As China's wealthy watch their fortunes grow alongside their country's burgeoning economy, more Chinese investors are putting money into their nation's art. With Hong Kong sales of contemporary art doubling from a year ago to $35.5 million, and with paintings by Chinese artists from the 1980s that sold for $100 a decade ago now fetching sums in the mid-six figures, China is drawing global attention to its local art market. Most notably, London's Philip Hoffman said he has plans to start an Asian contemporary art fund this year. Worldwide interest in the Beijing 2008 Olympics and recent government crackdowns on real-estate purchases are two factors helping direct collectors toward increased spending on art.