This research paper provides a detailed analysis of how China has become the fastest growing art market around the world. How did the economic development in China led the country to the top in recent years, in contrast to its Western competitors? What is China’s role in the global art market scene? What changes have been made, in a socialist system, to accommodate foreign investors and what future changes should be made to sustain its growth? Through focusing on the correlation between economic growth and art market expansions, this research develops the relationship through referencing various quantitative and qualitative factors. The characteristics of the art market boom in China during the last decade is closely related to social, political and economic dynamics accommodated and executed by internal and external stakeholders. With no doubt, China has become one of the top three art markets in the past decade, and it will keep its position if the standard trends of mature markets set by the West is considered, or perhaps altered, in the long term.