The West Bund has been an important catalyst in the growth of Shanghai's art market, Zhang says. One reason is the strong government support in the form of financial subsidies for major exhibitions and events as well as policies that nurture and promote the arts.

Culture is one of the four areas, with services, manufacturing and shopping, that the city will promote to make it more competitive and influential, a government paper issued in April said.

More impetus was needed for the city's cultural growth, the Shanghai Party Secretary, Li Qiang, said, and by attracting prestigious artists and industry leaders, the city could show off its cultural credentials.

The West Bund area is likely to grow in stature, and Zhang said more new office buildings, cultural and creative industry centers and commercial facilities will sprout up soon. One of the most notable developments will be the franchise gallery of the Pompidou Centre in Paris.