’s galleries are clustered in locations like 798, Caochangdi, and Songzhuang, while Shanghai’s galleries adopt a more open and freer layout, found in areas like Moganshan 50, West Bund, Rockbund, and the old French Concession houses. Overseas galleries maintain a robust presence in Shanghai, with Almine Rech, Lisson, and Perrotin galleries situated in the Rockbund area, creating a hub for international art exhibitions. Despite their historical presence, the number of new foreign galleries entering the Chinese market has experienced fluctuations and is now showing a downward trend, suggesting a stabilization in the industry’s growth. In 2023, Japan’s Whitestone Gallery opened its branch in Beijing, while some Beijing galleries, such as Jinge, opted to relocate to the South, including Shanghai and Shenzhen. Recognizing emerging opportunities for market growth in these vital economic centers, Hive Contemporary Art Center established its Shanghai branch. Chengdu and Guangzhou are also emerging as strategic cultural destinations in the Southwest and South, attracting galleries looking to expand their presence in these regions.