01.25.2016 18:25

China is new to the idea of private art museums, but it is quickly catching on, a new report says

By intern reporter Wu Mengyu

China is new to the idea of people sharing their private art collections with strangers, but it is learning fast. As of January this year, it is home to 8 percent of the world's 317 privately founded art museums, most of them were established over the past five years, according to a report published by industry data providers Larry's List and Art Market Monitor of Artron. The report also said that maintaining a private art museum in China typically cost more than the global average and the founders were more likely to cite the simple joy of sharing as the main reason for their venture. Some of the findings were based on surveys and interviews with the founders and the employees of over 160 museums worldwide.