China's art market is taking off so fast that it has spawned an art index - similar to share indices. Let's takes a look at an index which helps auctioneers publicize events and provides a guide to valuing artwork.Another deal done for the latest artwork. And these art collectors have good references to help them bid: the "Chinese Painting 400" or the "Oil Painting 100". Sounds like the stock index? Well, that's pretty much right: you can chart the rising prices of your favorite artist or genre on the index.Launched by the printing company Artron in 2001, the Artron Art Market Index is compiled monthly to reflect both the number and prices of paintings at auctions run by more than 100 auction houses across the country. The company is fully aware that nothing gets attention in China's financial districts like a booming index.Yu Feng, Shanghai Branch manager of Artron.net, said, "In 2000, the Chinese art market became very active. Many people in the art industry needed something as a good reference for their art investment." While auctioneers are happy about the growth of the index, some artists perhaps naturally feel differently.Huang Azhong, artist, said, "If you, as an artist, are so keen to see whether your work has risen or fallen on the Artron index, then your art is worth nothing." But such views are not dampening the spirits of those involved in the art market.Daniel Zhao, manager of Shanghai Hosane Auction Co., said, "Art collections will develop at a much faster rate in the future. Our gross national product will soon be among the top in the world, so why not the value of our art work?"New galleries and auction fairs have been opening regularly in major Chinese cities in recent years giving a steady boost to the index and, of course, its compilers.