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Contemporary art trends and news from Asia and beyond

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Archive for the ‘Market transparency’ Category

Globalisation of contemporary art market evident in growth of art fairs – The Economist

Posted by artradar on August 17, 2010


ART FAIRS ECONOMY

A recent article in the Economist comments on the globalisation of art and how art fairs accelerate the transnational exposure of artists, something that could become necessary for artists if they want to attract the attention of serious collectors and art investors. Importantly, it also identifies the current international art fair hot spots. Read on for our summary of this article.

Globalisation of the art market

Globalisation is one of the most important phenomenon in the history of recent art. Contemporary art needs the potential of a global market and thus enters the art fair. Biennials and landmark exhibitions help to initiate global change in the art scene. International art fairs spread belief in contemporary art through the help of banks and royalty, from Deutsche Bank to local rulers in the Middle East.

In addition, the article quotes Marc Spiegler and Annette Schönholzer, co-directors of Art Basel, as saying that private collections are becoming increasingly international. Collectors start by acquiring art from their own nation and eventually acquire internationally. In many countries contemporary art has become an economic project involving collectors, dealers and huge cultural districts with museums and art fairs.

Art Basel 2009.

Art Basel 2009.

For an art fair to be properly diverse, careful curation is essential. For good international fairs, this not only means that attending galleries show talented artists, but also that they show artists that live in the country the gallery is located in. As quoted in The Economist,

As Lucy Mitchell-Innes of Mitchell-Innes & Nash, a New York gallery, warns: ‘It’s a problem if four or five booths have the same artist’s work. A good international fair wants Chinese galleries to bring talented Chinese artists, not another Antony Gormley.’

International art fair hot spots

The locational hierarchy of art fairs differs from that in the auction market. For art auctions, the three most prominent cities are New York, London and Hong Kong, in that order. When talking about art fairs, Basel would come first, but what follows this lead is unclear: Miami or London, New York or Paris?

Even more notable are the art fairs currently sprouting up in Asian countries. These are creating alternate markets for art and challenging Western leadership. Adding to the hierarchical ladder are two newcomers: Hong Kong’s ART HK (Hong Kong International Art Fair) and Abu Dhabi Art, operating from the Middle East.

What art fairs mean for artists and their art

In general, art fairs can accelerate the transnational exposure of all artists represented. Art Basel is unrivalled in this category and it may be because it has always defined itself as international. The frenzied demand for new art peaked with the creation of smaller art fairs. Some of them work as satellites to the major European events, the biennials, art festivals and fairs such as Basel. These budding fairs cater to lesser known, emerging artists.

Within the art market, that an artist is “international” has become a selling point. Consequently, the local artist has become almost insignificant, while those called “national” are damned with faint praise.

Art fairs, with their aggregation of art dealers forming a one-stop shoppers’ marketplace for art, attract high-spending collectors, generate greater sales and have to some extent replaced galleries with their increasing drawing power. Still the globalisation of the art is not just about money. There are a growing number of non-profit biennials that are developing along with the market structures. As quoted in The Economist,

Massimiliano Gioni, a curator based in Milan and New York, who is overseeing the Gwangju Biennial, which opens in South Korea in September, recalls that the avant-garde was ‘built on a transnational community of kindred spirits,’ adding, ‘sometimes I long for that.’

This is an Art Radar summary of “Global frameworks – Art-fair musical chairs, first published in The Economist.

JAS/KN

Related Topics: art fairs, international artists, market watch – globalisation

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Posted in Artist Nationality, Biennials, Business of art, Collectors, Events, Fairs, Festival, Gallerists/dealers, Globalisation, International, Market transparency, Market watch, Promoting art | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | 1 Comment »

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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LLH/KCE

Posted in Art and internet, Art Funds, Asia expands, Auctions, Business of art, Collector nationality, Corporate collectors, Ecommerce, Globalisation, Hong Kong, India, Indian, Individual, Interviews, London, Market transparency, Market watch, Mumbai, New Delhi, Recession, Website | Tagged: , , , , , , , , | Leave a Comment »

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

Posted by artradar on November 22, 2009


MUSEUM COLLECTIONS CHINESE ART

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

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

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

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

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

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

Click to visit the Chinese contemporary art in museums database.

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SF/KCE

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

Making the art market transparent – the Artprice story video

Posted by artradar on April 25, 2009


ART MARKET DATABASE

If you are interested in how the internet is transforming the art market, you will be fascinated by this video which tells the nuts and bolts story of developing and running an auction price database.

artprice_index

By making price and artist information available in many languages to a global audience, anyone for the price of a US$50 a month or so can have at their fingertips expertise which was only available to the initiatiated as recently as the 1980s. Art and social historians concur that art price databases have played a powerful role in democratising the art market.

Although it already has 1.3 million subscribers and an image database of more than 115 million works, Artprice, the leading European art price database, is just at the beginning of what will be an extraordinary story in the twenty first century, promises its founder. A collector by heritage and an entrepreneur by nature, he tells of his passion and obsession for Artprice.

Hear his story and take a look behind the scenes in quirky black-washed, poster-pasted offices in France to see how its 50 employees bring  up to date auction data every day to millions of daily visitors.

Artprice revolutionises the art world video

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Posted in Auctions, Market transparency, Market watch, Overviews, Videos | Tagged: , , , | Leave a Comment »