Asia Bizz: China has officially overtaken Britain in the art market sector last year, the news has recently been disclosed. During a report which points out that 2010 was a tough year for art in Europe and there were many buyers coming up from the Chinese market, thus they have easily outrun Britain. UK is the second largest antique and art market in the world.

Additional concerns were rising when the EU levies a plan during the year 2012, then Britain’s rank may slump down even further. The European Fine Art Foundation has said the total art work market for the year 2010 was around €43 billion.

The above figures were up by a massive 52% compared to 2009, when the financial crisis was going on. China has been the only country and economy in the world which has been spending handsomely on artwork thus determining its capability in the art sector, for luxury spendings has fallen considerably during the past couple of years.