China Now World's Biggest Art, Antiques Market

China has overtaken the US as the world's largest market for art and antiques, according to a report.

The historic turning point was also an important indicator of seismic shifts in the wider global economy, said the report titled "The International Art Market in 2011."

The study was released by the European Fine Art Foundation, organizers of the European Fine Art Fair.

China's share of the global art market rose from 23 percent in 2010 to 30 percent last year, pushing the US to second place with a share of 29 percent, it said.

The British art market, which was overtaken by China in 2010, was third with a 22-percent market share while France was a distant fourth with a share of six percent.

Sales of art and antiques at auctions in China saw a dramatic rise of 177 percent in 2010 and a further 64 percent increase in 2011. The modern and contemporary sectors accounted for nearly 70 percent of the market.