The Object of Desire - Underpants, Wang Zhiyuan

China's financial centre Shanghai is stepping assertively forward, establishing itself as an international capital for the arts. The frequency of art fairs and festivals continues to grow. There's always a major show somewhere in the city. This week Shanghai is getting a fresh infusion of Chinese and international contemporary art.

"The Object of Desire - Underpants" may raise eyebrows at the Shanghai Contemporary Art show. The work is by Chinese artist Wang Zhiyuan.

Wang is one of 31 up and coming artists from Asia, Australia, and New Zealand whose works were carefully selected by internationally renowned curators for the art fair.

The Shanghai contemporary art fair, in its second year, isn't just about CHINESE contemporary art. Art lovers can view the works of several international masters of contemporary art.

Lorenzo Rudolf Director of SH Contemporary Fair, said, "What we are doing is not only to try to build a small market place for the art where we have small stands, small paintings you can sell easily. We really want to show like a museum, what art is, in which direction art is going, and everything is for sale."

This year 140 galleries from 25 countries are in Shanghai, establishing the event as one of the leading art shows in Asia.

Hans Mayer, owner of one of Europe's top galleries based in Dusseldorf, is back for his second year in Shanghai. He brought one of the late Tom Wesselmann's last pieces -- "A71 Manhattan Beauty."

Hans Mayer, founder of Gallery Hans Mayer in Dusseldorf, said, "Asian and the Chinese people are very happy that they have this fair now here in China, and uh, because normally, they have to go to America, or France, or Germany, or Switzerland, and now also here in China, is a great established art fair."

International art fairs may put Shanghai on the map for art. That doesn't mean Beijing is losing its locus as the hub of Arts at China. But it does mean that Shanghai is ready to join the Chinese capital as a major centre for the arts.

Concurrent with the Shanghai contemporary art fair is the 7th Shanghai Biennale which opened a day earlier, on Tuesday. The Biennale, was inaugurated 14 years ago. Since then it has achieved a high stature that continues to evolve.

This year in addition to Chinese artists, well known Western and Asian artists are exhibiting their work at the Biennale. The Shanghai Biennale continues until November 16. The Shanghai contemporary art fair ends on Saturday.