Economist Podcasts State of the art: Chinese market flounders
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Jan 2, 2026 
Don Wineland, the China business and finance editor at The Economist, explores the collapse of China's property market and its ripple effects on the art sector. He discusses how the property boom inflated art prices, which are now plummeting back to 2009 levels. Meanwhile, Anne Rowe, obituaries editor, shares the fascinating story behind the discontinuation of the American cent coin, highlighting its cultural significance. Together, they delve into migration trends out of the UK, dispelling myths about a mass exodus.
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The Modigliani Splash Purchase
- Leo E. Chan, a former cab driver turned property magnate, bought Modigliani's New Cochet for $152m and paid $170m including fees.
- That purchase became a high-profile symbol of how property wealth fed flashy art buying.
Chinese Art Sales Have Collapsed
- Art sales in China plunged, with 2024 volumes down 31% year-on-year and many high-profile lots underselling or remaining unsold.
- Even top artists saw transaction values fall steeply, reflecting broad market weakness.
Multiple Shocks, One Main Culprit
- Multiple forces hit the Chinese art market: COVID lockdowns, tighter capital controls and anti-opulence state pressure.
- But the collapse of the property sector imposed the largest single shock to art prices and demand.