Billionaire art collector says Chinese museums are buying up the world's art [CNBC]
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Source: CNBC
show chapters One of the world's top art collectors said the art market is unlikely to cool or crash anytime soon, due in part to soaring demand from new museums in China. Bubbles and busts are nearly impossible to predict in any market, said J. Tomilson Hill, the vice chairman of Blackstone , who is about to open the Hill Art Foundation private museum in New York. But he said the art market will be fueled in part by China, and the thousands of new Chinese museums that are slated to open in the coming years. In 1949, when Mao took over China, there were 25 museums in China, Hill told CNBC during its Net/Net Conference . Do you know how many museums there are in the United States today? 35,000. There are under 7,000 museums in China but they're growing at between 500-1,000 museums a year. So there is a massive demand for interesting things to either look at, to talk about. The push is part of China's efforts to not only become the world's economic
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