Sheikh Sultan opens private collection to public putting Sharjah on the UAE art map

PRIVATE COLLECTIONS PUBLIC GALLERIES SHARJAH

In Arabic, the word “barjeel”, from which the Barjeel Art Foundation, Sharjah, takes its name, means “wind tower”. For collector and owner Sheikh Sultan Sooud al-Qassemi, the euphemism does very little to hide his vision – that of an art space where ideas, like air, circulate freely and create a dynamic where art can breathe.

Sheikh Sultan, Barjeel Art Foundation

Housing close to four-hundred and eighty works of art from the Arab world or by Arab artists living elsewhere, the Barjeel Art Foundation’s collection is originally the collection of Sheikh Sultan. In an interview with The National Daily Newspaper in Abu Dhabi earlier this month, Sheikh Sultan said that,

Artists are the conscience of society. It is essential for their work to be seen and appreciated.

Another article on Real Estate Channel, recounts Professor Alma Kadragic’s VIP tour of the gallery space led by the Sheikh himself. Kadragic says,

Many people have visited the gallery over the first five months since it opened, and Sheikh Sultan has personally guided VIPs and others through the collection. The day I visited with a friend, we were joined by two other women, and Sheikh Sultan treated us to descriptions of the works on display and even opened locked doors to show some others kept out of sight in storerooms.

The first exhibition at the Barjeel Art Foundation is called “Peripheral Vision” and features contemporary work made later than 2007 by Arab artists. The show is on until the end of August this year, after which new selections from the Sheikh’s collection will be mounted for show. The foundation is currently not selling any of the works. The premise of the foundation is summed up by Sheikh Sultan:

Layan Shawabkeh, 'Ladies of Gaza', acrylic on canvas.

We want to show how art of the Arab world is nuanced and in a constant state of transformation and renewal. Our mission is to expose different aspects of social, political and geographical landscapes that may be obstructed and out of focus.The works can however be borrowed for exhibition locally or internationally by institutions that will pay for transportation and insurance.

The objective behind the Barjeel Art Foundation is, in Sheikh Sultan’s words,

A foremost goal of Barjeel has been to give the artworks in the collection greater public exposure; making the space accessible for people to come and view a selection of art in rotating exhibitions seemed to be the ideal starting point.

The collection houses some masterpieces of Arab art. Considered a national treasure, artist Abdul Qader Al Rais’s works are so important that they are only handled by the Ministry of Culture of Sharjah, the Sheikh being an exception.

The gallery is not averse to showing political art, like that of Layan Shawabkeh, a Palestinian artist who died in 2009 at the age of 23. In a work called Ladies of Gaza, Shawabkeh takes inspiration from many of Picasso’s works that deal with women and post World War II trauma.

The Barjeel Art Foundation comes at a time when governments world over are cutting funds for art institutions and the market is relying on trusted modern, rather than contemporary artists for returns. Additionally, the art world of the UAE is fragmented, with only a few galleries in Abu Dhabi where the Louvre and the Guggenheim have yet to be built. Dubai seems to be at the forefront of cultural and financial investment in art although Arab art altogether has a long way to go.

AM/KN

Related Topics: Middle Eastern artists, collectors, gallery shows, non-profit

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• Antonia Carver named Art Dubai director, lends Middle Eastern art insight to fair – July 2010 – ex-The Art Newspaper journalist and specialist in Arab art on her plans to put Dubai on the world art map
• Xu Zhen takes on Middle Eastern identities and cultures as the new artists’ collective alias Madeln at the Ikon Gallery,UK – June 2010 – Madeln impersonates a fictional group of Middle Eastern artists, creating a kind of exhibition in disguise
• Gallerist Salwa Zeidan explains mission of inaugural Abu Dhabi Sculpture Symposium- an interview – March 2010 – Salwa Zeidan talks about the Symposium, her favourite Emirati sculptor and the state of government funding
• Art industry elite meet at inaugural Abu Dhabi art fair – December 2009 – a who’s who of attendees
• Christie’s in Dubai sets record for most pricey Arab work– November 2009 – a record breaking sale at Christie’s Dubai proof of growing viability of the UAE art market

Subscribe to Art Radar Asia for more on art from the Middle East

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Conflicting views about Chinese impact on art market

CHINA ART MARKET TRENDS ART COLLECTORS

A recent article published on English.news.cn by the Xinhua News Agency has highlighted the emergence of Chinese mainland buyers of high-priced modern and contemporary Western art.

The article reports that top art dealers and auctioneers in the West have seen their high profile works go to mainland collectors, many of whom are newly rich entrepreneurs. A number of these art professionals believe China has the potential to become a huge market for Western art.

Pablo Picasso's Nude, Green Leaves and Bust (1932) was recently sold at a Christie's sale in New York for a record $106.4 million. It is believed to have been purchased by a Chinese collector.

“I think the potential for Western art in China is huge, just massive. There have been a very few people buying impressionist modern paintings since 2004 and 2005 but suddenly, since last year, there has been almost a surge.” Ken Yeh, chairman of Christie’s Asia in Hong Kong (as quoted on English.new.cn)

“Mei Jianping, professor of finance at the Cheung Kong Graduate School of Business, Beijing… believes what is happing is similar to the Japanese art spending spree in the late 1980s, which saw the impressionist art index increase by more than 200 percent.” English.new.cn

“To capture this interest in art,” the article mentions, “China may actually be getting its own first traded art fund. The Shenzhen Culture Equity Exchange is later this year expected to launch one. It will be open to investors who want an alternative to investing in individual works of art.” Many believe these new Chinese buyers are making “sensible investment decisions and not bumping up prices by paying silly money.”

“They are buying art because they like it but also for investment. If they spend $1m, $2m or $10m for a painting they want to make sure they will get a return five, six, seven years down the road.” Ken Yeh, Christie’s (as quoted on English.new.cn)

Of course, as the article relates, there are some art professionals that believe this trend is pure hype.

“I think there may actually be more of a market right now for major works in the Flemish part of Belgium than in the whole of China. I think mainland buying of significant Western art is a long way off.” Ben Brown, owner of Ben Brown Fine Arts (as quoted on English.new.cn)

Brown believes that this trend will only benefit auction houses where prices for high profile art are being pushed up by Chinese underbidders.

Read the full article here.

KN

Related Topics: collectors, business of art, market watch

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• Asia Art Forum 2010 meets growing demand for art collector education in China – Jing Daily – May 2010
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• Art loans can offer liquidity to your collection – November 2009
• Mei Moses art index founder plans Chinese version, optimistic about Chinese art – March 2009

Subscribe to Art Radar Asia to follow for more on Chinese collectors

Dinesh Vazirani CEO Saffronart speaks about 2010 market outlook for Indian art – Arttactic podcast

INDIAN CONTEMPORARY ART MARKET OUTLOOK

CEO of on-line Indian auction house Saffronart explains that the collector base for Indian art is changing

Dinesh Vazirani is the CEO and Co-Founder of Saffronart, the world’s largest online auction house for fine art and jewelry. In the Podcast interview with ArtTactic, he reviewed the performance of the Indian art market in 2009. He also shared his observations on the changes in the Indian art market in the recent year. Moreover, he shared part of his formula of success in running an online auction platform of such scale.

How was the performance of the Indian Art Market in 2009? To what extent has the Indian Art Market recovered from the financial crisis in 2009?

A lot of changes happened in the post financial crisis period. The initial six months was a difficult time for the art market. The base of the investors and collectors changed quite dramatically. Investors and speculators that are active in the post financial crisis disappeared from the market. There are real collectors looking for good value and premium quality. In the later part of the year with the Indian economy getting better, confidence and perception changed. We saw some of the collector base come by and want to buy the best of the best.

 In the early part of the year, prices of modern art retreated by around 30-50% and contemporary art by 50-80%. Modern art prices recovered by 15-30% later in the year and contemporary art came back by 10-15%. In 2009, the Indian market underwent a transitional change. The players changed. Some galleries and auction houses shut down and some opened.

How is the heavy presence of speculators a threat to the sustainability of the Indian Art Market?

Speculators come into the market and drive up the prices. In 2005 to 2008, prices rose dramatically which brought in a whole slew of speculators, investors, private dealers, collectors and funds. In 2009, after the financial crisis, these players disappeared but they will come back if the value is right. However, it is not expected that they would be jumping into the market as fast as in 2005. This downturn in Indian Art is the first ever downturn in the history of Indian art. Most people have not gone through a downturn to understand the implications of it.

What pattern has been developed in the collector base?

The previous collectors of Indian Art are large corporate houses and business houses in the India subcontinent. However, in the last five years, the collector based has moved from a business house concentrated end towards a broader collector base, which constitutes a lot of professionals, younger collectors from the finance field and young business people. Interestingly, some are from outside of India. In 2006, more non-Indians collected Indian contemporary art and wanted it as a cultural bridge.

What is your outlook for the Indian  art market in 2010?

Players will be coming back to purchase work  and a new base of buyers are expected too. There were people wanting to come in to buy during 2005 to 2008, but the price rose too sharply then, so they want to come in now and see if they can get premium values. 2010 will be dependent on two things. One is the perception and confidence of the Indian base customers and the other is the participation of non-Indian buyers in the post finance crisis period in the art market.

Why has Saffronart been so successful as an online auction house when no auction houses have found equal success in this format?

For the past 10 years, we have been building up the collector base, giving them the confidence and transparency and improving the technological platform. On the other side, we have been doing physical exhibitions and previews all around the world, including San Francisco, L.A., Mumbai, New Dehli, Hong Kong and London. To make people confident, we added the brick and mortar side. It is the “the click and the brick” that has made Saffronart so successful. Nearly every business is heading to the direction of going online.

Is the art market fundamentally changing because of the web?

Over time, there will be a strong shift towards online transactions. People will transact more online or even leaning more to mobile bidding platforms. These mobile bidding platforms have been enormously successful. 

 To listen to the original Podcast, please click here. Arttactic has a range of fascinating interviews with art market influencers and is worth a browse.

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• “The Empire Strikes Back – Indian art Today” at Saatchi Gallery: critics’ review roundup
• Indian art consultancy threatens to sue US-based internet platform Ning
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• Indian artist Reena Kallat’s work mutates in Mumbai

LLH/KCE

Unusual art investment model launched by China Merchants Bank

ART INVESTMENT

Earlier this week China Merchants Bank  launched a new ‘art banking’ service for China’s rich says the People’s Daily Online.  The unusual model allows private banking clients to pay a deposit for an artwork and take it away to enjoy for one year after which they have the option to purchase it or return it for a full refund.

“The model is brand new in China, as art investment often involves great risk and wealthy people need time to understand Chinese contemporary art,” said Cai Can huang, deputy general manager of CMB’s private banking section.

Private clients with assets of more than ten million yuan will be targeted by the fund, who is working in collaboration with the China Contemporary Art Foundation which has amassed a collection of over 3000 Chinese contemporary works.

 

Su Xinping, Sea of Desire

“We have worked with a group of Chinese and Western art experts to pick out seventy artworks including photos, oil paintings, wash paintings and sculptures, ranging from 10,000 to one million yuan,” said Su Yan, executive director of China Contemporary Art Foundation. 

We are curious about this bizarre art investment model. It is one thing to loan art for free to wealthy clients: luring and cementing relationships with high net worth individuals who will be upsold other high-return products.

But surely it is another thing altogether to offer the reward of potential gains without any of the risks. As the wealth levels of the targeted clients are merely mass affluent rather than mega-rich, and are therefore unlikely to produce sufficient returns on other product sales, one can only assume that the lenders are pretty confident that there will be no (or minimal) gains after a year.

One is left musing… Does this say something about the outlook for the contemporary Chinese art market? Is there perhaps an issue with the quality of the artworks selected? Not the latter, we hope, as this initiative could, now that the market has been decimated by the withdrawal of speculative purchasers, play a much-needed part in stimulating engagement with art which in turn just might help spawn a serious local collector base in China.

Read more at CMB Launches Art Banking in China – Peoples Daily June 10 2009

Related posts:

• Outlook for Chinese art market – Larry Warsh podcast – May 2009 
• Is there a new way to sell art? Vitamin experiments – New York Times – May 2009
• Sneak a peak at art collection and private residence of Pearl Lam – video – March 2009
• Mei Moses index founder plans Chinese version, optimistic about Chinese art – March 2009
• Domestic demand in freefall at Chinese art auctions – Nov 2008

Subscribe to Art Radar Asia for news and art investment trends in Asia