Elephant by Salvador Dali guards the entrance to the 7th Shanghai Spring Art Salon

The 7th Shanghai Spring Art Salon opened on April 15 with the conspicuous absence of such superstar contemporary Chinese artists as Zhang Xiaogang and Yue Minjun, whose high-priced works dominated previous shows.

The global financial crisis has burst the art bubble and collectors are no longer willing or able to pay crazy prices for contemporary Chinese pieces. Instead they are looking to snap up bargains from China's up-and-coming generation of artists whose works can often be bought for less than 100,000 yuan.

At the high end of the market there has been a "flight to quality," with old standards such as Salvador Dali – a superstar from the past with a legendary lust for money – making a big comeback.

Italian modern art gallery FYR is displaying 21 of Dali's sculptures, including 6 monumental works each over 4 meters high. FYR representative Rosanna Ossola said, "These works are worth tens of millions yuan. Dali's sculptures reflect his exuberant imagination. He would draw a picture, then give permission for a sculpture to be made out of it. All the works are limited editions and have official certificates. "

Reflecting the downturn, the exhibition area has been downsized to 8,000 square meters but with rents frozen at their 2008 levels following an 8 percent hike last year, hundreds of domestic and international galleries have still turned up. Last year some Japanese galleries sold out within minutes but no-one is expecting a repeat of such scenes this year.

Role of superstars exaggerated

Salon director Ge Qiantao said the role of superstars such as Zhang Xiaogang, whose works can fetch up to 40 million yuan, had been exaggerated and he said he was pleased galleries are introducing works by young artists.

"It is good news for cautious Shanghai collectors that the bubble has burst. The art market will take two or three years to recover from the recession. The appearance of young artists is the fruit of a long-term program of cultivation by galleries and shows their professionalism and far-sightedness," said Ge.

Shanghai collectors tend to prefer sculptures over paintings and while private collectors buy small scale pieces, property companies like the sensation created by large-scale works. This goes some way to explaining the popularity of Dali's sculptures this spring.

New exhibition zones

New exhibition areas this year include "Modern China" and "Design China—works by Chinese International Award Winners". "Design China" is sponsored by a group of NGOs seeking to create a broader platform for Chinese designers to collaborate and show their work.