Cultural relic fair opens in Beijing

The Beijing China Art International Fair has kicked off. Cultural relics from all over the world have been brought together under one roof, to be put on display, appraised and sold. The fair runs till next Tuesday, so interested buyers better hurry up.

Protecting cultural relics by using the market is the aim of this fair. Gathering over one hundred art dealers, auction houses, and association delegates from all over the world, the fair aims to create the largest platform to showcase and trade relics.

Kong Fanzhi, director of Beijing Administration of Cultural Heritage, said, "The value of cultural relics is realized through market circulation. High prices draw higher public attention. From this point of view, the antique market is also helping the protection of cultural relics."

Most of the cultural relics on display were brought by 34 time-honored antique companies from different provinces in China. In the coming four days, a series of special fairs will showcase porcelains, Buddha statues, antique furniture and jewelry.

Participants will be offered free services from the organizer, including insurance, publicity, as well as a shuttle to and from the airport. Banks are also advertising their services at the fair.

Besides free entrance, visitors can attend seminars and have their jewelry appraised at the scene. And it's all for free.

Yu Ping, deputy director of Beijing Administration of Cultural Heritage, said,　"We are looking forward to seeing more and more agents and individuals to be part of the protection and collection of cultural relics. It is also a way of spreading knowledge and showcasing private collections."

The fair has also attracted overseas art dealers like Sotheby's and Christie's auction houses. Although their auction season is just about over, they didn't want to miss any opportunity to get close to Chinese buyers.

The Association of Accredited Auctioneers is a collection of 19 auction houses from Britain. They are selling Chinese antiques back to China, which were brought to Europe during colonial times. Moreover, they see a promising market here.

Stephan Ludwig with Association of Accredited Auctioneers said, "But more importantly is looking ten, fifteen, twenty years forward, as China's new wealth, new middle class develop international taste in some of their collecting habits and decorating habits."

Last year, China raked in 30 percent of the world's turnover of art and antiques, beating the US to become the number one market in the world. And 80 percent of that volume was in Beijing. That's more than 50 billion yuan a year. And every year, it has grown by a billion.

Reporter: "China boasts with abundant cultural resources. Given that advantage, Beijing strives to build itself as the world's fourth largest art transaction platform, after New York, London, and Hong Kong. With a booming market, the world starts to recognise the beauty and value of China's arts and culture."