This paper traces and analyzes the ownership changes of art masterpieces by merging collector information from 50,858 collection stamps with artwork information from 9,396 traditional Chinese art masterpieces during 960-1911. The analysis reveals three findings. First, qualitatively, the social class of collectors showed a continuous decline within the same dynasty, but masterpieces were re-centralized in the hands of top political elites after dynastic changes. Second, empirically, masterpieces increasingly flowed from higher to lower social classes in regions with higher social mobility. Third, the ownership of art masterpieces shifted from political elites (high-ranking bureaucrats) to economic elites (wealthy civilians).