China's huge breakthrough on global market. - According to Artprice, a provider of data on the art market, fine art continues to make record-breaking progress. Global sales at auctions leapt by 21% in 2011 to reach a record value of $11.54 billion. All sectors are making progress in terms of turnover: compared to 2010, sales of modern art increased by $1.2 billion, post-war art by 372 million, contemporary art by 291 million, ancient art by 124 million and 19th century creations pulled in an additional $43 million. China has spectacularly become a market leader, driven by the huge rise in the value of ancient and modern Chinese artists. It had already become the top market player last year and clearly began to leave its rivals further behind in 2011 achieving $4.79 billion in sales, a rise of 38% and market share of 41.43%. The US is far behind with $2.72 billion (23.57%), and ahead of the United Kingdom with 19.36%. France remains in fourth place with sales of $521.33 and 4.50% of market share. Other Asian countries are becoming increasingly dynamic on the market, such as Singapore (+22%) and Indonesia (+39%). The governments of these fast growth countries are aware of the enormous economic potential of art at state and city levels and governments strongly support major cultural events, including contemporary art fairs. Growth is also driven by the emergence of new super-rich collectors and increasing numbers of investment funds in art, and the Asian art market has become top of the range worldwide. The most auctions held were in China with 774 sales worth more than $1 million in 2011, as opposed to 426 in the US and 377 United Kingdom. In 2012, mainland China, in addition to Hong Kong and Taiwan, are expected to obtain 50% of the market share, although certain specialists consider that the bubble might soon burst. (IL/trans/fl)