China's growing appetite for art

Demand for expensive artworks is soaring, and that's particularly true here in China. Never before have so many fine art works, jewellery, antiques and coins come under the hammer.

Fine Chinese paintings and calligraphy works fetched over 50 million US dollars at Sotheby's Hong Kong Autumn sale. That's more than double the pre-sale estimate. The two top lots were Zhang Daqian's Swiss Peaks and Calligraphy in Xingshu - a work from1968 - and Fu Baoshi's Lady at the Pavilion, painted in 1945. Each fetched 3 million US dollars.

Last year China overtook the US as the world's largest art and antiques market according to the European Fine Arts Foundation. And while the first half of the year proved weak for sales in Asia - the Chinese market appears solid - with painters Zhang Daqian and Qi Baishi in the lead. Research firm Artprice reckons both knocked Picasso - long the world's most expensive artist - from the top spot in 2011. Sotheby's figures this is the shape of things to come and they're making sure to get as close as possible to the action.

Kevin Ching, CEO of Sotheby's Asia, said, "By being able to have a presence and to hold auctions on the Mainland I think it's going to bring us a great deal of business and advantage."

Poly Auction, the country's biggest auction house, is just a baby compared to the familiar names of Sotheby's and Christies. It set up shop in just 2005. But the explosive growth of China's upper class - and their enthusiasm for both luxury and investment - is quickly propelling it toward the top ranks in its field.

Li Da, managing director of Poly Auction, said, "As opposed to Sotheby's and Christie's, which have more than 200 years of history, Poly Auction is still in its infancy, but our sales performance is in line with China's booming economy."

But while the fabulously wealthy are certainly enjoying the booming trade, the art market need not be the sole domain of the 1 percent.

In Beijing's 798 Art District, you don't need deep pockets to come away with a big haul. The art zone attracts tens of thousands of visitors each year - many of whom take advantage of the area's more terrestrial prices.

And of course, there's always museums - many of which are seeing unprecedented crowds, like here at the Shanghai Museum, where an ongoing show of Chinese art from US collections has been startling in its popularity.

None of this shows any sign of slowing.

Reporter: "Profits from the art and antiques trade in China have grown 20 percent since 2004. It seems that the country's stupendous financial growth is fuelling a boom in the art world right alongside it. Perhaps Picasso will have to get used to his lower perch."