Art Radar Asia

Contemporary art trends and news from Asia and beyond

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    Art Radar Asia News conducts original research and scans global news sources to bring you selected topical stories about the taste-changing, news-making and the up and coming in Asian contemporary art. ________________________

Posts Tagged ‘Asian art’

First New York solo show for Sopheap Pich, Cambodia’s most prominent contemporary artist

Posted by artradar on November 23, 2009

SOUTHEAST ASIAN CONTEMPORARY SCULPTURE

On November 12th, Tyler Rollins Fine Art (TRFA) introduced another Southeast Asian artist to the New York art scene. Bamboo sculptor Sopheap Pich’s first solo exhibition in New York will run until January 9th 2009, ending the Fall exhibition season.

RAFT, 2009 BAMBOO, RATTAN, WOOD, WIRE, METAL BOLTS 89 X 177 X 52 IN.

According to TRFA, Pich has been very active on the international stage in recent years and is now considered to be Cambodia’s most prominent contemporary artist. In addition, Pich’s artwork is currently part of the 4th Fukuoka Asian Art Triennale ending on November 23rd.

"THE PULSE WITHIN" INSTALLATION VIEW

“Issues of time, memory, and the body are integral to Pich’s work. For this exhibition, he has created a dynamic group of sculptural forms derived from the internal organs of the human body, such as the heart, lungs, and intestines. These function as visceral reminders of the past and of the intimate, physical connections between human beings” – quoting TRFA’s website

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Posted in Body, Cambodian, Emerging artists, Gallery shows, Handicraft art, Installation, New York, Rattan, Sculpture, Sopheap Pich | Tagged: , , , , , , , , , , | Leave a Comment »

Which museums are collecting Chinese contemporary art? New database just released

Posted by artradar on November 22, 2009

MUSEUM COLLECTIONS CHINESE ART

The AW Asia gallery in New York has just released a valuable new resource for collectors and researchers intererested in Chinese contemporary art. Searchable by artist or museum its database, which is available online at no cost, lists Chinese artists held in permanent museum collections around the world.

According to AW Asia, the “Chinese Contemporary Art in Museum Collections” database is the first international compilation of its kind, which currently represents 42 contemporary Chinese artists and 67 domestic and international museums.

Artists include heavyweight internationally-recognised multimedia artists such as Ai Weiwei, Cai Guoqiang, Zhang Huan and Xu Bing, photographers such as Cang Xin, Hong Hao, Weng Fen and Hai Bo, ink artists Gu Wenda and Yun-fei Ji , Cynical Realist artists such as Yue Minjun, sculptors including Zhan Wang  and video artists Yang Fudong and Yang Zhenzhong.

AW Asia, a private organization in New York City that promotes Chinese contemporary art through institutional loans and acquisitions, curatorial projects, publishing, and educational programs.

Although the database is not yet comprehensive, it starts to shed light on which international museums are validating contemporary Chinese art. If you are a curator or museum representative with additional information regarding Chinese contemporary art in a permanent museum collection, AW Asia would like to hear from you. Please write to  info@awasiany.com

As the database is still under development Art Radar would like to suggest an additional feature:  a feed so that news sources can be alerted to the latest additions to museum collections. In the meantime, congratulations on creating a useful new resource.

Click to visit the Chinese contemporary art in museums database.

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Posted in Art Index, Chinese, Market transparency, Museum collectors, Research, Resources | Tagged: , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

Performance of Asia tops West for first timers at auction in 2008/09

Posted by artradar on November 17, 2009

AUCTION PERFORMANCE

It may be of some surprise that Asian artists have outperformed their Western counterparts in “first time auction results” during the height of the art market boom. According to ArtPrice’s 2008/2009 contemporary art market report, buyers are giving Asian artists new to the auction market stronger backing than new Western artists.

This support is evident in the high proportion of Asian artists achieving the top hammer prices:  64% of the “top 50 best hammer price for new auctioned artists in 2008″ were given to Asian artists predominantly from China, Japan and Korea.

Of the top 10 best first-timer hammer prices, half were given to Chinese artists born between 1949 and the early 1960s. The top price of Euro 347,510 was given for a work by the artist You Jindong (b 1949)  known for his works created with gunpowder.

 

 

top 50

© ArtPrice, TOP 50 Best hammer price for new auctioned artists in 2008

Out of the three main Asian countries (China-24, Korea-4, Japan-3) represented in the list, Chinese artists’ prices have had the most dramatic reduction from the high point in 2008. Although times are different now, the price correction within the contemporary Chinese art market has significantly lowered the price barriers for collectors. It is considerably more economical to purchase “new auction artists” in 2009.

So Hing Keung

So Hing Keung's photograph titled "Central, Hong Kong, 1998" sold for USD 4,515 at Sothebys in Hong Kong on October 6th, 2009

In recent Sotheby’s auction in Hong Kong on October 6th, the average price for a Chinese “new auction artists” was drastically lower at USD 12,000 compared to USD 130,000 during the previous year. In addition to Chinese contemporary art, the price barriers for contemporary Japanese and Korean art remains accessible in the current market.

Lee Kyoung Mi

Korean artist Lee Kyoung Mi's painting titled "San Francisco on the Table" sold for USD 12,255 at Sothebys in Hong Kong on October 6th, 2009

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Posted in Auctions, Chinese, Japanese, Korean, Market watch | Tagged: , , , , , , , , , , , | Leave a Comment »

Is Singapore threatening Hong Kong as next Asian art mecca? Wall Street Journal

Posted by artradar on November 17, 2009

SINGAPORE AND HONG KONG’S COMPETING ART MARKET

Singapore’s art scene has grown rapidly since its 1989 government mandate to recognize the “importance of culture and the art.” Thriving to a point that, according to The Wall Street Journal, Hong Kong–Asia’s epicenter of art–is beginning to take its competitor seriously.

Hong Kong’s challenging art scene

Today’s numbers would suggest that Hong Kong has nothing to worry about for competition.  Hong Kong is currently the third-largest auction market in the world with both Christie’s and Sotheby’s in its territory, and has set aside close to US$3 billion in order to create a much needed world class arts and culture development known as West Kowloon Cultural District. The project, however, has been slow to start and left many frustrated.

“The Hong Kong government first hit upon the idea in 1998 of building an integrated arts and culture neighborhood on 40 hectares of reclaimed land in the West Kowloon district. After many fits and starts, planning for the project recently picked up some momentum…Nevertheless, even if it all goes as planned, the first phase won’t be open until 2016.”

West Kowloon

One of the proposed models for the West Kowoon Cultural Centre

The West Kowloon project has been “frustrating and painful,” says Asia Art Archive’s Ms. Hsu, who is also on the advisory panel for the museum at the new West Kowloon development. “For the public it has looked like the government is stalling, but it gives me a lot of hope. The government is very concerned about getting it right.’”

Singapore makes its move

The time spent behind making Hong Kong’s “necessary cultural move” may eventually result in Singapore gaining ground in the market by the country’s pushing ahead with so many art-hub projects of their own.

“It [Singapore] invested more than US$1 billion in infrastructure, including several museums and a 4,000-seat complex of theaters, studios and concert halls called the Esplanade, which opened in 2002, and spiced up its arts programming with diversity and a regional flavor.”

singapore esplanade

The Esplanade, Singapore

The benefits of Singapore’s art initiatives are already apparent. According to Singapore’s National Arts Council “between 1997 and 2007, the ‘vibrancy’ of the local art scene, measured by the number of performances and exhibition days, quadruped to more than 26,000.”

However, Singapore is still missing a key ingredient to perhaps prosper further: a big art-auction market like Hong Kong’s.

“Some smaller art-auction houses hold sales in Singapore, but the big ones — Christie’s and Sotheby’s — have pulled out and moved their Southeast Asian art auctions to Hong Kong, the former British colony that is home to seven million people and became a Chinese territory in 1997.”

For a city, having the ingredients for a thriving art market creates a virtuous circle. The powerful marketing machines of the big auction houses, including public previews of coming sales, raises awareness and appreciation of art in the community. All this encourages local artists to create more art. And that momentum, in turn, contributes to the development of a city’s broader cultural scene, including music, theater and design.”

Singapore looks ahead

The relationship between big art-auction markets and a thriving art scene can be so entangled that it would appear difficult to navigate a new course in order to adequately compete. Singapore, it seems, is trying anyways.

“Undaunted, Singapore is diligently pushing ahead and has opened several museums and other arts venues while Hong Kong has dithered on the construction of West Kowloon. Christie’s also recently picked Singapore to be the site of a global fine-arts storage facility to open in a duty-free zone in January.”

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Posted in Advisors, Auctions, Biennials, Business of art, China, Chinese, Collectors, Fairs, Hong Kong, Hong Kong artists, Market watch, Shanghai, Singapore, Singaporean, South East Asian, Uncategorized | Tagged: , , , , , , , , , , , , , , , , | 2 Comments »

Contemporary art market in Asia now bigger than US for first time says Artprice

Posted by artradar on November 11, 2009

ASIAN ART MARKET

Visitors enter a Sotheby's auction room in Hong Kong on October 6, 2008 of modern and contemporary art. MIKE CLARKE/AFP/Getty Images

Visitors enter a Sotheby's auction room in Hong Kong for a sale of modern and contemporary art on October 6, 2008.

For the first time ever, the total auction revenue from “contemporary art in Asia” is greater than the total of the United States artprice reports. The statistics are collected from a 12-month period spanning from July 2008 to June 2009. Asia generated €130 million versus the United States’ €123 million. China is the highest gainer out of this trend, having generated €95 million from contemporary art during the same period.  According to the report, this means China is continuing to “hold on to its third place global geographical art auction revenue ranking.”

The establishment of foreign auction houses such as Christie’s, Sotheby’s and Bonhams in Hong Kong, in combination with the financial strength of Hong Kong and Shanghai are to be accredited for China’s position. For those who are looking to begin collecting Asian art, this does not mean that the price of contemporary Chinese art is back up to its sky-high prices of a couple of years ago. Artprice’s report tell us that in the first half of 2008 the average price of contemporary works sold in China was $65,500, however, in the first half of 2009, this average dropped to $26,800.

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Posted in Asia expands, Auctions, Business of art, China, Chinese, Hong Kong, Market watch, Trends | Tagged: , , , , , , , , , , , , , , , , , , , , | 1 Comment »

New auction houses with new strategies open in Singapore art market

Posted by artradar on October 28, 2009

ASIAN ART MARKET TRENDS

Usually, to be a part of the bubbling Asian art market scene, buyers need to associate themselves with industry leaders Christie’s and Sotheby’s for lack of other options. In South East Asia, however, there’s a new way for collectors to discover their contemporary art. According to a recent article by the New York Times, a host of new and smaller auction houses—such as Borobudur, 33 Auction, and Larasati in Singapore—have successfully emerged to “fill in the gaps” of the market, which means they are opening their doors to a broader range of the market, from high-end collectors to first time buyers. So far, sales suggest this may be the right strategy to entice new buyers:

“Last week, sales by two auction houses in Singapore, Borobudur and 33 Auction, brought in a combined $10 million, with the larger sale, by Borobudur, easily beating its pre-sale estimate. Later this month another Singapore auctioneer, Larasati, will offer 160 lots of Asian modern and contemporary art with an estimated value of 2 million Singapore dollars, or $1.4 million.”

A.C. Andre Tananma, "Run Away" 2008. Part of Larasati's Asian Modern and Contemporary Art auction in Singapore on October 25th, 2009.

A.C. Andre Tananma, "Run Away" 2008. Part of Larasati's Asian Modern and Contemporary Art Auction, Singapore, 25 October 2009.

Many of the new auctions houses have developed as off springs from established galleries, such as 33 Auction (Singapore), Maestro Auction House (Jakarta, Singapore) and Kingsley Art Auction (Beijing), as a way of broadening their offerings to current clients, while also becoming accessible to new ones:

“Like everything else, the art market is not immune from the global recession and consequently sales at most galleries have been down for the past 12 months,” said Valentine Willie of Valentine Willie Fine Art, which has galleries in Singapore and Kuala Lumpur, and has in the past helped Borobudur curate its auctions. “Auctions may seem a good way of clearing gallery stock and they offer the possibility for collectors of bargain hunting, especially after the boom of two years ago.”New and smaller auction houses would naturally try to fill in the gaps with more adventurous offerings and lower entry price points because, “the industry leaders, Christie’s and Sotheby’s have a somewhat limited and conservative offering of Southeast Asian art,” Mr. Willie added.”

Some auction houses are targeting the middle class crowd in particular, a demographic rarely cornered by larger and more established auction houses like Christie’s or Sotheby’s. To entice the middle class market, Singapore’s Ziani Fine Art Auction House tactic was to award cash prizes, serve wine, and even offer whiskey tastings at their September 20 debut auction:

“‘When you launch a new business you need to attract new people,” said Frank Veyder, a banker and partner in Ziani, before the auction. “We are very conscious there is a risk that people might think it’s just a fly-by-night, gimmicky house, but we’re holding this auction in a five-star location and we’re offering quality art.

“The pieces are not of the level you would see at Christie’s or Sotheby’s, but we’re not trying to play in that space,” Mr. Veyder added. “Our marketing is targeting to a wider, middle-class crowd.”‘

Though it can be said that the competition between auction houses is good for business, there are some auctioneers that are concerned that the market may have a hard time absorbing everything on offer.  Daniel Komala, chief executive of Larasati Auctioneers, explains:

“‘The art market has bottomed out; in fact, it’s fair to say that it has picked up some speed of late,” Mr. Komala said. “Having said that, the real capacity to absorb, over all, especially in Singapore, is only going to increase by 20-30 percent maximum from its rock bottom level. So, it’s wishful thinking to expect that the market will double up in capacity compared to how it performed six months ago.”

Read more New York Times

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Posted in Auctions, Business of art, Events, Market watch, Overviews, Recession, Singapore | Tagged: , , , , , , , , , , , , , , , , , | Leave a Comment »

Contemporary Indian photography becoming more popular – learn at Sothebys Institute

Posted by artradar on June 4, 2009

INDIA PHOTOGRAPHY ART COURSE

Recent photography from India (and by Indian-born practitioners based overseas) has been steadily gaining in popularity and visibility over the last few years according to the Sothebys Institute.

They will run a short Indian photography course on 15th June from 2-6pm.

This half-day session examines contemporary photographic imagery with reference to India’s colonial past and traces the differences between photographs of India made by Westerners intrigued by its exoticism and photographs made by Indian photographers of their homeland.

Fee: £150

www.sothebysinstitute.com

Timetable:

Monday, 15 June

13.45 – 14.00 Welcome, 30 Bedford Square, London W1CB 3EE; 14.00 – 15.15 The History of Indian Photography, 
Sophie Gordon, Curator of the Royal Photograph Collection, Windsor Castle;
15.15 – 16.30 Contemporary Indian Photography, 
Savita Apte, Specialist in Southeast Asian Art;
16.30 – 16.45 Break;
16.45 – 18.00 Artist Perspective: Shezad Dawood’s Art and Views, 
Shezad Dawood; 

18.00 Champagne Reception. 

The timetable is subject to change. 


 Shezad Dawood, Wildwest
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Asia Art Forum brings exciting lecture series to Hong Kong

Posted by artradar on April 4, 2009

Asia Art Forum, an educational initiative, brings an exciting lecture series to Hong Kong May 2009 after a successful inaugural session in Shanghai in 2008.

YEE I-Lann Sulu Stories: The Landmark 2005 Digital print 61 x 183 cm

YEE I-Lann Sulu Stories: The Landmark 2005 Digital print 61 x 183 cm

This time speakers with on the ground expertise will be flying into Hong Kong from around Asia providing an opportunity for a limited number of collectors, professionals and enthusiasts to learn directly about the latest developments in China, Japan and South-east Asian art. The 3 day event is scheduled May 8-10th taking place just prior to the Hong Kong art fair.

Art Radar Asia is supporting the event and one of our community, Jehan Chu, art advisor and columnist, will be speaking about collecting. Join us there.

title2

Asia Art Forum Hong Kong – the announcement

Asia Art Forum Hong Kong is proud to announce a dynamic series of lectures on Asian Contemporary Art featuring respected members of the Asian contemporary art world. Focusing on the emergence and historical development of contemporary art from China, Japan and Southeast Asia, as well as issues pertaining to the Asian art market and the collection of art, the course provides a unique opportunity for anyone seeking an in depth understanding and knowledge of these emerging areas of art history.

Fostering direct encounters with leading members of the Asian contemporary art community, the program offers privileged access to first-hand information and invaluable insights into these developing areas of Asian art history.

The exclusivity of the Forum enables and encourages the exchange of ideas between guest lectures and participants providing a singular opportunity for art professionals, collectors and enthusiasts with an interest in these burgeoning regions currently driving a major transformation of the international art world.

The seminar will take place in Hong Kong over a three day period, 8-10 May. Limited places are available.

Asia Art Forum is an educational initiative in collaboration with Arthub, produced by Pippa Dennis, with consultation from Davide Quadrio and Defne Ayas. 15% of all profits will go to Arthub, a non-profit art and cultural organization which promotes contemporary art creation in China and the rest of Asia.

Asia Art Forum Hong Kong – the programme

China Art Now – Contemporary Art from China

Taking 1979 as the starting point, Philip Tinari will present a critical analysis of this dynamic and fast changing period of Chinese art history. The talk will move forward chronologically focusing on key movements, specific groups and significant exhibitions that form the backbone of the rise of contemporary Chinese art.
Beyond the Superflat – Contemporary Art from Japan

Japan’s art history is deeply embedded in traditional culture and yet absorbed the influences of western modernism and post modernism without losing its identity. The result is a unique artistic expression which has gone on to influcence artists in the west – and never more so than now with the advent of Manga, Anime and video games. This talk will examine the burgeoning contemporary art from this region, looking at why this previously undervalued art has recently captured the world’s attention creating fresh and exciting opportunities for Japan’s artists and art world.
Post Tension and Tradition – Contemporary Art from Southeast Asia

Some of the most interesting and unexpected triumphs at auction and art fairs over the last the last few years has been sparked by artists working in this region. Adeline Ooi will seek to unpick the rich and diverse art histories emerging from this area, focusing on key artists and movements.
The Asian Art Market

Jeremy Wingfield, Phillips de Pury’s China specialist, will be providing essential background and up to date information on the dynamic Asian Art Market. His candid approach will deliver invaluable insight into the current situation, with special focus on the fresh opportunities available to collectors, institutions and art professionals.

For more information Asia Art Forum website or email info@asiaartforum.com

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13 Korean artists in survey at Singapore Museum to March 2009 – IHT

Posted by artradar on December 5, 2008

Yim Tae-kyu 'Fly Away Home'
Yim Tae-kyu ‘Fly Away Home’

KOREAN ART SINGAPORE

Singapore Art Museum 8 November 2008 – 15 March 2009

Over the past six decades, Korea has witnessed enormous economic and social changes that artists have responded to with a diverse range of approaches, as they grappled with tensions between tradition and modernism, and issues of industrialization and urbanization. Two main ideological movements have emerged, one trying to transcend tradition, and the other trying to rediscover it, yet both have one common quest: finding a strong cultural identity.The exhibition, “Transcendence: Modernity and Beyond in Korean Art,” at the Singapore Art Museum, examines the development of Korean art from the 1950s to the present as seen through the works of 13 artists.

“From a broad perspective, modern Korean art may be seen to be oscillating between two seemingly divergent approaches. On one hand, there seems to be an effort to transcend traditional forms; yet, on the other, many artists have been attempting to rediscover the spirit of traditional art,” said Suenne Megan Tan, one of the two curators of the exhibition, “The idea is really to give visitors a good taste of Korean art over the last 50 years.”

Section 1: 1950s Korean Modernism

The show, which runs until March 15, has three broadly themed sections. The first part looks at the origins of Korean Modernism in the 1950s and focuses on three major artists: Park Seo Bo, Lee Ufan and Kim Tschang Yeul. “They’re generally regarded as key artists that have helped move Korean art into modernity,” Tan said.

Informel period

After the Korean War (1950-1953), artists started to seek new ways of expression, while reflecting on the scars of the war. “I think poverty was really the origin of creation for many artists right after the civil war,” Park said recently through an interpreter while in town for the opening of the show. “There was no food, no job opportunity, everything had gone back to ashes; all conventional values and ideas were laid naked and bare. I had to raise questions.”

Between 1957 and 1965, Park was one of the leading forces behind the Korean Informel movement, the first major abstract movement in Korea to challenge the established Japanese-mediated, French Impressionism style (Korea was under Japanese rule between 1910-1940). Informel works often used rough brushwork and mixed media on a large-scale canvas with strong color in an abstract style. Yet, although artists were looking at ways to experiment, they also sought to adapt abstract principles and include some Korean iconography in their works, noted Choi Eun Ju, guest curator for the show and branch director of the National Museum of Contemporary Art, Deoksugung in Seoul.

 Monochronism

Park was also a key player in another important Korean art movement, Monochromism, which he defined as the synthesis between the traditional Korean spirit and contemporary art. Proponents of this 1970s movement, which included Lee Ufan, emphasized the color white, a color often associated with the “spirit” of the Korean people.

Today, Park’s works are characterized by the use of soaked Korean mulberry paper mixed with glue, which he then manipulates on the canvas with constant strokes using a small wooden tool to create small, equidistantly spaced paper ridges. Through the repetitive, rhythmic force on the canvas, the artist says he is striving to reach “something absolute.”

“For me, painting has become a mere tool and method to cleanse and purify myself,” the 77-year-old artist said, likening his work to chanting in a temple.

Although they have different backgrounds – Park was trained in Korea, Lee in Japan and Kim in Europe and the United States – all three have imbued their works with Korean sensibilities, aesthetics and philosophy, Tan pointed out. Kim, who is best known for the translucent water drops on his paintings, has introduced Chinese characters in his work, an intrinsic part of Korean culture because of the neighboring country’s influence on Korea over the centuries.

Section 2: 1970s- 1980s

The second part of the exhibition looks at the generation of artists who emerged in the late 1970s and early 1980s, and who started to incorporate everyday objects into their canvas and to work in a more figurative style.

One of them, Kim Kang Yong, has become known as “the brick artist” because of his use of sand on canvases to depict bricks in various permutations.

“My work is very much about the industrialization of our society,” Kim said. “I first started using grains of sand and bricks as a reflection on individuality and the role of individuals in nation-building. But today, I’m using the motif more as an aesthetic tool.” Sometimes the bricks are arranged in a grid-like format, conveying the beauty of order; in others, they tumble toward the viewers, conveying turbulence.

Several of the other artists shown in this section, such as Lee Yong Deok, Cheong Kwang Ho and Lee Lee Nam, have been stretching the notion of the painting medium. Lee Young Deok, for example, first sculpts a figure then creates a cast of it and uses that mold as his final art work, thus offering the viewer a “negative” of his sculpture. Cheong Kwang Ho uses thin copper wire to create three-dimensional, see-through sculptures that have a certain weightlessness to them as though drawn in the air. Using video, Lee Lee Nam gives viewers of his “moving paintings” an opportunity to reflect on the passing of time and to question what is real. Using traditional Chinese landscapes in digital format, he “transforms” them, slowly changing the landscape – modern skyscrapers appear and disappear amid a traditional mountain landscape, or snow starts to fall.

Section 3: 1990s

The remainder of the show focuses on Korean art of the 1990s, which has largely been a reaction to the modernism of the ’70s and ’80s, showing a greater concern with the social function of art. “The contemporary generation goes beyond visual aesthetics and pushing the boundaries of the medium; rather, their art reflects their social concerns for the individual, the marginalized, as well as the tensions that exist within society,” Tan said.

Yim Tae Kyu, for example, started his “marginal man” series in 2002 as solitary melancholic figures that have evolved into a more optimistic and colorful series based on childhood imagery. “I first started with black and white works, looking at people alienated from society. But I then began to see that these people have dreams, hopes, aspirations. I felt marginalized because I was an artist, but I also started to have my own dreams; that’s when I started using color,” said Yim, who recently moved to Beijing: “I think the Beijing art scene is very experimental right now; I want to feel the vibes.”

Tan said that in the 1990s art took on a public function. “In the case of an artist like Kang Ik Joong,” she said, “art is used as an important tool in fostering connectivity across geographical boundaries and cultures.”

Kang has described himself as a collector of people’s dreams, translating those onto miniature canvases, providing “windows” into the hopes and dreams of the people he meets.

International Herald Tribune

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Art professionals cautiously optimistic about Asian art – AFP

Posted by artradar on November 29, 2008

HONG KONG AUCTION SALES

The art world is eyeing Hong Kong for the latest litmus test of how prices are holding up amid the global financial crisis, with experts cautiously upbeat about the future of the Asian market.The frenzied scramble to own contemporary works has fizzled quickly as economic realities have started to bite.

London felt the chill in October when two big sales fell short of previous highs just a month after a record-shattering auction of works by Damien Hirst.

Earlier this month in New York, Sotheby’s slashed prices for much-hyped contemporary art works and Francis Bacon’s 1964 “Study for Self Portrait” failed to sell in a Christie’s auction in the city.

At the beginning of October, Sotheby’s autumn sale in Hong Kong, which included modern and contemporary Asian art as well as classical works, brought in 1.1 billion Hong Kong dollars (142 million US dollars), about half of the pre-sale estimate.

In a sale of modern and contemporary Asian art at the Sotheby’s sale, 40 percent of lots remained unsold and the figures were even worse for 20th century Chinese art, with 65 percent of lots failing to find buyers.

Now attention turns back to Hong Kong, where Christie’s is set to launch its five-day autumn sale from November 29.

Art prices have adjusted down 30-50%

Anders Petterson, managing director of London-based art market research company ArtTactic.com, said the contemporary art market has already corrected significantly since hitting peaks earlier this year.

“Prices have been adjusted down 30-50 percent depending on the work and the artist. This brings us back to 2006 levels, but prices are likely to have some time to go before we have reached an equilibrium. This will also depend on how deep the recession in the United States and Europe will become,” he said.

“The correction we see in the Western art markets will spread to emerging markets, with both China and India already starting to feel the pinch.

“Upcoming sales in Hong Kong and in India will give us a better sense of the market sentiment.”

Despite the barrage of gloomy economic news and the falling prices, Jonathan Stone, Christie’s international business director for Asian art, remains upbeat about his upcoming sale.

“It’s a slightly new world we’re in compared with six months ago and I think we need to see where we are. I think overall I am cautiously optimistic.

“There are some very good works and I do believe that any time there are good works will always provide solid results,” he said, adding that price falls could make it easier for collectors to come back into the market.

Stone picks out one of the highlights of the upcoming auction in Hong Kong as being a group of works of Chinese contemporary art from the collection of American filmmaker Oliver Stone.

Another star lot is Zeng Fanzhi’s “From the Masses, To the Masses,” expected to fetch about 30 million Hong Kong dollars.

Expanding interest in Indonesian and Filipino works

For Hong Kong-based art consultant Kate Evans, it is difficult to predict which way the market is heading in the short term, although she presents a more nuanced picture of the scene.

“There is still a market for Asian art, albeit at much lower prices,” she said. “Collectors’ interest is expanding into much more affordable Southeast Asian contemporary art, particularly Indonesian and Filipino art.”

This was shown at the Sotheby’s October sale in Hong Kong, where the modern and contemporary Southeast Asian paintings sale was a high point.

In that category, Indonesian artist I Nyoman Masriadi’s “The Man From Bantul (The Final Round)” sold for almost eight million Hong Kong dollars, a world record for contemporary Southeast Asian art.

Despite the bracing economic circumstances, Hong Kong gallery owner Katie de Tilly reports that business has been brisk in the past couple of months but adds: “We know it’s going to slow down a lot.”

Value in Vietnam and Thailand

The owner of 10 Chancery Lane Gallery said there was great value in works from countries such as Vietnam, Thailand and Indonesia and that the Chinese market will remain strong in the long term.

She said the price correction was “a really great opportunity to buy because important works will always be important works” and there is more room to negotiate.

Time of buying opportunities

Evans, who runs the Art Radar Asia advisory firm, agreed, saying: “I believe there is a strong case for buying now because the long-term trends support an increase in value for Asian art in particular.”

ArtTactic.com’s Petterson is also positive, saying he sees “this as a time of opportunities, there will be less competition, less hype”.

“The market will revert to focus on the art and its cultural and historical value and importance, so for the long-term player this is a buyer’s market,” he said.

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