Fan Yong, founder of the Asia Institute of Art & Finance, speaks at the 2nd Asia Art & Finance Forum: Global Art Bank Executive Summit 2017 held in Shanghai's Lujiazui area on March 28. [Photo/cnarts.net]

Fan Yong, founder of AIAF, responded to this by saying that the profits that overseas galleries and auction companies gained account for 30 to 40 percent of the artworks' sales revenue. Also, by purchasing or loaning out artworks, overseas art banks have integrated art and finance.

Fan mentioned that a variety of art banks have surfaced around China in recent times, predominately in major cities such as Beijing, Shanghai, Guangzhou, and Xiamen. However, many Chinese people interested in the concept are still unaware of an art bank's function, its operation and profit model, as well as its relationship to commercial and investment banks.

Fan said that the change in consumption model would result in the integration of artwork and capital market, and the development of art, culture and financial services sectors will strengthen the integration. He also said that AIAF will nurture more interdisciplinary professionals in art, culture and finance to serve the art finance sector.

Experts from Deloitte, Canada Council Art Bank, and the UK's Fine Art Fund also agreed that there is great potential in China's art finance service sector and a related talent training mechanism should be set up.