Excitement is mounting, ahead of the upcoming fifth Shanghai International Art Trade Week – which is scheduled to take place on Nov 9-13 in East China's Shanghai.

Since its inception in 2019, the trade week has become a significant fixture on the global art scene, comparable to renowned art hubs such as New York, London and Paris.

Statistics show that the Shanghai cultural and art market boasted an extraordinary transaction volume worth 12.85 billion yuan ($1.76 billion) in 2022, representing a 44 percent increase from 8.9 billion yuan in 2019.

The achievement propels Shanghai into the elite league of cities with art markets surpassing the 10-billion-yuan milestone.

This year's trade week is expected to underscore Shanghai's pivotal role in the dual circulation strategy – an economic development pattern that places domestic trading at the forefront, mutually reinforcing international trading.

The ultimate goal is to accelerate the growth of Shanghai's art industry and push it towards the coveted status of generating sales worth hundreds of billions of yuan.

During the trade week, 19 galleries from countries involved in the Belt and Road Initiative, including Greece and Latvia, are set to participate. Moreover, leading galleries – including the Gagosian Gallery, White Cube and Hauser & Wirth – are due to showcase over 6,000 contemporary art masterpieces.

In addition, this year's trade week will introduce an Art + Consumption collaboration platform – nurturing partnerships between the Shanghai Art Expo, galleries, art museums and international consumer brands.

This innovative approach is expected to involve artists contributing innovative designs for consumer products, art venues facilitating product launches and collaborative art initiatives that bridge the gap between art and fashion – giving a boost to both worlds in the process.

Most notably, this year's trade week will feature an online art and design expo promising to bring together the real and virtual realms, offering an immersive and hyper-realistic art experience.

This innovative step is expected to enhance the city's youthful spirit and keep it at the cutting edge of art and technology.