Putting heart into the art

Demand from wealthy Chinese investors keeps world art market ticking over, Li Xiang reports

When Chinese conglomerate Dalian Wanda Group paid a record-breaking $28.2 million for a Picasso painting at a Christie's auction last month, more than double the high-end estimate for the artwork, it showed that not only is the art market doing well in China, but also growing in appeal as a haven for wealthy investors.

Unlike most of the other arms of the luxury trade, art investments have always been a roller-coaster ride for investors. High acquisition, maintenance costs and unsteady demand have prompted several wealthy investors to stick to havens such as gold and property.