Artwork trade center

Yu said the fair created a historic record for Chinese antique and art exhibition.

"Through the BCAIF, we set up a platform for collectors and art lovers to appreciate and trade their art works," said Yu. "With the platform, we will see rise of a new international artwork center."

On October 23, the second day of the BCAIF, more than 100 professionals attended a forum, discussing the art collection economy and how to develop Beijing into a center in the world for the art exhibition and trade.

"The capital will become the country's premier art collection city," said Kong Fanzhi, Director of Beijing Municipal Administration of Cultural Heritage.

At present, there are many well-known professional artwork collection institutions in Beijing, such as the Palace Museum, the National Museum, the Capital Museum, the National Fine Arts Museum and the Memorial Hall of Xu Beihong. There are also many professional and private museums, such as China Numismatic Museum, the National Postal Museum, the Poly Art Museum and the Dragon Art Museum.

Meanwhile, there are also many famous curio trade markets such as Beijing Curio City, Panjiayuan market and Baoguosi market. Their annual trade volume has reached 4 billion yuan ($585.65 million), according to statistics provided by the BCAIF's organizing committee.

According to Yu, Beijing art auctions raked in 12.595 billion yuan ($1.84 billion) in 2009, accounting for 55 percent of the domestic market.

"Artwork in China has already become the third channel for investment, after real estate and the stock market," said Yu Ding, Director of the Arts Administration Department of the Central Academy of Fine Arts.

"But the current artwork evaluation system here is not very healthy," Yu pointed out at the same time. "Many fakes make the market disorderly."

Zhao Li, Director of the Beijing-based Art Market Research Center, said he hopes the government will make taxation policy changes that are favorable to the art trade.

"In the global auction market for paintings, the works of Vincent van Gogh and Pablo Picasso are still the bellwethers dominating the market," said Zhao Yu, former Deputy Director of the China National Academy of Painting. "Chinese paintings still have a long way to catch up."

Kong said that with efforts of all aspects, Beijing will be the fourth international artwork trade center after Hong Kong, New York City and London in the near future.