As financial markets around the world appear to be on the brink of collapse for a second time in recent history, Artprice.com analyses its recent and historic data and asks if the art market can resist another crisis.

"On 15 September 2008, just as Lehman Brothers was collapsing, Sotheby's London sold more than $120 million dollars worth of Contemporary art works by Damien Hirst, generating three of his best five results.

Following this week's declaration by ArtPrice.com that we have just reached a "turning point in the history of the global art market: China is now the number 1 in terms of fine art auction revenue" (see full report below), it is interesting to consider Asia's role as a whole in the Global art market.  Here are some quotes from Martin Bremond, Head Economist art Artprice.com, made during his analytical presentation of the Global Art Market in 2010 at ArtStage Singapore earlier this year:

The tills are ringing, the air is buzzing and the halls are filled with beaming clients, artists and gallery owners here at Art Hong Kong.  In just its third year of operation, Art HK has clearly positioned itself at the top end of the art fair market and collectors are feeling comfortable and confident about purchasing artworks from artists and galleries from across the globe.  In the words of one Australian gallery director "I am selling to INTERNATIONAL clientele".