The China Academy of Art in Hangzhou made a statement by purchasing their first work by a living foreign artist, Art Newspaper reports. The purchase of The Walthamstow Tapestry (2009) by Turner Prize winning artist Grayson Perry, is testament to the growing interest in foreign art by Chinese Collectors. The transaction was arranged through the Victoria Miro Gallery at Art Basel Hong Kong. Named after a district in East London, the 15-meter tapestry is said to be a satire on consumerism.

Simon Kirby, the East Asia affiliate at the gallery comments, “this is a bold thing for a Chinese public institution to collect. Chinese audiences love the storytelling aspect of Perry’s work, and the confidence and scope of the tapestries.”