African and Asian Development through Art and Antiquities
Nigeria and Kenya and India and China gave evidence for the potential role of art and antiquities in economic development. Nigeria continued to shore up the potential for tourism by defending national museums and announcing next month's return of Nok sculptures from France, and the Maasai women of Kenya have succeeded in selling their beadwork abroad to generate funding for local education programs. In India, Sotheby's appointed a veteran of Lehman Brothers and Goldman Sachs to head South Asian art sales, while a slowdown in Chinese collectors buying back antiquities from abroad, and speculation about a bubble in the Chinese art market, gave hope for the Indian art market to gain ground. Still, Chinese auction houses and collectors outpace counterparts in India, and Poly International Auction, which was formed by the People's Liberation Army in 1993, became the leading auction house in China and is reportedly on the way to challenging international competition of Sotheby's and Christie's.
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