Zhao Xu, executive director of the company, which will celebrate its fifth anniversary in June, told METRO that, "it shows a steady growth of the art auction market after the economic crisis, and that the auctions are attracting more people who want to invest in art."

To attract more collectors, Poly Auction held its spring preview in Taipei at the end of March, the first time that a mainland auction house had staged a preview across the Straits, and they have been to the United States five times since 2009 to collect high-quality artwork, showing a renewed confidence for this year's auctions, according to Zhao.

And the growth seems very likely to continue, according to Wang Mingxian, a contemporary artist and professor from China Art Academy, who said that contemporary Chinese art, which created a big bubble that burst during the economic crisis, is now back on track.

"The prices for contemporary art may not repeat the crazy success of 2006 or 2007, but they are showing signs of rational recovery, although it will take a long time to fully recover," he told METRO.

As more money floods into the art auction market, some insiders said it is understandable as collecting high-quality art is much safer than other investments.

A manager from the marketing department of a major auction house, who preferred to remain anonymous, told METRO that as the outlook for real estate and the stock market is still uncertain, she saw some businessmen, who used to invest their money in real estate or stocks, turning to art as a less risky alternative.

(China Daily March 30, 2010)