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

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.

 

 

© 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'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.

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

Related Information and Posts:

• Contemporary art market Asia now bigger than US for first time says Artprice – November 2009
• Liquidity propels prices, Chinese Political Pop is back – Sothebys Contemporary Asian Art Auction 2009 Hong Kong – October 2009
• Outlook for Chinese art market – interview Larry Warsh – Arttactic podcast – May 2009

Subscribe to Art Radar Asia for more market and auction house news

SF/KCE

Liquidity propels prices, Chinese Political Pop is back – Sothebys Contemporary Asian Art Auction 2009 Hong Kong

SOTHEBY’S AUCTIONS HONG KONG CONTEMPORARY ASIAN ART

Although called a Contemporary Asian Art auction, this sale was dominated by Chinese artists which was a canny move by Sotheby’s given that mainland liquidity is driving prices of property in Hong Kong to record high prices of US$1,000 per square foot and sending Chinese stock markets soaring. According to Bloomberg, Chinese money supply has grown by 55% since the beginning of 2007 compared with 20% in the UK and US.

Some of this liquidity has found its way into the art market at this auction. Mainland buyers were active and revealed some surprising preferences.

Hong Kong artists back in a second showcase

Sotheby’s followed up its inaugural and successful showcase of 8 Hong Kong artists in the ‘Spring auction earlier this year with an expanded selection of works by 10 artists. Affordable prices meant that all but two of the works found buyers with successful bids mostly coming in around estimates.  

Simon Go, Hong Kong Old Shops, Inkjet on Bamboo Paper

Works by two artists, sculptor Danny Lee and photographer Simon Go who were both new to the auction this year, did better than estimates. Danny Lee produces stainless steel sculptures which are reminiscent  – though in a more organic liquid form -  of the stainless steel scholar rocks made by the world-renowned sculptor Zhan Wang  whose works have been collected by institutions such as the British Museum . Danny Lee’s Mountain and Stream IV sold for HK$170,000 against a top estimate of HK$160,000 (before premium). (US$1 = HK$7.7)

Danny Lee, Mountain and Stream IV, Steel wood

Simon Go’s set of 2 photographic works called Hong Kong Old Shops: Wing Wo Grocery and Keng Ming Mirror Shop achieved a price of HK$80,000 against an estimate of HK$30-50,000 (before premium). This lot points to several collector trends. According to Larry Warsh, a New York-based dealer, there is a growing interest in Chinese photography and Wing Wo Grocery ( an image of a family clan in an old-style grocery shop from the colonial era recently shut down in preparation for urban renewal) embodies trends identified at an ArtInsight seminar last month called ’Trends and Opportunities in Photography” . The panelists identified documentary photography and ’slice of lif’e’ photography as hot areas for collectors now.

The biggest story of the Hong Kong part of the sale was Tsang Tsou Choi’s calligraphy which saw excited bidding between several bidders in the room and on the phone resulting in a price (before premium) of HK$400,000 which was 8 times the lower estimate of HK$50,000. Work by this artist now deceased was also a surprising success in the Spring 2009 auction perhaps because of local media and public interest in the eccentric behaviour he displayed in his long art career.

Tsang Tsou Choi, Calligraphy, Acrylic on Canvas

In our Sotheby’s Spring 2009 auction post we wrote:

Tsang, Tsou Chin aka The Kowloon Emperor is a Hong Kong legend, famous for his calligraphy graffiti which he painted on public furniture. Undeterred by numerous warnings he roamed the streets for 50 years laying down his family genealogy and his personal history as an emperor in exile in blatant defiance of the Queen and English colonial rule. Deemed a lunatic by some, he was nevertheless recognised when in 2003 he became the very first Hong Kong artist to exhibit at the Venice Biennale.

Cynical Realist artists are back

In the next section of the sale a series of Chinese sixties-born artists, many from the Cynical Realist and Political Pop movements (Yue Minjun,  Feng Zhenghjie,  Zeng Fanzhi, Fang Lijun, Zhang Xiaogang) came under the hammer with hefty estimates of several hundred thousand and up to around $5 million per lot.

Yue Minjun, Hats Series - The Lovers, Oil on Canvas

On a visit to London last month Art Radar heard several Western commentators describing Chinese art as ‘old’, ‘tired’ and ‘done’. This auction showed clearly that there are keen buyers for Chinese artists of this era who are willing to pay robust prices. Room bidders were mainly middle-aged Chinese men, who are perhaps collectors or more likely dealers for a growing middle class market in the mainland. Most lots in this section sold at estimate and some well above. Yue Minjun’s ‘Hats Series – The Lovers’ attracted several room bidders and a phone bidder eventually selling for HK$5.3m against a top estimate of HK$3.5m.

Institution-endorsed Chinese artists of the  fifties and sixties meet price resistance

Wang Keping, Untitled, Wood

It is no secret that Western critics regard some of the Cynical Realist artists as lightweight and lacking in intellectual rigour.  Instead major institutions such as the Royal Academy and British Museum in London have favoured and endorsed other mid-century born artists such as gunpowder artist Cai Guo-Qiang and Xu Bing, famous for his invented calligraphy . These artists sold well at lower price levels but lots with high estimates met resistance and failed. Cai Guo-Qiang’s Money Net No 2, part of Royal Academy of Art Project (estimate HK$4.7m – 5.5m) and Xu Bing’s Silkwom Series – The Foolish Old Man Who Tried to Remove the Mountain (estimate HK$5m – 5.5m) were bought in.

Frowns for part-increment bids

What we did see at this auction was a much stronger resistance by the two auctioneers in this marathon four-and-a-half  hour sale to partial bids. In recent auctions we have seen bidders make counter-offer bids at increments lower than standard. In the recent past these were accepted with alacrity by genial auctioneers. At this auction bidders were left waiting, frowned at and as often as not turned down.

Zhang Huan upset

 

Zhang Huan, My New York, Chromogenic Print

Zhang Huan

, formerly a performance artist and more recently a sculptor and installation artist known for his works in ash and animal skins had 5 lots in the sale. Despite  backing by big-boy galleries in London and New York (Zhang Huan currently has an installation at White Cube in Picadilly London) four of his works including two sculptures and two chromogenic prints were bought in. The only work which was successful was a chromogenic print (numbered 3/8) recording his early endurance performance art which sees him running barefoot along the streets covered in raw meat. This work exemplifies another trend identified at the Artinsight photography seminar: growing interest in photographic documentation of performance art.

 

 

Sculpture mixed

Sculpture had a mixed performance. Apart from Zhang Huan’s two failed lots and one by Hong Kong artist Kum Chi Keung, there was a surprise pass on Japanese artist Yayoi Kusama’s pink polyester mannequin Self-Obliteration (estimate $550-650,000). Most of the rest of the ten or so sculptures including Wang Keping’s wooden female forms, Zhang Wan’s scholar rocks, kitsch sculptures by the Luo Brothers and Huang Yan and a run of five works featuring sculpted heads  and figures (by various artists) sold at or above estimate.

Li Hui, Amber Dragon, Neon and steel

Two lots by neon and steel sculptor Li Hui (1977) were highly sought after and attracted across-the-room bidding. Both pieces were purchased by an Asian family who were active bidders in the preceding sale of South East Asian art. The family also acquired an acrylic on canvas by Japanese artist Hiroyuki Matsuura and another by Ryuki Yamamoto. Traditionally collectors’ interests cluster geographically and more often than not collectors prefer to buy their national artists though there have been signs of changes. Despite the recession there is still momentum  behind this trend of pan-Asia buying.

Chinese photography fluid bidding

A handful of photographs were scattered through the sale but the bulk was found in an eleven lot run in the middle.  This run featured sixties-born Chinese photographers such as Hai Bo, Hong Hao, Wang Qingsong, Huang Yan, Cang Xin and Sheng Qi who were active in the nineties and many of whom came to international prominence in 2004 with Christopher Phillips’ seminal exhibition Between Past and Future at the International Center of Photography in New York. Since then major US institutions have been collecting the work of this group as we reported in April 2009:

Hai Bo, Red Guard, Chromogenic Print and Gelatin Silver Print

The J. Paul Getty Museum is the latest institution to add works by Chinese contemporary artists to its holdings. Others include New York’s Museum of Modern Art, which recently acquired 28 works for its photography collection, the Museum of Contemporary Art in Los Angeles, and the Brooklyn Museum, as well as global institutions such as the Tate and the Pompidou Center.

 

“The acquisition of these works (Wang Qingsong, Hai Bo) affirms an important new direction for the Getty,” says noted photography dealer and collector Daniel Wolf, who helped establish the museum’s collection in the 1980s. “It reflects an interest in expanding the collection in this category.”

Prices were affordable and bidding was fluid. While editions were limited to the 8-20 range and many of the lots were made up of multiple images, sales were made at estimates which were surprisingly affordable. Most lots sold for between HK$40-75,000. Wang Qingsong’s triptych photograph Past Present, Future which sold at estimate for HK$260,000 was the exception.  One buyer snapped up several lots.

One upset was lot 765 by Cao Fei which was passed in. Her works are inspired by the internet, video games, role-playing and the virtual world and she has received wide coverage in London and beyond after a recent show at Battersea Power Station organised in conjunction with the Serpentine Gallery.

Japanese and Korean art

 The sale was dominated by Chinese artists but there was a run of cartoon-style art, many by young Japanese artists, a third of the way through the sale which sold at prices HK$50-150,000. Heavyweight Japanese artists were priced much higher but did not always sell or meet the estimate.  Yoshimoto Nara’s It’s Everything sold at HK$3.3m compared with an estimate of HK$3.8-HK$5m. Work by Yoshitaka Amano (described by Time Out as ”the Japanese anime legend behind the Final Fantasy video game” and who attracted spirited phone bidding in the spring sale 2009) was passed in. Takashi Murakami was the exception achieving HK$520,000 for an untitled 1/50 edition screenprint carrying an estimate of just HK$50-70,000. Korean works also achieved mixed results. 

Long long auction

The final run of 11 lots saw 6 passes despite affordable prices. This result is probably not worth analysing in depth as it likely had more to do with the numbing length of the 4-5 hour 2 auctioneer sale which saw a packed room of 200 or so dwindle away to 30 or 40 tired stalwarts at what felt like the dog-end of the sale. Perhaps Sotheby’s who charged for coffee and catalogues again this year is still in cost-slashing mode. Let’s hope that by next year there will be enough new money supply for a return to more coffee breaks and free coffee.

Related posts:

• Outlook for Chinese art market – Larry Warsh podcast – May 09
• Hong Kong artists showcased for first time at Sotheby’s – Apr 09
• Getty acquires Chinese contemporary photographs by Hai Bo, Wang Qingsong – Apr 09
• Japanese art scene – changes and trends – Apr 09
• What inspires Zhang Huan and why he is taking a break from performance art – video – Feb 09
• Emerging Chinese artist Cao Fei’s first solo exhibition in Germany – Jan 09
• Emerging Chinese conceptual artist Li Hui defies recession Christies 2008 – Dec 08

Subscribe to Art Radar for market news

Trends and opportunities in the contemporary photography market

PHOTOGRAPHY MARKET TRENDS

At a seminar held in London in September 2009 organised by ArtInsight three London-based photography market experts from a fund, a gallery and a major auction house shared their views on the most promising opportunities and interesting trends in photography today.

We attended the seminar and have teased out surprising facts and intriguing assertions for you to mull.

Background to the photography market

• First photography auction was held in 1971 initiated by Sotheby’s.
• Over the past 15 years, this medium has out-performed every other major medium including sculpture, prints, painting and sculpture.

In its early history this sector of the art market encountered resistance with buyers concerned that the works were not unique and therefore were not a viable investment. The development of controlled limited editioning in the seventies helped allay fears and the market saw steady but modest growth.

This all changed in 1989/1990 which marked the 150th anniversary of the introduction of photography and the market experienced a 45% leap in sales. Further steady growth marked the next 15 years until 2005 after which sales took off. 2006 saw the highest price ever paid for a photograph …US$2.6m.

• Today photography accounts for 2% of total auction sales compared with 75% for painting and 11% for drawing and watercolour.
• Photography has proved to be one of the least volatile sectors in the art market.
• 9 photographs have broken the US$1m level including work by Japanese-American Hiroshi Sugimoto.

Why has interest in and sales of photography increased?

Nobody know for sure but various reasons have been offered including relative affordability, the introduction of controlled editioning, a loyal customer base and increased market transparency.

Photography trends

There is growing interest and, arguably, opportunities in the following four subsectors of photography:

• fashion and celebrity photography
• reportage-style photography
• phot0graphs recording ephemeral art forms such as performance art and land art
• “slice of life” photography – a vernacular style dealing the everyday real life as its subject

Brett Rogers of the Photographers Gallery noted the development of a sub-genre she called “constructive fiction” which blurs the boundaries between fact and fiction crossing the techniques of the photo-journalist and fine artist.

In an interesting twist she forsees gains for collectors of photography books and advises buying first editions and examples of rare, early books. Explaining that books usually feature the very best of an artist’s work, photography books can deliver enormous joy as well as potential financial dividends.

Matt Carey-Williams, Director of Christies Post-War and Contemporary Art recommended photographs from the 1930s to 1950s – a seminal period in the development of photography as an art form – and which he believes are “massively undervalued”.

Global opportunities in photography

During question time, the panel was asked where they saw opportunities in emerging countries and the following recommendations were made.

• Visit Sharjah and Biennial and Art Dubai to see interesting work from the Middle East and Iran.
• Explore Central Asian countries.
• Korea has huge potential.
• Female Indian artists are producing some interesting work.

It was agreed that Chinese photography seemed “a little old” though Matt Carey-Williams said that it would look “remarkably fresh again in twenty years”.

Current challenges facing the market

Conservation of photographs- One of the most pressing challenges today is developing guidelines for acceptable conservation work. Colour photographs fade and some artists and galleries will ”refresh” (reprint) the works and some refuse. As museums are beginning to collect contemporary photography on a large scale, panellists felt that it was likely that this issue would be resolved

Is photography a separate genre? – Recognising that artists now work in many media. there are questions about whether it is appropriate or useful to dedicate parts of the market such as galleries or funds exclusively to photography. Matt Carey-Williams explained that as an auctioneer he regards artists as artists first and photographers second. Brett Rogers noted that this trend away from a specialisation in photography is due to a change in the way art schools teach. A consequence of a broadening of focus though is that less attention is given to technique. Image is more important than technique for young photographers today.

(Editor’s note: It is may also be a sign of market maturity – specialist focus marketing and promotion is necessary for an emerging section of the market. Today many if not most contemporary art galleries show photography as a matter of course. Just as photography is integral to and fully-accepted in today’s art world on equal terms with other media we at Art Radar are looking forward to the day Asian art is given equal weight with other geographies in art media and we can drop Asia from our name).

Related posts:

• Surprising new direction taken by Saatchi stars Sun Yuan and Peng Yu – interview – Sep 09 – Chinese artists discuss their version of “slice of life” photography on show in HK
• Abu Dhabi art – a major new art calendar event just announced – July 09
• Hiroshi Sugimoto – 4 fascinating video interviews – May 09 – see his fact merging with fiction work in his photographs which mimic paintings of real historical figures
• Who are the top artists at art fairs?- Mar 09 – The extent to which Asian artists is excluded is painfully evident and explains why Art Radar chooses to focus on Asian art in a small attempt at redress.
• Making the art market transparent – the Artprice story video – Apr 09
• Sotheby’s inaugural sale of contemporary Turkish art - video of 5 artists – Feb 09 – Nasif Topcuoglu is a photographer who reconstructs Baroque paintings with contemporary youths replacing the original figures – a good example of the trend of crossing fact and fiction.

Subscribe to Art Radar Asia for market news and trends

Collector Ciclitira, founder of Korean Eye, makes big plans for Korean art

KOREAN ART

If you have an interest in Korean contemporary art, be sure to make time for the latest 20 minute podcast from Arttactic, a London-based research house.

In it, British collector and sports promoter David Ciclitira, together with Rodman Primack, Phillip de Pury’s London chairman, discuss Korean Eye, a multi-year initiative founded by Ciclitira which aims to promote Korean contemporary art to a Western and ultimately international audience.

Hyung Koo Kang, Woman, 2009

Korean Eye is holding its first 31 artist exhibition at The Saatchi Gallery in London until 5 July 2009 and the exhibition catalogue is available online. “This space in London is the iconic space right now, it has three to four thousand people a day going through the space in 20 days, so we’ll have 60 to 80 thousand people coming through, so that will be good” says Ciclitira in an interview with Art Market Monitor.

None of it’s from my collection. It’s all brand new. It’s all for sale. I’ve built up a collection of Korean contemporary art in the last two or three years. But I asked a young curator to put the show together, so it’s his choice of artists. I don’t necessarily agree with all of it, but when you hire a curator, you let them do it.

Later Ciclitira plans to bring a larger Korean Eye-branded show to other ‘markets’  including perhaps Singapore, Abu Dhabi and Hong Kong.

Seung Wook Sim, black mutated ornamentation 2007, hot glue on steel frame

‘The Korean Eye’ initiative is interesting on several fronts:

1. Bringing Korean art to the West

Korean contemporary art has, as yet, had little exposure in the West.

Chinese and Japanese contemporary art have already received academic and critical attention from universities and museums in Western cultures. However unlike Japanese art which has experienced long international exposure and Chinese art which has strong national support from economic growth, Korean art is in the shadows. note 1

Ciclitira points out in the podcast that although show catalogues produced in Korea are of a high quality, there is not yet a bilingual book on Korean contemporary art, a gap which ‘Korean Eye’ plans to address in the next 18 months.

Koreans have a 25 year history of collecting Western artists but support for local artists is burgeoning. There has been a growth spurt in the number of Korean galleries in the last 2-3 years and artists are not harnessed to individual galleries. The resulting competitive environment created keen pricing even before the recession. Now the recession is stimulating further discounts. Korean galleries are present at Asian art fairs and have set up galleries across Asia but are still rare further west.

Park Seung Mo, Contrabass

2. Bank sponsorship money can still be found …in Asia

Funds available from bank sponsorship have been thin on the ground since the Lehman collapse in autumn 2008. While the Hong Kong Art Fair ‘09 failed to find a replacement sponsor for Lehman, Ciclitira has had better luck:

I’ve been very fortunate to be sponsored by Standard Chartered. That’s not a bank known to many American people. It’s now Britain’s second-largest bank. It was the only bank that didn’t invest in subprime. It’s in 108 markets around the world. It’s highly profitable. It’s basically a Hong Kong-based business. But it’s the largest single foreign investor in Korea. They bought a major bank there, and it’s a really super bank which supports, locally, art. That’s one of the things that they do. And they’ve been really, really supportive of this project. I have been amazed how much traction we’ve gotten from their involvement. So in this time of recession, they’ve been very helpful and we hopefully get to work together with them in the future to build it in other markets.

3. Branded selling exhibitions – a new style of show

Finally ‘Korean Eye’ represents a new style of branded selling exhibition which brings together a collector’s passion, government support, bank sponsorship and auction house sales expertise.

Somewhat like Saatchi, Ciclitira has a background as a professional promoter and an ongoing passion for art. But whereas Saatchi has chosen to exhibit his own self-curated non-selling shows, Ciclitira makes no bones about his plans to develop ‘Korean Eye’ as a brand of selling shows. While he admits to having experienced a steep learning curve:

What I’ve found interesting in this whole learning process is how unsophisticated the art world is, because when you work in major sports events, there are more dates, so much more research, everything is television linked to media values, and art feels amateur when you look at how they do things, and it’s no small wonder that when they need to raise massive money, they find it quite hard.

Collectors who, in the later stages of the their collecting career, want to be involved with supporting the evolution of art, come from backgrounds of all kinds. It will be fascinating to watch what kind of influence this sports promoter will bring to the democratisation of art through branding and media involvement.

I worked a long time with UBS, and I have access to all their research, and their research, number one for their clients was golf. Art came in third, I think, classic cars or wine were second. The reality is, it’s out there. I believe the art market goes beyond your top bracket. My people all started saying, “The chairman’s crazy, he’s going to do this,” and they’ve all ended up loving it. “Can I get my bonus in a piece of work?”

The problem with the art world is that they’re a bunch of snobs. The reality is that gallerists make people feel as if they’re not wanted, and I think this is part of the breaking down of what will happen in the next 10 years, more people will want to get involved.

It sounds like Ciclitira is a man with a mission to make that happen.

Note 1 Korean Eye Moon Generation catalogue Page 9, Joon Lee Deputy Director Samsung Museum of Art

Artists

Ayoung Kim, Bahk SeonGhi, Boomoon, Cho Hoon, Choi TaeHoon, Choo JongWan, Debbie Han, Han KiChang, Hong KyongTack, Jang SeungHyo, Jeon Junho, Kang Hyung Koo, Kim Inbai, Kim Joon, Koh MyungKeun, Kwon KiSoo, Lee Dongwook, Lee HyungKoo, Lee LeeNam, Lee Rim, Lee Ufan. Lee Yong Baek, Lee YongDeok. Park JungHyuk, Park SeungMo, Park SungTae, SeungMin Lee, Sim SeungWook, Whang Inkie, Yi HwanKwon, Yoon Jong Seok

Related posts:

• Art Dubai – Who sold what to whom? – Mar 09 – Dubai Royal family buying Korean art
• Troubles for Korean art at home, better reception abroad – Jan 09 – Fakes exposed, fires, forged credentials by a museum director at Samsung Museum resulting in a prison sentence, misused budgets and new taxes hit the home market but Korean galleries open in Beijing and New York, Korean auction houses in HK.
• 13 Korean artists in Singapore Art Museum – Dec 08 – This IHT piece gives an overview of the development of the main movements in modern and contemporary art since the 1950s
• Korean contemporary art spread through Asia threatened by meltdown – Sep 08

Subscribe to Art Radar Asia for the latest trends in Asian art

Troubles for Korean art at home, better reception abroad – Korean Herald, New York Magazine

Lee Yong Deok Singapore Art Museum

KOREAN ART

‘Art Market in Doldrums as Auction Bids Plunge’ shouts the title of a story in Chosun.

The Korean art market is reeling from the economic crisis, with the highest bid prices at domestic art auctions plunging 38.2 percent last year. So Jin-su, professor at Kangnam University and manager at an art market researcher, on Monday released a report on Korea’s art market in 2008, which said the sum of the highest bids at domestic art auctions was W119.1 billion (US$1=W1,314) last year, down 38.2 percent from W192.6 billion in 2007.
Chosun

The art market has seen a downward trend since the end of 2007 after two years of a boom. The financial crisis is a major cause but the Korean art world has stumbled through a series of setbacks in 2008.

Fire and forgeries hit Korean art

•  Flames swallowed Namdaemun, Korea’s 600-year-old National Treasure No. 1, on Feb. 10, breaking the hearts of Koreans.
• Shin Jeong-ah, a former art professor and curator who forged her academic credentials and embezzled gallery money, was sentenced to a year and six months in prison in April.
• Park Soo-keun’s painting “A Wash Place.” was sold for a record 4.52 billion won ($3.4 million) last May but was soon entangled in forgery controversies.
• Other pieces by famous artists such as Kwon Ok-yeon and Do Sang-bok were put up at auction but were exposed as fake by the artists themselves or their surviving family. The auctions were canceled at the last minute.

Vacancies and misuse of budgets in art institutions

Important instutions and galleries were left with gaping holes in their ranks and budgets.

Hong Ra-hee, the former head of the Samsung Museum of Art, Leeum and who was selected as the most powerful figure in Korean art industry, announced that she would no longer participate in any of Leeum’s business when she resigned earlier this year. Her resignation was the result of the accusation that she used some of Samsung’s slush funds to supplement her collection of paintings. Roy Lichtenstein’s painting, “Happy Tears,” was at the center of the controversy.

Kim Yun-su, the former director of the National Museum of Contemporary Arts, was dismissed in November, accused of buying Marcel Duchamp’s installation art “La Boite en Valise” for an inappropriately high 600 million won without going through proper purchasing procedures.

Kim Jeong-heon, former chairman of the Arts Council Korea, was also released from the office in December for a similar reason, the misuse of the council’s budget. He was blamed for an investment loss of 5.4 billion won, which allegedly came in the form of regulations violations.

Gallery, fair and auction sales at home down

According to the Korean Herald gallery insiders say ‘with a big sigh that this year was the worst in sales ever’.

The art auction market, which was worth over 192.6 billion won last year, dropped over 40 percent, to 114.9 billion won. More than 80 percent of the bid was successful last year but this year, only 50 percent managed to sell. New auction companies such as D auction and Open auction are delaying the opening of their businesses.

It is the same situation with biennales and art fairs. Many opened this year, including Gwangju Biennale, Busan Biennale, Daegu Photo Biennale and Korea International Art Fair.

In size and quality, they left nothing to be desired. Most of them succeeded in attracting their most visitors ever, as 360 thousand visited Gwangju and 160 visited Busan during the period.The fairs, however, did not result in good sales. More than 61 thousand visitors entered the KIAF this year, but the sales dropped from 17.5 billion won last year to 14 billion won.

New tax on art introduced

Starting from 2011, art pieces that cost more than 60 million won will be taxable. Works of Korean artists are excluded but

galleries worry that the real-name dealings system will make the art market shrink even more, considering how art collectors usually do not open to the public the specifics of the dealings. They also question how exactly the government will be able to estimate the prices of each art piece.

Opportunities in the gloom: Koreans move into world market

A light of hope does shine on the troubled art industry, though. Some auction companies and art galleries are paving their way into the world market, trying to survive through the depression.

Seoul Auction and K auction, the top two auction companies in Korea advanced into Hong Kong and Macao this year and are putting up a good fight. Seoul Auction sold Lichtenstein’s “Still Life with Stretcher, Mirror, Bowl of Fruit” at 9.3 billion won in Hong Kong.

Arario Gallery, Gallery Hyundai, and PKM gallery opened in China, Arario Gallery and Gana Art Gallery in New York, and Pyo Gallery in Los Angeles in the United States.

Korean Herald

 And it seems as if the strategy of going global might just have a chance. At Art Basel Miami in December 2008, Korean art sold strongly and conceptualist and sculptor Hyungkoo Lee was a big hit says  New York  Magazine

More posts on Korean art, market watch, globalisation, recession, art fairs

• Thirteen Korean artists at Singapore museum until March 2009 – review IHT a useful summary of the main movements in recent contemporary Korean art
• Korean art’s spread through Asia threatened by meltdown September 2008

Subscribe to Art Radar for latest news on art globalisation and price trends

Seminars on Turkish, Brazilian, Korean and African art markets London spring 2009

EMERGING ART MARKET SEMINARS

ArtInsight, the events partner of ArtTactic will hold a series of exclusive evening Seminars & Receptionson focusing on four dynamic new art markets  ”each contributing to a major transformation in the global art market, and presenting fresh opportunities for collectors, institutions, & art professionals”.
Each Seminar will include an in-depth panel discussion, led by Anders Petterson (ArtTactic Founder & MD), which will provide essential background and insider knowledge of the particular art market together with insights from leading figures in each market; key collectors, senior auction house executives, gallerists, journalists & critics.
The Turkish Art Market : February 24th, 2009
The Brazilian Art Market : March 10th, 2009
The Korean Art Market : March 24th, 2009
The African Art Market : April 21st, 2009

For more info about the seminars http://www.artinsight.co.uk/downloads/EmMktSeries08MEast.pdf

For more posts about courses, Korean art, reports from London

Related posts:

• Art buying in a bear market seminar Sotheby’s Institute London in February 2009
• ICA talk with Russian photographer video artist Olga Chernysheva in London January 2009

Subscribe to Art Radar for courses about emerging art scenes

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

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

Ten must see Korean artists including MoMA artist Jung Yeondoo in Hong Kong show – The Standard

KOREAN ART

Diverse works by 10 Korean contemporary artists including MOMA acquired artist Jung Yeon Doo are now on display for the exhibition To Have or To Be, organized by the Korea Foundation at Hong Kong Visual Arts until 4 December 2008.
“Korean artists are more abstract than the Chinese or Japanese,” said curator Choi Eun Ju, director of the National Museum of Art in Deoksugung. “Chinese artists tend to be cynical, the Japanese like to reflect their pop culture, while the Koreans do art for art’s sake to reflect their own feeling.”

Take Hong Soo Yeun for example, whose work features abstract shapes on a red canvas. “To me, image or figure doesn’t mean anything. My piece is called Casting Call because it’s up to the interpretation of the audience,” she said.

There are two works by Yee Sook Yung, one featuring four similar paintings of female shamans holding herbs and white vases. A similar theme is explored in Translated Vases, which Yee pieces together pieces of broken vases with gold paint.

“She wants her work to have a healing function, as everything she draws symbolizes longevity. The sculpture illustrates the possibility of rejects being reborn into beautiful things,” says Choi.

Meanwhile, surrealist Jung Yeon Doo uses edited photos to show the contradiction between dreams and reality. “Jung helps the characters in his work to fulfill their dreams by putting them into a picture he created. But he leaves traces of the fake combination behind to remind us of the difference between fantasy and reality,” said Choi. (Read original story in The Standard )

The New York Museum of Modern Art (MoMA) has recently acquired the media work “Documentary Nostalgia” by Korean artist Jung Yeon-doo. He becomes the second Korean whose work has been purchased by the world-renowned museum, following former Nam June Paik, a performer and artist widely considered the inventor of video art. Read more

More stories on Korean art, recent art reports from Hong Kong, more images on website Jung Yeon Doo

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Ravenel Art announces first Hong Kong auction of modern and contemporary art

Hino Korehiko My Elegance

 

AUCTION NEWS HONG KONG

In a move which supports the growing status of Hong Kong as Asia’s art market hub, Taiwanese auction house Ravenel Art announces its first Hong Kong auction of Contemporary and Modern Asian Art on Monday December 1, 2008.

Categories include:
In Modern Chinese Art  works by Sanyu, Zao Wou-ki and Chu Teh-chun will be offered. In the Chinese Contemporary section important works by Zhang Xiaogang, Zeng Fanzhi, Wang Guangyi, Yue Minjun and Yan Pei Ming will come under the hammer.

Ravenel Art will also include works by Korean, Japanese, S. E. Asian and Indian artists. Kim Tschang-yeul and Park Seo-Bo, two of the most important Korean artists will be represented. Paintings by Japanese artists Hino Korehiko and Hiroyuki Matsuura are sure to attract much attention. The S. E. Asian section will include works by Agus Suwage and Budi Kustarto, two of the most sought after artists at the moment. A work by Justin Ponmany, one of the leading Indian contemporary artists will also be on offer.

Zhang Xiaotao Picture of Early Spring

The auction will be held in the Four Seasons Hotel Ballroom, 8 Finance Street, Central, Hong Kong on Monday December 1.

Ravenel Art was founded in 1999 and it holds two annual Spring and Autumn auctions in Taipei and will hold Spring and Autumn auctions in Hong Kong. It specializes in Modern and Contemporary Chinese Art, Korean, Japanese, S. E. Asian and Indian Contemporary Art. The company has offices in Taipei, Hong Kong and Beijing.

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Chinese, Indian leading artists fail to sell at Sotheby’s Asian Art evening sale October 2008

Kang Hyung-Koo

 

 

 

REPORT FROM THE AUCTION ROOM

Big name Chinese and Indian artists and several premium lot artworks failed to sell at Sotheby’s October 2008 evening sale of contemporary and modern Asian art but the sale pointed to a new trend of enthusiastic collecting interest in South East Asian art.

Sotheby’s presented its first evening sale of Asian art in Hong Kong 4 October 2008 following Christie’s lead in the Spring auctions. Although Sotheby’s was more aggressive in the number of lots offered (Sotheby’s 47, Christie’s 32), Sotheby’s sale was generally a more diverse cautious offering compared with Christie’s. Sotheby’s presented:

• artworks covering more time periods (Sotheby’s contemporary and modern, Christie’s contemporary only)
• artworks from more geographical markets ( Both: Chinese, Indian, Korean, Japanese, Sotheby’s added Filipino and Indonesian)
• a greater price range at Sothebys with given estimates ranging from US$13,000 to more than US$3.85 million (Christie’s lowest given estimate was US$64,100 and ranged up to US$3.2m).

The results however could not have been more different. While Christie’s sale was a resounding success Sotheby’s sold only 28 of the 47 lots on offer.

The auction room was packed with all of the 200 or so seats taken and though more seats were brought in 30-40 people had to remain standing at the back. There were two rows of Sothebys staff (30-40 people) taking telephone bids. The auction room hummed with anticipation and got off to a roaring start with the first two lots. Filipino artist Ronald Ventura’s ‘Pinamumugaran’ attracted furious bidding and achieved a price of US$230,000 ex premium compared with estimates in the range US$13,000 to US$23,000. The next lot Indonesian artist Handiwirman Saputra’s ‘Mental Series No 8′ estimated at US$25,000- US$40,000 was also successful and eventually sold for US$140,000 ex premium.

Enthusiasm quickly waned during the next two lots of Indian art: lot 3 by  Thukral and Tagra just exceeded the estimate and lot 4 by Jagannath Panda missed its estimate.

The first big upset was lot 5 Subodh Gupta’s ‘Untitled’ estimated at US$1.5 – 2million. Known as the leading Indian contemporary artist Gupta was the first Indian contemporary artist to be included in international auction sales. Sotheby’s had high hopes for this lot but it failed to meet the reserve and went unsold. This set the tone for the next 7 lots; although the works were by  big name Indian and Chinese contemporary artists only 2 (Zhang Xiaogang and Feng Zhengjie) sold just scraping the bottom end of the estimates.

I Nyoman Masriadi

The remainder of the sale was slow and bidding was sticky apart from a couple of bright spots. Indonesian artist I Nyoman Masriadi’s ‘Sorry Hero, Saya Lupa’ estimated at US$48 – 75,000 attracted wide bidding from the room and phones and was finally sold for over US$500,000. Other artists who attracted several bidders and sold above estimates included Korean artists Lee Bul and Kang Hyung-Koo and Indonesian artists Agus Suwage and Affandi.

Contemporary Chinese artists who failed to sell any works in the sale included Liu Wei, Wang Guangyi, Tang Zhigang, Zeng Fanzhi, Yan Pei-ming, Feng Lijun. Chinese Moderns were not spared and lots by Liao Jichun, Chang Yu, Zhu Dequn were not sold. Other Asian artists who were not successful included Indians Subodh Gupta, Justin Ponmany, Japanese artist Takashi Murakami and founder of new media art Nam June Paik.

Some commentators suggest that this sale has been less successful because it coincides with a structural turning point in buyers’ tastes which are speculative and fad-led by nature and that interest in Chinese contemporary art has been replaced with a new enthusiasm for Korean and South East Asian art.

Fads aside, the correlation between prices of works and demand is certainly striking demonstrating a new price sensitivity by buyers of Asian art. September’s financial meltdown is no doubt the leading cause of the many failures in this sale but other factors may also be involved. The number of auctions and fairs has exploded in the last two years providing excess supply of art just when demand is reducing. This Sotheby’s auction competes with the concurrent Hong Kong International Art and Antiques Fair in which art is shown by over 80 galleries in 5000 sq metres of space on the floor above Sotheby’s sale at the Hong Kong Convention and Exhibition Centre. The Sotheby’s sale also overlaps with Korea’s leading auction house Seoul Auction’s first auction in Hong Kong which is offering high quality Korean Japanese Chinese and Western modern and contemporary works.

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