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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