"Two years ago, we introduced the artist to Shanghai in a commercial event, and since then she has made some successful collaborations with luxury brands, too. This is why so many people are familiar with her work and came especially for them at the fair," he explains.

On Nov 12, during the VIP preview of ART021, which has been the leading art fair in Shanghai for eight consecutive years, security personnel had to constantly remind visitors to maintain social distancing and wear masks as the exhibition area was packed to capacity.

Many of the artworks at the fair also had red dots affixed to them, indicating that they were already sold.

Another gallery in attendance at the SIATM was Matthew Liu Fine Arts, which has been participating in ART021 and the West Bund Art &Design fair for three consecutive years.

While ART021 was "much about buying", the West Bund event provided a better setting for galleries to present their academic profiles, says Liu, the founder of the gallery.

One of the main events of the SIATM, West Bund Art & Design, took place from Nov 11 to 15. This is the seventh year the art fair has taken place at the West Bund area in Xuhui district. The fair, which showcased more than 4,000 artworks from more than 100 galleries around the world, made 60 million yuan ($9.14 million) worth of sales on its opening day.

For the first time this year, an online exhibition was introduced at West Bund Art & Design because of the pandemic. According to organizers, the online exhibition garnered more than a million page views during the event.

"This year, the pandemic has forced many overseas art fairs to be canceled or postponed. The momentum of the international art market, which was held back by the pandemic, has been released in Shanghai," says Liu, who sold five art works within the first two hours of the fair's preview.

China's art collectors are quite a unique group of people, Liu tells China Daily. "They are very young, often in their 40s. I've seen a lot of young Chinese collectors aged around 25, and few of them aged 60 or above," he says. "They are very open to international trends and eager to learn. They are ready to accept all kinds of art, be it video or new media."

While a booming community of private museums and art institutions has been aggressively buying art to shore up their collections, China's young white-collars have also been getting in on the action. Among them is Jin Yi, a public relations manager.

"I've been buying a painting every year. These paintings cost around 20,000 yuan, no more than buying a luxury bag," she says.

"I enjoy having my life surrounded by art. Besides, if any one of these artists become famous by the time my 4-year-old daughter grows up, I will be able to pass on to her a valuable asset."