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Archive for the ‘Market watch’ Category

ART HK 10 reports strong sales figures, lists major artworks sold

Posted by artradar on June 16, 2010


ART HK ART FAIR SALES ARTWORKS LISTED

Strong sales figures have been reported since the third Hong Kong art fair drew to a close in late May this year. Million dollar sales of artwork by Zhang Xiaogang and Damien Hirst, plus high-priced sales of works by Anish Kapoor and Yoshitomo Nara, suggest the event is now able to comfortably position itself as one of the world’s top art fairs.

“It’s our second time at the Fair and sales this year are up 100%. We sold to collectors from Japan, Taiwan and Beijing. I think the fair has increasing energy in the way Miami Art Basel had when it launched,” Johann Nowak, Director, DNA, Berlin.

A post-event press release from ART HK 10 listed six major transactions made at the event:

The Inescapable Truth (2005) by Damien Hirst, sold by White Cube for £1.75 million.

The Inescapable Truth by Damien Hirst (2005) is the first formaldehyde work by the artist to be shown in China.

The Inescapable Truth (2005) by Damien Hirst is the first formaldehyde work by the artist to be shown in China.

Green Wall – Husband and Wife (2010) by Zhang Xiaogang, sold by Pace Beijing for US$1 million.

Zhang Xiaogang's Green Wall - Husband and Wife (2010)

Zhang Xiaogang's Green Wall - Husband and Wife (2010)

More Light (1988) by Sean Scully, sold by Galerie Lelong for US$750,000.

Untitled (2010) by Anish Kapoor, sold by Lisson Gallery for £550,000.

Composition with Bamboo and Grass (2007-08) by Liu Ye, sold by Sperone Westwater for US$650,000.

Liu Ye's Composition with Bamboo and Grass (2007-8)

Liu Ye's Composition with Bamboo and Grass (2007-8)

Rock’n Roll the Roll (2009) by Yoshitomo Nara, sold by Marianne Boesky Gallery for US$350,000.

Yoshitomo Nara's Rock'n Roll The Roll (2009)

Gallerists and dealers had a mostly positive response to this year’s fair and what they had to say seems to mirror the high sales figures reported.

“The response to our solo exhibition by Liu Ye exceeded my expectations. Sales were made to new collectors from Hong Kong, China, Indonesia, and Singapore and to a prominent New York collector. There is so much positive energy here. We look forward to returning next year,” David Leiber, Director and Partner, Sperone Westwater, New York.

“We’ve met some very interesting collectors from other countries in Asia. The level of sophistication and interest in Western art is rising exponentially in Asia,” Ben Brown, Ben Brown Fine Arts, Hong Kong and London.

Art Radar Asia was determined to hunt down first-hand perspectives of galleries in attendance this year and spoke with 19 during ART HK 10. Reactions to the fair were as varied as the galleries we spoke with. Read what they had to say here.

CBKM/KN

Related Topics: events – fairs, market watch, venues – Hong Kong

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Posted in Business of art, China, Collectors, Events, Fairs, Hong Kong, Lists, Market watch, Venues | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | 1 Comment »

Rising confidence in Indian art as market recovers

Posted by artradar on June 9, 2010


INDIAN ART MARKET CONFIDENCE

Francis Newton Souza's Imbecile Girl in a Green Blouse (1957) will be on sale in Saffronart's summer auction 2010. Its estimated price is USD275,000-350,000.

A recent article published on livemint.com by the Wall Street Journal reported a rising trend of speculators’ confidence in the Indian art market, possibly as a result of a rebound in valuations of Indian artworks.

The article used the data in the latest report by London-based art market research firm ArtTactic to show that speculators’ confidence in the Indian art market is on the rise, after its significant drop in May last year as a result of the global art market downturn.

“The ArtTactic Speculation Barometer for Modern Indian Art shows a 28% increase since October 2009, and is now at 6.3, up from 4.9. This is the highest reading since ArtTactic started its survey in May 2007,” the article reported.

“In my reading of the Indian context, most collectors who entered the market over the last five-seven years were keen speculators.” Arvind Vijaymohan, Head of Indian arts advisory Japa Arts Pvt. Ltd (as quoted on livemint.com)

“…Vijaymohan says that in the current situation, there exists a section of speculators who consider this the perfect time to enter the market, and acquire works of modern Indian art at low values.” http://www.livemint.com

“For Anders Petterson, managing director of ArtTactic, the most revealing aspect of the report is the speed of the recovery in the modern art market even though it raises the threat of speculative buying.” http://www.livemint.com

The article reported that “the combined auction sales for Indian art in March 2010 raised a total of $15.2 million (Rs69.3 crore)”.

The article also noted the widening gap in confidence between the modern and contemporary Indian art market.

“The Modern Indian Confidence Indicator is 51% higher than the equivalent confidence indicator for contemporary art. The report reasons that the established nature of the modern Indian market has created a sense of “safe haven” for many art buyers, a fact that is leading to its expansion.” http://www.livemint.com

Read the full article here.

CBKM/KN

Related Topics: Indian artists, collectors, business of art, market watch

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Posted in Artist Nationality, Business of art, Classic/Contemporary, Collectors, India, Indian, Market watch, Research, Surveys, Trends, Venues | Tagged: , , , , , , , , , , , , , , , , , , , | Leave a Comment »

London’s Michael Hoppen pioneers photography at Art HK 10, plans Hong Kong gallery – interview

Posted by artradar on June 9, 2010


INTERNATIONAL PHOTOGRAPHY MARKET INTERVIEW

In the art bonanza that was the third incarnation of Art HK, there was one gallery among the 155 visual arts exhibitors with the unique distinction of being the only dealer specializing in photographic artworks. It was the second year of attendance for this maverick exhibitor, the London-based Michael Hoppen Gallery, which has coincidentally also developed a long-term interest in Asia. The gallery’s owner and director, Michael Hoppen, sees Asia as the frontier of the photographic art market, and intends to expand his business to the East- and specifically, to Hong Kong.

The Michael Hoppen Gallery deals in some of the world’s most influential photographers, including Richard Avedon, Robert Frank, Diane Arbus, Peter Beard, Annie Leibovitz, and Irving Penn, in addition to promising young talents, who are constantly being sought.

The gallery’s spread at Art HK 10 was a mix of Asian and Western photographers, and both contemporary and historical photography. Hoppen’s reported ‘star’ piece was by the young Japanese photographer Sohei Nishino, who attracted an impressive crowd of viewers with a large-scale photographic collage depicting an aerial view of Hong Kong, part of the artist’s Diorama Map series. Other displayed pieces included Dr. Harold Edgerton’s Milkdrop Coronet, which was taken in 1957 and is the first image taken employing high-speed photographic technology, and documentary-style images of China taken by Henri Cartier-Bresson in 1948.

Art Radar’s writer and researcher Erin Wooters caught up with Michael Hoppen on the last day of Art HK to discuss his impression of Asia’s largest international contemporary art fair, his experience as the fair’s solo photo gallerist, and his aspiration of opening a gallery space in Hong Kong.

'Diorama Map, Hong Kong', by Sohei Nishino, 2010. Light jet print on Kodak colour paper © Sohei Nishino Courtesy of Michael Hoppen Contemporary/EMON PHOTO GALLERY

Why did you choose to become a dealer?

I’ve been addicted to photography since I was about 8 years old. I was a photographer until about 1990 in London, and I was collecting photography at the time, and I realized that although I was a successful photographer commercially, it was very unsatisfactory emotionally and spiritually for me.  I was collecting photography and going to America frequently and buying prints for my own collection. I would get back and compare it to what I was making, and I thought, that’s enough. So, I sold all my cameras and lights. I had three studios, and I turned one of them into a gallery, and people started buying photographs. This was in 1991. My mother is an art dealer and a book dealer, so I suppose in the background there was always that influence. It really sort of went from there—there was no subconscious effort to become a photo dealer or photo gallerist, it was just something that I found myself falling into. We opened a second gallery in 1999. And the third gallery in 2001.

Your current gallery spaces are all in London?

Yes, all in London.

How is your organisation different from other galleries at Art HK 10?

We’re the only gallery specializing in photography. Photography in a sense is a wonderful new art, and it’s very closely connected to technology. It started 164 years ago, and it’s been tied to technology all the time, so we’re very much at the birth of an art form. It spans everything from science, art, investigation, reportage, information, and document.

In a sense, photography has an ability to span a slightly broader reflection of what’s happened in the last 160 years … So if you want to know what is different, that is a key. We have the opportunity to show the history of photography as well as the history of what photography has observed and recorded. Whereas here [at Art HK], you tend to find contemporary work made, with the exception of some Picassos and Warhol, all within the past 5-6 years.

Why did you choose to attend Art HK last year?

As an experiment. When Perry Photo opened, which was twelve years ago, we didn’t do the first year. We had a look at it, because I wanted to see what people talk about and write about afterwards. Everything that came out of the first edition of Art HK made me feel that they’d taken the right fork in the road. If you take the wrong fork, it won’t be held at the right time of year, won’t have the right publicity machine, and the stands won’t be curated well enough. That’s always a problem, because a lot of the galleries won’t come if they don’t see good art around them. You want to be with a group of people who compliment each other. I think Magnus [Renfrew] has understood that and he will continue to work very hard to make sure this fair gets better and better.

What other art fairs do you attend?

Perry Photo, Maastricht … We’ve done Basel although we haven’t in the last couple years. We plan to reapply next year. I had decided to stop doing Basel because it’s been difficult for photography. Also New York, Paris, and Pavilion Art and Design in London.

How does Art HK compare to other fairs?

There is obviously a much bigger presence of Asian art here … But, the major difference is the service in the back office. People couldn’t be more willing to help. If you are at Maastricht or Basel, the service is there but you have to fight a little bit to get it. There is wonderful backup here. They make it incredibly easy for you to glide in and glide out.

So you find Art HK to be very organised?

Yes. And also there are no import duties, no value added tax, none of the things that make the gallerist’s job more difficult. Every country has its different rules and regulations, and here it is simply, bring some great work, hang it on the wall, and take it away or ship it to your clients. There is enough paperwork in our lives already, and here that is something they felt they could dispense with.

The back office is brilliant. They are a fantastic, young, energetic team of people. And I assume behind that, the government and cultural departments are behind them, making it easy for them to operate. It’s a chain of command.

Did you have high expectations this year?

No, I’ve learned the hard way to never come with high expectations. Come with the best you’ve got and do the best you can do. If you’re lucky and people respond to that, then that’s great.

'Milkdrop Coronet', by Dr. Harold Edgerton, 1957. Signed Dye Transfer 16 x 20" © Dr. Harold Edgerton Courtesy of Michael Hoppen Gallery

Which of your artists have drawn the most interest at Art HK 10?

Sohei Nishino is definitely the star of our stand. He’s a young Japanese artist, 25 years old. Henri Cartier-Bresson still draws a huge crowd … Nobuyoshi Araki, a Japanese artist, always draws a big crowd. Surprisingly enough I’ve been very pleased to find that people have recognized images. They have seen them in books and come and said, ‘God, I have only seen this in a book and here is the original!’ Dr. Harold Edgerton invented high-speed flash, and a lot of people seem to know that picture.

We are interested in opening a gallery or space in Hong Kong, and I am encouraged by seeing people come to our stand and they already know something. There is a hook there that we can grasp and improve on and embellish and build on. It’s not starting quite from scratch.

What are the price points of what you are selling at Art HK 10?

I would say the average price point of pieces we’ve sold is about $15,000-20,000 USD. Some would be more, some less, but that’s about the average price. So that’s very affordable, if you say for instance that you have $100,000 USD in your pocket and you decide you want to start collecting art … With photography, you can start to create a really impressive collection.

There is also an opportunity with photography because there are not the huge price spikes that you might otherwise see. I’m not saying there aren’t any at all, but if you go to artnet and look at photography price trends since 1976, it’s been a very nice, steady, gentle climb. It hasn’t been all over. For me, that’s encouraging. It means there isn’t a bubble. I’m very frightened of recommending to clients to buy something, and they spend all this, and next year it’s gone down. You can also look at the auctions, which are selling 80-85% of what comes up onto the block.

What style has been most sought after?

I wouldn’t say there is a prevailing style, as photography occupies such a broad range, but certainly handmade things. Craftsmanship is one of the things that I have been disappointed to see take a backseat over the past 5, 6, 7 years. There has been a sense of sort of ‘grunge’ photography. Stuff that lasts, things that are well made are very important. I tell my clients to go to other galleries and ask tough questions, like who made it, what was it made on, and under what conditions? If you want to look at an object for 10, 15, or 100 years time, it is always going to last longer if it is well made.

With your huge repertoire of represented artists, how did you choose the works shown at Art HK 10?

I think it’s really a gut feeling you have. You make a choice about what is the right thing for a particular environment. Last year I think we got a lot of that wrong. We had to come here and learn from our mistakes. I don’t see mistakes as a bad thing, I see them as a good thing as long as you learn from them.

I wouldn’t say we’ve gotten everything right this year, and I’m already thinking about who I will bring next year. It’s a learning curve, that’s what makes the job enjoyable.

What is your opinion of the variety and creativity of the work shown at Art HK 10? Do you find much of the art to be similar?

That’s not about this fair, funny enough. That’s a completely different conversation about a drought of new ideas. Every renaissance needs a calm down period, because there’s been such a huge amount of art being produced and churned out to feed the market for the past 15 years, that you needed things to stop. What we’re seeing now is a reflection of what is coming.

Everyone thought the end of the century would produce a new way of thinking. It’s doesn’t happen like that. Time is a human invention, and culture is something that is very organic, and I think we’ve reached the end of a period creatively in the world, and now we are seeing, hopefully, a birth of new ideas, new artists, and new ways of expressing ourselves.

I think certainly the last 2 or 3 years has been pretty bleak when you’re talking about great new artists coming up with great new ideas. There’s the factory mentality, where things are made and churned out. What we all search for, every curator or museum, is a new fresh way of telling the same story.

…When walking around the fair, at how many pieces do you stop and say, wow, I’ve never seen anyone express themselves in that way? That’s something we have to wait for, that’s not something you can manufacture.

The next wave of great art will not be immediately apparent. It will take a group of brave people to champion that. Whether it’s a photograph, a piece of music or literature, or a politician, it will come from left field. Great art and great new waves of culture don’t often come from where you think they will come.

Of course it will be criticized in the beginning, but that’s part of it. That’s what makes it so exciting to challenge preconceived ideas. That is why I enjoy what I do. You are standing and waiting to be washed by this, and there’s no better feeling than being washed by a fresh wave. Certainly I haven’t seen it here at Art HK. I know when I get excited, and that’s when you see something that really fundamentally changes the way you look at things.

Do dealers know what the other galleries will bring?

If you have friends in the other galleries you can ask, and sometimes that is a good idea because you can have comparative projects that actually bounce of each other. We’ve done that before in Paris. Here, no. I was totally unaware of what other galleries were going to bring.

Have you found there to be interest in historical photography at Art HK 10?

Yes, I’ve been really amazed. Almost all our Henri Cartier-Bresson’s we brought that depict China in the 1940’s have sold. Marc Riboud hasn’t done as well as we thought, but Marc doesn’t limit his prints. I find it slightly ironic in a society where massive reproduction is pretty much a byword … When it comes to copies themselves, no one wants to buy them.

Marc Riboud, 'Antiquary Window', Beijing, 1965. Gelatin Silver Print Courtesy of Michael Hoppen Gallery

Do you find certain themes to work better at Art HK than others?

I don’t think shocking art works very well here. There was a period certainly in the West that celebrated art that shocked you, whether it was with nudity or content in some way, and that doesn’t work here. People don’t need that, and they’re looking for a different sort of piece and a different aesthetic.

Do you represent digital photographers?

We only represent one photographer who uses digital photography. Everyone else we represent still shoots on film. Our digital photographer is a young Italian anthropologist called Daniele Tamagni, who we are showing currently at the gallery. As an anthropologist, he had a small digital camera, and the pictures are wonderful. We found him a year ago, and he won the Infinity Awards in New York, which is like the Oscars. He’s the only living photographer we represent that uses digital cameras. All our other artists still use film.

Why do you generally only represent film photographers? Do you view digital photography as less of an art?

No, it’s not the art, it’s just the technology hasn’t reached a point where its as good as film, it’s as simple as that.

Contemporary digital technology is based on a very clever piece of technology, being able to record information digitally, but what it does is turn everything into blocks of ten. Unfortunately, life is not blocks of ten. What I love about traditional photography is that every print is a bit different, and there is a sort of chemistry, literally an alchemy, that goes into making a picture. As soon as you go digital, you rely on a computer to do it for you. A lot of the creative process is suddenly given to the machine, which is very smart, and it records everything.

I’m not trying to demean digital photography, but it is a choice that we’ve made whilst digital technology struggles to become as good as analogue photography, that we will stick to analogue photography. I know we won’t have a choice for much longer.

Do you find the buyers’ tastes at Art HK to be different from tastes in London?

People see much more photography on the walls in Europe or America, and people there are very used to seeing a framed photograph displayed as artwork on the wall of a home. I don’t think people have seen a lot of that here [in Asia]. That’s the first key difference.

Do you see a problem with Asia not yet considering photography an art form?

I don’t think it’s a problem; I think it’s an opportunity. It’s not flooded with photography. In a funny sort of way, going to New York is almost harder. Okay, you’ve got a converted audience who accept that photography is art or photography has value, and photography can be hung on their walls. But you’re jostling for your artists to squeeze in amongst all the other artists.  Here, as far as I’m concerned, there is a nice clean, flat ground.

I’m not saying people here will collect photography with the same appetite they do in Europe or America. Will there be a museum of photography in Hong Kong? Probably not in our lifetime. But, that means you can be a pioneer instead of walking around with a lot of other people, doing the same thing.

When did you begin eyeing Hong Kong for your new gallery space?

There was a time when we thought we’d open in Paris, and we started looking at that. But then, I thought, well it’s only two hours away, why do I need to open there? Then, we thought it would be fun to have something in New York, but in New York there are a hundred galleries, so why add another one to the mix? It’s not that I want to stand alone, but I feel there is an opportunity in Hong Kong, because no one has really taken up that challenge here.

… Nobody [in Asia] is showing the artists that we represent. I believe those artists are good artists, I believe they have something to say, and I believe people would enjoy their work here, so by natural train of thought, you’d say, why not try to open a space in Hong Kong? Certainly the welcome we’ve had here, the people of Hong Kong, the opportunity that the government gives you, to in a sense paves the way to come. They don’t make it difficult. They actually encourage you to do it, so, all those strings pulled together, apart from the distance of travel, make me feel like it would not be an onerous or difficult proposition to open up.

Do you see Hong Kong as the art hub of Asia?

Very much. This is the gateway to not only Asia, but Australia, China, the Philippines, Singapore, and Japan. It’s a bit like London, which is very much the hub for Europe, and I believe Hong Kong shares some of those qualities.

I believe Art HK will become the Basel of the Far East. It’s in its 3rd year so it will take another few years for it to generate the excitement. I love the fact there’s lots of schoolchildren coming, students. Last year was a much more sedate affair. That didn’t concern me because you have to start somewhere. I think there’s been a very good energy. Of course, there are lots of things they need to work on, and there are some things that I feel could certainly be changed. But you know, that’s a rolling program with any art fair. Magnus [Renfrew] is doing a great job, I really think so.

Tim Walker, 'The Dress Lamp Tree', England, 2002. C-type print © Tim Walker Courtesy of Michael Hoppen Contemporary

What benefits do you see in opening in Hong Kong over Singapore or Shanghai?

A wider audience.

Do you expect it to be logistically easy to open in Hong Kong?

I don’t see why it should be any more difficult than opening in a city like New York or London. I think the space is going to be the problem. Finding the right space. I’ve been told there are certain areas that you need to open a space in. And I’ve looked at other areas where there are fantastic old buildings. I saw an amazing old 1930’s building in Wan Chai, similar to the old Flatiron Building in New York, and I thought it would be fun to take a flat there, not an office but an apartment, and open up a gallery and office there. I’ve been told the problem is that they’ll probably knock it down in a year, or not want a gallery in there, or people won’t come because if they’re going to galleries they want Hollywood Road. So I suppose those are the challenges.

There are a lot of cities, like Buenos Aires or Cape Town, far-flung cities, where there are dockland or industrial areas that tend to be reconverted or enlivened by students and galleries, and funky restaurants and clubs. I sense that is not going to happen here, but I don’t know. I’ll be back in a couple of months to really spend a week or 10 days walking around and speaking to people, trying to gauge the situation. What I don’t want to do is to just follow everyone, because when I look at Hollywood Road it is crammed full of galleries, and I understand the obvious opportunity of being there with them. But on the other hand, you have huge limitations of space, access, storage, and all the things that a gallery needs to plug in to what it does. I’d rather have a salon than a shop.

Are you interested in representing local photographers once you open in Hong Kong?

It’s a possibility. However, I see no distinction. I’m interested in representing good photographers, wherever they’re from. I certainly think we’d far more like to bring photographers from outside into Hong Kong, because there are galleries in Mainland China and Hong Kong that already look after Hong Kong photographers. There’s no need for me to start poaching people, but if a good photographer from Hong Kong, Singapore, or Philippines comes to us.. or we find them, they don’t usually just come to us.. then we’d be glad to take them on.

When do you project that your gallery will open in Hong Kong?

No idea. We’ve been talking about it for 6-8 months. I have to physically come here, find the space, find the staff, and ultimately decide whether it is financially feasible. I think it would be foolish not to find a partner here with local knowledge. It would be very arrogant to think you can just walk in here, open up a space, and do well. I love working with people, so it seems it would be prudent and sensible to work with a local businessperson or gallerist who understands how the ground works. Because China is not like the rest of the world. I certainly wouldn’t open up in Tokyo because of the language barrier. Here there is less of that barrier, and culturally there is less of a barrier.

EW/KN

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Posted in Art districts, Art spaces, Business of art, Fairs, Galleries, Gallerists/dealers, Hong Kong, Interviews, London, Market watch, Photography, Promoting art | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

Is globalisation of the art market slowing down? The Economist reports

Posted by artradar on June 9, 2010


GLOBALISATION CHRISTIE’S ART AUCTIONS

Globalisation in the art market may be slowing down according to an article published recently in The Economist. In spite of the growing numbers of artists and buyers from locales ranging from Africa to Asia, May sales in New York were dominated by American artists.

The article states:

“At the Christie’s sale, the first of the two main evening auctions, three-quarters of the buyers were American”.

With the prices of work by top Asian artists still lagging behind big-name American contemporaries, it may not come as a surprise that Asian artists are sometimes underrepresented in main and evening sales abroad. That is not to say that Asian artists do not fair well in Asian markets. In Artprice’s Top 100 Hammer Price List, only seven Asian artists crack the top 50. Not surprisingly, all were Chinese artists with sales in Beijing or Hong Kong. Numbers such as these suggest that there is still some preference for homegrown artists.

The Beijing sale of Chen Yifei's 'Thinking of History at My Space', 1979 landed him at #69 on Artprice's Hammer Price List

The Beijing sale of Chen Yifei's 'Thinking of History at My Space', 1979 landed him at #69 on Artprice's Hammer Price List

Even so, the unusual dominance of American artists at Christie’s New York sales this past spring did not go unnoticed.

“This is the most significant post-war and contemporary art collection ever sold at auction,” Christie’s Amy Cappellazzo said afterwards. “It was a quintessential American sale.”

We at Art Radar Asia wonder if this is really so surprising? There are few Post War Asian artists represented in these sales because Asian artists have only received attention in the last twenty years. For contemporary artists it is a different matter. While there is no doubt that some Asian artists, and those from other emerging countries, are now well known, their prices still lag behind those of top contemporary American artists. And, of course, main sales, and evening sales in particular, feature only the very best, usually most expensive, works.

Read the full article here.

EH/KN

Related Topics: business of art, collectors, market watch – auctions, market watch – globalisation

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Posted in American, Artist Nationality, Asian, Auctions, Business of art, Collectors, Globalisation, Market watch | Tagged: , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

What did the galleries say about ART HK 10? Art Radar Asia speaks to 19 dealers

Posted by artradar on June 1, 2010


HONG KONG ART FAIR

Art Radar Asia attended ART HK 10 on Sunday with the aim of getting a perspective on the who is selling what to whom. Below we lay out the comments from and opinions of 19 of the Asian and international galleries in attendance this year.

Nadi Gallery – Jakart

Meli Angkapradipta: ”We got more sales this year. We brought around 18 pieces and only four are unsold. Most of our buyers are from Asia, mostly Indonesia. All Gede Mahendra Yasa’s works are sold. His works are very decorative and very natural. People can accept them very easily.”

Gede Mahendra Yasa, Cannabis-Canniballis, 2010

Gede Mahendra Yasa, Cannabis-Canniballis, 2010

Ota Fine Arts – Tokyo

“I think this fair is getting stronger and stronger. About half of our nine pieces are sold at the price range of $2,000 to $380,000. The buyers are from Indonesia, Taiwan, Korea and Hong Kong. Yayoi Kusama’s work is very popular. We sold some new artist’s work too.”

Tang Contemporary Art – Bangkok/Beijing/Hong Kong

“We sold about forty percent of our works to Mainland, European, and US buyers. The most expensive piece was Liu Xiaodong’s painting.”

LEVY – Berlin/Hamburg

Thomas Levy: “Last year we brought some young artists and we sold nothing. I think [people] are buying well-know names or Chinese art. We sold 2 of 15 pieces. It’s not a disappointment but it could be better. The buyers are from Hong Kong but they are foreign people, no Chinese. It’s a problem of education and no modern art museum in Hong Kong and things like that. We are here to find new clients.”

Greenberg Van Doren Gallery – New York

“We’ve never done any fairs in Asia before. We really just want to get to know some of the collectors in Hong Kong and other cities around here. And I think we have met a ton of people. The sales haven’t been disappointing. Most of the collectors are from Asia and Australia. It’s just a very different set of people.”

Yayoi Kusama, Pumpkin, 2010

Yayoi Kusama, Pumpkin, 2010

Galerie Forsblom – Helsinki

Karl-Heinz Horbert: “This year’s fair has much more people than last year. Our works have sold in the range of US$8,000 to US$400,000. Hong Kong is an international place and the buyers come from all over the place. The European fairs and the American have a long tradition, that means in the States and in Europe there are serious collectors talking about collection. People buy to keep. Where’s the public museum in Hong Kong? This is the big difference between the European and Hong Kong markets.”

The Modern Institute – Glasgow

“The fair is very well organized, very well attended and the sales have been good. I think overall it’s been very strong. We didn’t have any expectations really because we’ve never done this fair before. We have collectors in Japan and Australia. We don’t have any collectors in China, so coming to the fair we didn’t have any expectations. About eighty percent of the collectors are new. The new collectors are from Beijing, Shanghai, Taiwan and some new collectors from Japan. The price ranges from 10, 000 pounds to 100,000 pounds.”

Eslite Gallery – Taipei

Hai-Ping Chang: “The quality of the fair is getting better and better. And there is [a bigger] audience. We brought the works of seven artists from China and Taiwan. The sales are pretty good. Buyers are from Hong Kong and overseas.”

Sakshi Gallery – Mumbai

Geetha Mehra, director: “It’s a very good fair. Well organized, good quality of work. In terms of the sales there’s a bit of conflict from the auction. The buyers are mainly from Asia. The fair has more Asian buyers and more works from the region but overall the quality is as good as anywhere else.”

Roslyn Oxley9 Gallery – Sydney

Tony Oxley: “It’s a very good fair. It has a nice Asian flavor. The buyers are from Hong Kong and Europe. We’ve done pretty well with Tracey Moffatt. I think people prefer figurative arts rather than abstract. I think we’ll be coming more often now. The future is here.”

Bernier/Eliades Gallery – Athens

Hidy Lam Hoi Tik: “There are more Asian collectors at this fair. A buyer was from Shanghai, a friend of the artist Wang Xingwei. There’s a trend that collectors start to collect their friends’ works.”

Damien Hirst, Domine, Ne In Furore (Diamond Dust), 2010

Damien Hirst, Domine, Ne In Furore (Diamond Dust), 2010

Hakgojae – Seoul

“Last year was really bad for us. This year is really good. We sold 5 of 21 pieces. Two videos were sold to Hong Kong buyers for $30,000 each on the preview. Song Hyun-Sook’s paintings are really popular with Asian people.”

Thomas Erben Gallery – New York

“This fair is very well organized, very well attended. We don’t have any link [to] Hong Kong and very few of our collectors are from Hong Kong. We’re kind of jumping into cold water [to] see what happens, basically getting new contacts. The sales don’t quite cover the cost yet, but it’s a good start. Many of the buyers are Americans.”

Hanart TZ Gallery – Hong Kong

Marcello Kwan: “We’ve only brought Qiu Anxiong’s video The New Book of Moutains and Seas Part Ⅱ to the fair as we have our galleries in Hong Kong. Videos are a little harder to sell but there is a big audience, so it’s good publicity. Our works are more experimental than commercial. I think we bring something different to the audience.”

Marianne Boesky Gallery – New York

Adrian M. Turner: “We’ve met new people and we made some sales. It’s good. We sold about 10 of 20 pieces. The buyers are mostly from Asia. The prices range from $12,000 to $300, 000.”

Song Hyun-sook, 9brushstrokes, 2003

Song Hyun-sook, 9brushstrokes, 2003

Galerie Zink – Berlin/Munich

“We’ve made some interesting contacts, sold mostly our Asian artists. It’s a little bit tough for young European or international artists from outside Asia to introduce them to people. Our artists are between 27 and 36 [years old]. It’s not that easy to get Asian collectors interested in their work for the first time. Collectors are mainly from Mainland China, Hong Kong and Australia. Yoshitomo Nara’s work sells the best.”

gdm – Paris

Claire Lauverier: “The opening is very social here. People are not here to buy the art works the first day. They are just here to enjoy the party. During the week it’s very low, very quiet, because I think people are working very hard. And during the weekend it’s like an explosion, everybody is coming. In other fairs it’s different. During the opening it’s like everybody is buying everything and afterwards it’s very quiet and very slow. People are much more direct here. If they are interested in buying something they’ll just say I want this, how much? Our buyers are mostly from Hong Kong and [the] mainland as well.”

Ayyam Gallery – Beirut/Damascus/Dubai

Myriam Jakiche, director: “More crowded, less interest selling wise compared to last year. Maybe because there are more galleries so there’s much more choice or something. Those bought are mainly colorful portraits. Buyers are mainly Europeans and Hong Kong people. I’m happy I know more people than last year.”

Gandhara-Art – Hong Kong/Karachi

Amna Naqvi, director: “It was more fabulous this year. We brought 13 pieces and 8 were sold. Buyers are from Asia and Europe. New buyers are from Asia. The price range of the works sold is $1,500 to $50,000.”

Overall, most participant galleries agreed that the quality of art available at ART HK is getting better and there was a much larger audience than last year. Many commented that while the fair is international, there are more Asian collectors and works than at European and US fairs. Notably, these Asian collectors tended to buy Asian works or the big names of international art. When compared with ART HK 09, the Asian galleries were more satisfied with their sales this year.

YNC/KN

Related Topics: business of art, collectors, events – fairs

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Hong Kong’s Adapta Gallery highlights street art in Asia- profile

Posted by artradar on April 24, 2010


STREET ART HONG KONG

Amid the many galleries in Hong Kong, there is now an organization devoted exclusively to urban art. Established in November 2008, the Adapta Gallery is showing a new kind of art in Asia.

Street art is not new; graffiti as an art form has been prevalent for decades. However, urban art has only recently been embraced by the art establishment, and many questions remain among the public regarding street art talent, technique, and policy.

 U.K. Adapta, a unique London-based organization devoted to the progress of the street art movement, has collaborated with Hong Kong’s Schoeni Art Gallery to establish a satellite project that facilitates awareness of urban art in Asia. The joint effort has yielded Hong Kong’s Adapta Gallery for contemporary art, which aims to ‘bridge the gap between the understanding of the Urban Art movement in the European and Asian art markets’ and start a sorely-needed dialogue regarding public art in Hong Kong.

Adapta promotes the following urban artists in Hong Kong:

Adam Neate – Cyclops – D*Face – David Bray – Vesna Parchet – Word to Mother

Watch this video to learn more about the Adapta Project and their most recent exhibition at Hong Kong’s Schoeni Gallery, 3-2-1 Solstice, which featured 10 renowned contemporary urban artists from the UK, USA and HK.

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Posted in Art spaces, Galleries, Gallery shows, Hong Kong, Hong Kong Artists, Profiles, Promoting art, Public art, Street art, Urban | Tagged: , , , , , , , , , , , , , , , , | 1 Comment »

‘Guerilla’ gallerist on introducing Banksy to Asia, art atmosphere in Hong Kong- interview

Posted by artradar on April 14, 2010


HONG KONG ART MARKET

Two year old gallery Fabrik, known for its unique guerilla exhibitions and for bringing Western iconic artists to Asia, sets up permanent home in Hong Kong.

The Fabrik Contemporary Art Gallery is young in Hong Kong, having exploded onto the art scene about 2 years ago with its first show LOVE ART, which caused a sensation introducing works by the notorious street artist Banksy, who had never before been exhibited in Asia. Although the Fabrik Gallery is young, it stands out in Hong Kong’s Chinese-saturated art market for its rare support of Western and contemporary pop artworks and its unique practice of holding ‘guerilla exhibitions’ in temporary or borrowed spaces. In fact, 2 years into its business of promoting art, Fabrik Contemporary has just recently found itself a fixed home in the heart of Central in Hong Kong.

The gallery is a joint venture, owned and operated by Sean Coxall, Jurgen Abergas, and Mark Saunderson, and was originally intended as a platform for the art enthusiasts to share and market their ever-expanding private collections of Warhol and other iconic pop artworks.

The business partners recognized the void of popular Western artworks within the Hong Kong art market, which generally does not expose art lovers to Western phenomena.

The gallery’s flagship Banksy show in April 2008 shocked the art community with its overwhelming success, drawing unprecedented crowds and attention. This Spring, Fabrik fittingly celebrated the opening of their permanent space with another show featuring Banksy, accompanied by the likes of Damien Hirst, Francis Bacon, and Gilbert & George in ‘The Great British Show,’ which ran February 25-March 25.

Art Radar catches up with the Fabrik Gallery’s lively co-owner and curator Jurgen Abergas, a London-educated cosmopolitan whose background includes growing up in the Philippines and living in Los Angeles and China. He shares his perspective on the Hong Kong art scene, Hong Kong’s reaction to Western pop art, and tells all about the series of serendipitous events that culminated in bringing Banksy to Hong Kong.

Was it logistically easy to have the Banksy LOVE ART show in Hong Kong?

Yes, it was actually, because there is no tax on importing art here. We were not yet even registered as a company at that time. We were just working as a private dealership. We collaborated with the Schoeni Gallery, because [the Gallery Director] Nicole Schoeni loves Banksy and wanted to bring him here too. This was also a jump starting point for Nicole’s Adapta Gallery project in Hong Kong.

The show was comprised of 3 days in the Hong Kong Art Centre, and then another 2 weeks with additional pieces for the Schoeni show.

What is the mission of the gallery?

The mission of the gallery is to encourage first time collectors. We try to provide known iconic pieces that accurately represent the style of an artist. For instance, if you want a piece by Hirst, you wouldn’t want a piece that is only a squiggle or a dot, because that is not a known Hirst. We show work that is more iconic and familiar.

Japanese Apricot 2, 2005, by Chiho Aoshima. 55 x 77.8 cm Lithograph. Contact Fabrik Gallery.

What type of art did you intend to share with Hong Kong?

Definitely Western contemporary art. The Japanese art was not a fluke; I’ve been into manga since I was a kid, and it was something that my two partners only got eventually.

We were at a gallery showing of Murakami and other artists, and I told them we should definitely show Murakami. I mean, we go to London, New York, Los Angeles, and we see all these [Murakami] retrospectives, but we don’t see it here. I thought it would make a difference in the Hong Kong arts scene if someone showed works of Murakami here. And also, we wanted to prove that what Murakami does is beyond just Louis Vuitton.

When we opened this gallery, it was supposed to only be a stockroom. But, I said, let’s just do it properly. We were just kind of sick and tired of showing art out of our homes. It’s not ideal, but there are many dealers in New York and London that show art out of their home. However, in Hong Kong it is so crazy outside that you really need your home to be sacred space.

So, we launched the Murakami show, and we pre-sold most of the art before hand! It was one of those shows where we were struggling because clients wanted their art immediately and not wait until the end of the show! So, we were re-hanging stuff that wasn’t even Murakami anymore, because we ran out of the pieces that were actually in demand. We didn’t see that coming at all. Nobody was specializing in Murakami in Hong Kong. However, I have to credit Nicole [Schoeni], because she had works by Chiho Aoshima, who is another artist by Murakami. Aoshima is a lady who just paints women. Nicole had an amazing Japanese apricot lithograph. It is a piece that is really stuck in my head. After seeing that, I was like, ok, let’s include other artists with Murakami.

How is the Fabrik Gallery unique among galleries in Hong Kong?

I think we’re unique because we deal with art that is not generally represented in Hong Kong, and we do not deal with Chinese art.  I love Chinese art, but in a sea of contemporary Chinese art, there is only so much you want to see. We are looking to offer something different.

We also think it’s important to educate the viewer of the message behind the piece. You can go to galleries and think a work is beautiful, but not understand the inspiration for a work. We support more people, especially students, coming into the gallery and reading about an artwork so they do not have unprocessed thoughts about art. When you have a guide to read or someone who will explain the art to you, it really makes a difference and makes a lasting impression on someone who visits the gallery.

Can you describe the Fabrik Gallery’s ‘guerilla’ approach to art sales?

Basically, we went to different venues, like the W Hotel, rented out space, painted it, put up lights, and showed our works there.

Which galleries and arts organizations do you work closely with?

We work closely with White Cube in London, Aragon Press (the publisher of Damien Hirst), Other Criteria (again, Damien Hirst.) Hirst is our specialty. Also KaiKai Kiki, which is Murakami, the Helium Foundation, and other galleries in New York for our private collections.

Do you attend art fairs? Are you participating in Art HK?

This May we will be. We’re going to Art HK. One of the reasons we did the Banksy show is because we were rejected from Art HK in 2008. We were accepted this year, but we’re still deciding whether we should go. They prioritize the international galleries and we notice that most of the galleries here in Hong Kong are not participating.  I’m not exactly sure why, but it’s a very weird process.

Although we were rejected the first time, it’s the best thing that ever happened to us. If we had done Art HK, the Banksy show never would have happened.

What was your impression of Art HK?

I love Art HK. It’s a great way to see art! I think it’s one of those events that can give a platform and democratize the buying of art and make international artworks accessible to a wider audience. However, I don’t approve of hard sales tactics, and showing artworks without providing the context of the artist. In art fairs in general, it is hard to create the intimacy of an actual gallery.

What was Hong Kong’s reaction to your flagship show featuring Banksy?

It was phenomenal, they loved it. No other exhibition has ever graced the front page of the City section of the South China Morning Post. The turnout was around 1,000 people, and people from Christie’s and Sotheby’s were lining up. We had to hire security because it was just too packed. It was a very well publicized event that just happened in about 3 weeks. People usually plan this sort of thing 6 to 8 months in advance, and we did it in only 3 weeks. We worked around the clock, and were so tired afterward. Before we opened the Art Centre the next day, people were already lining up to see the show.

Was the turnout local?

It was a combination of both local and expatriate people, which is good. I think people in London and Europe are more passionate about these things, though. It’s weird, because when we opened the Banksy show, Banksy-style art of monkeys appeared on the bridges, and the next day it was already erased. A lot of people thought the graffiti was actually authentic Banksy. If this was in London, they would have preserved that. If it was in New York, they would have preserved it. But here in Hong Kong, it was wiped the next day.

The government needs to promote more sensibility toward the arts, especially here in Hong Kong Island. We’re on the cusp; we’re still not there yet.  The Hong Kong crowd still has a lot to see compared to London. However, we’re never going to be London and we need to make our own niche in Hong Kong, and make a city where art and commerce blend in. It’s still a financial city; that is what we are all about. We are not exactly an art city. That is one of the disadvantages of being here in Hong Kong. We are not exposed to a lot, and important art can get erased the next day by the cleaners. Because it’s not important to them.

Has Banksy been featured in Asia prior to your first show?

We definitely wanted Banksy to be our first show. It is the first and largest show of Banksy in Asia; Tokyo rejected it, so we were glad to take it. Ironically, now Tokyo is hungry for his works.

Does the Fabrik Gallery intend to feature other street or urban artists?

Paul Insect, Icon 8, 2008. Wooden panel, gold leaf, natural powder paint, shellac, acrylic paint.

We are planning to bring Lazarides U.K. artists Antony Micallef and Paul Insect before the end of the year. We love their works and they relate well to Warhol, especially Paul Insect. He creates appropriated images that reference historical art.

How does Banksy promote his art if his identity is kept secret? Does he directly work with galleries for his shows?

He’s not with his manager Steve Lazarides anymore, since they had a falling out. They had different intentions; it’s hard when you’re turning art into a commodity. Banksy doesn’t work directly with galleries either, and doesn’t show up in exhibitions. He just wants his identity to be secret and to keep a low profile, and to continue creating smart work and churning out really good stuff.

Why do you think Banksy created the sensation in Hong Kong?

His works confront a lot of issues and are very tongue in cheek, yet also is close to the heart. Banksy’s art talks to each individual and is easy to relate to. It makes you think, but it makes you smile as well.

Do you see any major differences between the art of Banksy and the art of the other artists in the ‘Great British Show’?

His work, whether it is rendered in canvas or in print, is from the street. There is a roughness that you can see and feel, although it is a screen print. It is still raw, and there is something sinister about it. You know the artist made this on the street in the middle of the night and ran away from the police, knowing he could get caught at any time while he was painting.

Are you familiar with the street art scene and artists in Hong Kong?  If so, who would you consider important artists?

I am familiar with Hong Kong street artists, like the ST/ART Collective… However, in general the street scene in Hong Kong is not very prolific. Funnily enough, I saw a tagging by the U.K. artist Word to Mother on a wooden board in the market. I am sure that it’s his authentic tag, since no one else can really do that. Someone just used the board to cover the fruits they were selling.

Do you view Hong Kong as an international art hub?

With Art HK, the success of ArtWalk, and the international galleries— The Gagosian Gallery is coming, Ben Brown is here, and the Malborough Gallery is opening here. Obviously people are looking at the potential of Hong Kong, and there is a big market here.

Tsang Kin-Wah, 2006. Untitled wallpaper detail for Shu Uemura in California.

What is great about the local art scene?

There are particularly 2 artists that I really like. One is Tsang Kin-wah. He was commissioned to create the wallpaper of The Pawn restaurant in Wan Chai. He made repetitions of words to create a flock wallpaper pattern. He has had exhibitions in New York, Paris and Norway. He’s really a major artist, but he’s very humble.

Nadim Abbas is another Hong Kong artist who used to work for Plum Blossoms, and is now showing his art at Para/Site. He’s a very conceptual artist, and was featured in the [Hong Kong Museum of Art] Louis Vuitton show representing Hong Kong artists. I love artists who work from their stream of consciousness, and he obviously does this.

I also like the illustration style of Carrie Chau, [featured at the Wun Yin Collection Gallery] at the Homeless boutique on Gough Street.

What news sources do you read to stay informed about the art world?

Art Observed.com is my number one resource. The Art Newspaper is good too, although I’ve noticed that not all their stories are up to date. Sometimes their news seems to be relevant to say, 1o months ago.  I also read Frieze MagazineThe Art ReviewThe Guardian, blogs, anything!

What advice would you give to someone looking to start a dealer gallery in Hong Kong?

Show only the artists that you love and the artists that you’re passionate about. Art is a very personal thing, and the general public may come in and hate it. Be prepared to be judged.

Is there any particular information, news, or advice you would like to share with our readers?

Start collecting now.  If you like something, save your money and make it your goal. In the next few years you will probably regret not getting it.

What is your next show at Fabrik Contemporary Art?

In the Name of Pop, featuring Jeff Koons, Andy Warhol, and Keith Haring will run May 6-June 10, 2010.

Visit Fabrik Contemporary Art’s new and permanent home at 412, 4F, Yip Fung Building, 2 – 18 D’Aguilar Street, Central, Hong Kong.

EW/KCE

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Posted in Art spaces, Business of art, Curators, Galleries, Gallerists/dealers, Gallery shows, Graffiti, Hong Kong, International, Interviews, Pop Art, Profiles, Street art | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

Hong Kong hailed as art’s Promised Land by Art+Auction Magazine

Posted by artradar on April 2, 2010


HONG KONG ART MARKET

Sanyu, Lotus et poissons rouges, 1955

The state of the arts in Hong Kong are strong and flourishing, earning Hong Kong the high praise of being touted as Asia’s arts ‘promised land’ by Art +Auction Magazine in the March 2010 issue.

The article entitled ‘Promised Land’ describes the active art market in the city, which has recently expanded financially and creatively.

David Spalding writes for Art +Auction that:

‘Hong Kong is rising as a major art center, thanks to its thriving auction market and rapidly growing contemporary-art scene.’

‘The Hong Kong art scene has evolved rapidly, overcoming its regional myopia to become a key continentwide player and gaining prominence within the local cultural landscape.’

Auction Market

Hong Kong achieved the distinction as the 3rd largest auction market in the world in 2007, after the U.S. and U.K, and has maintained this positioning through 2009. A March 2010 article in The Economist titled How China Bucked the Trend: What Really Happened in 2009, states:

In 2009, when the global art market shrunk by more than a third to $43.5 billion, compared with $63.9 billion at its peak two years earlier, the Chinese art market bucked the trend. Sales in mainland China and Hong Kong reached a record high of $5.5 billion, up from $5 billion in 2008, boosting China’s share of the world art market that year to 14%, its highest share ever.

Indeed money freely flowed at Hong Kong’s various art auctions in late 2009, which set records and continually surpassed expectations. The following Fall 2009 Hong Kong auctions caught the attention of art world:

Zeng Fanzhi’s Untitled (Hospital Series), 1994

Sotheby’s

Sotheby’s October 6th sale of 20th-Century Chinese Art was estimated to generate $10.4 million USD in sales, but instead produced an impressive $14 million USD. This successful sale included Sanyu’s Lotus et poissons rouges, 1955,  which sold for $4.7 million, 31% higher than its greatest estimated price.  This is the artist’s 2nd highest auction price to date, and solely accounted for a third of the show’s total revenue.

The Modern and Contemporary Southeast Asian Paintings sale yielded $6.4 million, more than double its estimated yield and 76% more than the spring sale in this category.

The sale’s standout work was Indonesian painter Lee Man Fong’s Magnificent Horses, 1966, which was estimated to sell for approximately $200,000–$320,000 USD, but raked in an artist-record of $1 million USD.

Christie’s

Christie’s also experienced successful sales in November that produced $213 million USD over 5 days. A reported 47% of the buyers of contemporary Asian works were from mainland China, and favored pieces by more-established artists.

In the November 29th sale of Asian Contemporary Art and Chinese 20th-Century Art, Zeng Fanzhi’s Untitled (Hospital Series), 1994, surpassed its expected high of $1.5 million to attain $2.5 million. The November 30th Southeast Asian Modern and Contemporary sale featured Indonesian painter I Nyoman Masriadi’s Master Yoga, 2009, which also exceeded its high estimate of $130,000 to realize $467,102.

Socially active gallery scene, international flavor

Hong Kong has also earned the designation as Asia’s visual contemporary arts ‘promised land’ due to its vibrant and growing gallery scene, which features fine art not only from Asia, but the entire world. In addition, many of these socially responsible Hong Kong galleries have taken it as their mission to connect to and nurture the larger creative community. Hong Kong’s 10th annual ArtWalk, which was held on March 17th,  included 62 participating galleries that opened their doors to the public for this charity event that supported Hong Kong’s Society for Community Organization (SoCo).

Notable galleries featuring Asian artworks include:

Hanart TZ, founded in 1983 by the local critic and curator Johnson Chang Tsong-zung, has helped bring international exposure to mainland Chinese artists throughout the 1990s. This work has continued most recently with a solo exhibition of new paintings and mixed-media work by the young Fo Tan artist Lam Tung-pang (who is also represented in a concurrent group show at the Hong Kong Museum of Art through April 25).

The Osage Gallery focuses on East and Southeast Asian art, while 10 Chancery Lane Gallery holds exhibitions of Vietnamese and Cambodian contemporary art. The Thai gallery Tang Contemporary Art — which has become significant here since opening a space on Hollywood Road in 2008 — offers an eclectic mix. The artists represented in its booth at last year’s Hong Kong art fair included the Thai-Indian Navin Rawanchaikul, the Beijing-based Yan Lei and longtime Paris resident Wang Du.

Western art represented in Asia

There is also a growing local Hong Kong market for Western art, and numerous galleries have risen to meet this need.

The London gallery Ben Brown Fine Arts opened a Hong Kong space last November showing works by leading Western artists Gerhard RichterThomas Ruff and Jeff Wall, alongside those of established Asian artists like the Japanese Yayoi Kusama and the Calcutta-born, Brooklyn-based Rina Banerjee.

The Schoeni Art Gallery, which opened in 1993 with an exhibition of works by Chinese, Russian and Swiss artists, is boldly mixing things up, with the 2008 launch of Adapta, a collaboration with the U.K.-based Web magazine UKAdapta on projects involving urban and  graffiti artists like Banksy.

Additional galleries facilitating the introduction of Western art to Asia include: the Cat Street Gallery, Art Statements, and the Fabrik Gallery.

EW/KCE

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

Posted by artradar on March 28, 2010


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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Surprising sell-through rates for Chinese art recorded in London’s February auctions

Posted by artradar on March 28, 2010


CHINESE CONTEMPORARY ART MARKET

Chinese Contemporary Art Lots Sell Out in London

Major auctions held in February 2010 in London featured impressive sales of Chinese contemporary art works reports Jing Daily with surprisingly high sell-through rates compared with works from other markets. The rising presence of Chinese collectors and bidders underpins the phenomenal performance in sales and the momentum is expected to continue claims the newspaper.

Ian McGinlay, Head of Client Development for Asia at Sotheby’s, expects mainland Chinese collectors to become increasingly ubiquitous — and forceful — at auctions of contemporary art, with these buyers going for works by “blue-chip” Chinese artists like Cai Guo-Qiang, Zhang Xiaogang, Zeng Fanzhi and others.

Look for work by Wang Guangyi at upcoming Sotheby's auctions

As Jing Daily reports, the overall sell-through rate of the four auctions held by the three auction houses Christie’s, Sotheby’s and Phillips de Pury — 90.5% (19/21) — was well above the overall performance of the entire aggregated sales.

At Sotheby’s, 100% of Chinese works (9/9) sold; at Christie’s, 82% (7/9); at Phillips, 100% sold (3/3).

For more of the original coverage, Jing Daily has more.

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