A black Bustier with gold accents and black band at the hem bottom pearled, worn by Madonna in her 1987 who's That Girl World Tour, is depicted in this undated publicity handout. The bodice, which should bring up to $ 8,000 in auction, will be sold by auctions of Julien's second annual auction of legends in Macau in October 22, 2011.

Credit: HandoutBy Jordan Riefe Auctions/Reuters/Julien

LOS ANGELES | Fri 09/09/2011 8:46 pm EDT

LOS ANGELES (Reuters)-the art world shook last February when a report by The European Foundation of art (TEFAF) revealed that China had overtaken the United Kingdom to become the second largest art market in the world.

The art world shook again weeks later when Artprice, the industry's final word on such matters, announced that, after its revision, China surpassed the United States as the No. 1.

The Chinese investors who are buying?

Everything from "Femme Lisant (Deux Personnages)," Pablo Picasso by 21.3 million dollars, to the exclusive rights the oldest known live recordings of Elvis Presley, which will hit the auction block of 22 October in Hong Kong.

In a country where there are only 60 years there was no such thing as an art market, the appetite of fine arts, antiques and fond memories, antiquated type of Hollywood is great.

Disposable income of China has multiplied 10 times in the last 20 years, according to the list of Hurun China based of wealthy individuals. The annual study shows growth of 64 percent in average wealth over the past two years, 400-500 billionaires (most of the world) and almost a million millionaires-average of 39 years.

"More and more money (Investor) is to sit on the sidelines and looking for a place to go," says Jeff Rabin of ArtVest Partners, an investment firm specializing in art. With financial markets, going through so much volatility, arts and old increasingly seems viable investments.

In the past two years alone, the auction house Christies has growing partnerships in Hong Kong of 95 to 130, all of them Chinese. In addition, the venerable auctioneer is placing native Mandarin speakers in their showrooms in London, New York, Geneva and Paris.

WHERE ELVIS IS KING

The growing level of wealth in China began to trickle of the largest cities of peripheral regions, although the vast majority of the nation's 1.3 billion still lives in poverty.

"Sort of breaks down for those people who are quite rich and know something about art for those who are actually more farmers or industrialists and not have the knowledge or access to understand the art market," said Rabin.

But even people who cannot understand the art of high value and antiquities, have a place in the auction houses when the hammer comes down, in particular, to Western celebrity memorabilia.

Darren Julien auction Beverly Hills ' Julien is currently Planning your event "legends" next month in Macau. Items include the rights to a concert by Elvis in 1955, as well as a dress worn by Marilyn Monroe, Madonna's Gold bodice and a note signed by John Lennon.

"One person told me that they would rather have this than a Monet," said Julien, which is based on one third of its business in the Asian market. Recently, he put a basketball auction signed by Michael Jackson and Michael Jordan. The estimated value was around $ 500. Sold for $ 294,000.

Part of the appetite for Western items is due to the fact that the majority of all of China was cut of Western culture for so long, but the best of the performing arts world were from television, movies and music by United States and Europe.

"Very good movies were the American films. Was the only vista had another life outside of their own, "said Julien. "When you're buying these things, you are buying a memory".

Never mind that art and antique markets are still unregulated and opaque and purchases are sometimes mal-líquido in aftermarkets once the items have been purchased.

"If people really want something," said Julien, "they will do whatever it takes to get it".

(Edited by Bob Tourtellotte)

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