798 Art Space

About 36 galleries are closing in and around Beijing as the economic slowdown starts to eat away at China's contemporary art boom. Some of the galleries are in the 798 arts district. Also, there are questions about whether art fairs and exhibitions this year will also see a dramatic slide. Hong Kong's art fair, though, is still attracting attention and may be one area that is strong. But otherwise, many galleries in Shanghai and Beijing are going to close by early 2009, according to art insiders. Stay tuned.