Artnet chooses Hong Kong as debut venue for new venture – Art Radar scoop interview

ART PRICE DATABASE DEALER NEWS

Artnet group, the leading art price database and online art auction company has chosen the year 2010 to branch out into a brand new venture: art dealing. And it chose a surprising venue for its debut.

 

Artnet booth at Hong Kong International Art and Antiques Fair 2010.

 

In a brief chat with Max Wolf, Modern and Contemporary Specialist in the Artnet booth at Hong Kong International Art and Antiques Fair 2010, Art Radar learned more about the ambitious plans Artnet has to break into high-priced art dealing and what has surprised the Artnet representatives about the collectors they have met on their first visit to Hong Kong.

Most people know you from your Price Database but this is a new venture?

It has spawned from our online auctions. We found a need to extend from our private treaties with dealers and collectors and a lot of the galleries on our website who perhaps don’t want to sell the work on the website, perhaps because it is a more significant work.

Yes, so this is the first time that we are showing work which we are not necessarily putting online for sale.

This is the first time you are in a fair?

Exactly.

Why did you choose this fair?

It seemed to align itself with this collection we are offering … this complete set of Warhols.… Hong Kong seemed like an ideal venue and it just serendipitously worked out with the timing that it just made sense…

Right. So how has your experience been?

Great, we have had considerable interest from a handful of collectors. We shall see; today should be pretty revealing…. We took the less-is-more approach and I think this has worked out well for us. We have this Warhol portfolio, a Haring, another Warhol and two Ashers.

What do you propose to do with this new arm? What do you hope for your new venture?

Sales! Of course. (laughs)

And apart from that (laughs) do you plan to go to more fairs in the future?

Absolutely.

Which fairs would you like to try?

Well, depending on how this works out…. But with our online auctions and our private treaty sector of the business this seems like the natural progression for us.

What is your background in art?

I am one of a handful of auction specialists with Artnet.

So you didn’t come from the art world to Artnet?

Yes, I came with an auction background and was hired by Artnet to become an online auction specialist. There are six of us specialising in photography, unique painting works and prints.

How is that going?

Our online auctions are doing really really well. It seems that we are a panacea for the economy in a downturn. We are useful to collectors who don’t want to wait six months to consign a piece to a bricks and mortar auction house and then wonder whether it will be bought in. And then they have to pay for shipping and insurance even if it is bought in. With us they send us a .jpeg and within two weeks have money in [their] pocket.

That is great, great for the art world, great for collectors.

It is great. We have really enjoyed seeing the diversity of buyers. We sell to a lot of dealers but we also sell to private collectors, new buyers [and] new young collectors from all over the world…. From Australia, Kazakhstan, from all over. You would be surprised at the breadth.

You must have a great deal of information about where new collectors are coming from, the data…

Yes, the data that our technical team can gather, where and when is pretty impressive…

Have you been to Hong Kong before?

No.

What kind of collectors have you met over the last three days?

A wide variety but we have seen a considerable number of serious collectors from Taiwan. We were surprised…. We thought we would see more Mainlanders but we have seen Taiwanese and local Hong Kong collectors, some Koreans and Brits, but we were surprised by the size of the Taiwanese presence.

About Artnet services (source: Artnet website)

In the mid 1980s Artnet developed its first product, the Price Database. Today the Price Database has a broad base of customers dominated by major auction houses, art dealers, museums, and insurance companies. Representing auction results from over 500 international auction houses, the Price Database covers more than 4 million auction results by over 188,000 artists, ranging from Old Masters to Contemporary Art.In 1995 the company transitioned the Price Database to the Internet and introduced a second product, the online Gallery Network, building and hosting websites for art dealers and galleries on its platform. In 1999, the online auction business was launched and now has 60,000 collectors visiting the site each month.

KCE/KN

Related Topics: auctions, Market watch, collectors, Hong Kong

Related Posts:

• Globalisation of contemporary art market evident in growth of art fairs – August 2010 – explains how art fairs accelerates the transnational exposure of artists
• First ever Moroccan art fair to launch October – August 2010 – discusses how Dubai faces competition from new art fairs
• A Sunday at Art Taipei – August 2010 – dealer Pearl Lam talks honestly about how auction houses really make their money and five gallerists talk about the fair
• Worlds top collectors and art professionals attend ArtHK, a testament to its growing importance – June 2010 – Ben Brown comments on the sophistication of collectors
• What did the galleries say about ART HK 10? Art Radar Asia speaks to 19 dealers – June 2010 – quotes from the ground about what collectors are buying

Subscribe to Art Radar Asia for more breaking market news in Asia

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Fad or innovation? First ever entirely online art fair to launch next year

ART EVENTS PROMOTING CONTEMPORARY ART ART SALES ART FAIRS ONLINE

Art Radar Asia was recently sent information on an event new to the art promotion circuit – VIP Art Fair is the first fair to be run entirely online. The event will launch on 22 January, 2011 and was founded by experienced art professionals James and Jane Cohan from James Cohan Gallery and Silicon Valley-trained technology and marketing specialists Jonas and Alessandra Almgren.

The fair will be free of charge and 45 international galleries have already signed up. Standout features include a VIP Lounge where special films of private collections and artist studios will be available to view, interaction between buyers and dealers through Skype and instant messaging, and a function which will allow fair attendees to take tours of the virtual gallery including the ability to zoom in on artwork detail.

A snapshot of a VIP Art Fair gallery page. Image courtesy of VIP Art Fair.

Read the press release:

HONG KONG, August 19, 2010 – VIP Art Fair, the first art fair to mobilize the collective force of the world’s leading contemporary art galleries with the unlimited reach of the Internet, announces its inaugural fair taking place exclusively online for one week only, January 22-30, 2011, at www.vipartfair.com.

An unprecedented event, VIP Art Fair gives contemporary art collectors access to artworks by critically acclaimed artists and the ability to connect one-on-one with internationally renowned dealers—from anywhere in the world and without leaving home.

“For anyone passionate about art, the Fair is a transformative experience: it delivers all the excitement of world-class art fairs with the convenience and personalization of the Internet,” said James Cohan, co-founder of VIP Art Fair in collaboration with Jane Cohan, Jonas Almgren and Alessandra Almgren. “We’ve invited the most prestigious international galleries, both established and emerging, to come together for an online event, creating a virtual community that will allow collectors, curators and the public to access distinguished galleries and learn about their artists, all with unparalleled ease and absolute discretion.”

VIP Art Fair Founding Galleries David Zwirner (New York), Galerie Max Hetzler (Berlin), White Cube (London), Gagosian Gallery (New York, London, Beverly Hills, Rome, and Athens), Gallery Koyanagi (Tokyo), Hauser & Wirth (Zürich, London, and New York), Anna Schwartz Gallery (Melbourne and Sydney), Xavier Hufkens (Brussels), Fraenkel Gallery (San Francisco), Kukje Gallery (Seoul), Sadie Coles HQ (London), and James Cohan Gallery (New York and Shanghai) will be joined by other international contemporary galleries. A partial gallery list is now available online. A complete list will be made public this fall.

VIP Art Fair Features

The revolutionary design of VIP Art Fair allows art collectors the opportunity to view artwork online as never before. VIP Art Fair’s innovative technology presents artworks in relation to other works of art and in relative scale to the human figure. Inquisitive visitors can zoom in to examine details of a painting’s surface, get multiple views of a three-dimensional work, and watch videos of a multimedia piece. Galleries will provide comprehensive details on artworks and artists, including biographies, catalogue essays, artist films and interviews, and in-depth information that will empower collectors.

One of the many distinct features of the Fair is the interactivity between dealer and collector. Each dealer has the ability to hold conversations with collectors via instant messaging, Skype, and telephone to discuss works on offer in the virtual booth. Dealers can also provide access to their gallery’s back room inventory, sharing works in real time with clients in specially-created Private Rooms on the client’s own computer screen.

There are many ways to explore the Fair, including online tours which are core to the VIP Art Fair experience. Visitors to the Fair can choose from a wide selection of tours—whether of featured works or a tour created by collectors, critics, and curators from participating museums. Visitors also can design their own personalized tours of the Fair that showcase their favorite works and can be shared with friends or posted in the VIP Lounge. Other ways to navigate the site include the Fair Map and advanced searches based on criteria of interest, such as artist’s name, medium, or price range.

The VIP Lounge is where visitors can watch specially commissioned films of leading private art collections and artists’ studios, check out Fair tours created by other visitors, access status updates on art market news, and learn about new works on view in the Fair.

Accessing VIP Art Fair

The Fair will open on Saturday, January 22, 2011 at 8:00 a.m. EST and conclude on Sunday, January 30, 2011, at 7:59 a.m. EST. Browsing the Fair is free of charge. To access interactive capabilities, visitors must have a VIP Ticket, which on January 22 and 23 will cost $100 and thereafter will cost $20. Visitors are encouraged to register in advance.

Editors’ Note

It seems the international art community is divided in its opinions regarding the success of online sales of artworks.

Pearl Lam, Director of Contrasts Gallery, speaking at the 2010 Art Taipei Forum, stated that,

“We have been selling paintings [through the Internet], that was in the good season, but at the present moment all the collectors … want to see the paintings…. Today, there are still collectors who are buying [through the Internet] but it’s less than what we used to have. We used to have ninety percent of them, … all [through the Internet] and they were not cheap … paintings. We still [sell through the Internet] but reduced and also depending on the price of the painting.”

However, Saffronart, a constant pioneer of new technologies in the art auction arena, recently introduced a mobile phone bidding application to it’s seasonal auctions.

With increasingly more mobile ways to access the Internet and new features which allow users to better explore and interact with virtual space, such as those that will be presented at VIP Art Fair, it’s hard to tell if this is a fad or the first successful move into better utilising this new sales territory.

What do you, our readers, think?

KN

Related Topics: promoting art, art collectors, art fairs, art and the Internet

Related Posts:

• A Sunday at Art Taipei – gallery comments, Australian media art, Pearl Lam – August 2010 – a bundle of images and quotes relaying what was seen and heard at the fair
• Will Youtube become a new platform for for video art? Guggenheim experiments – July 2010 – report on art promotion collaboration between these two organisations
• World’s top collectors and art professionals attend ART HK: a testament to fair’s growing importance – June 2010 – an overview of who sold what to whom and why
• American visual artists react to Google’s book grab – April 2010 – a New York Times article outlines the copyright issues involved in the building of Google’s new online “library”
• Krishna Khanna traces evolution of Indian modern art: innovative interview technology used – April 2010 – this 30 minute podcast is organised into searchable snippets of information

Subscribe to Art Radar Asia for more on the ways the art industry is using new technology

First ever Moroccan art fair to launch in October

MARRAKECH MOROCCO ART FAIRS ARAB ART

In October this year, the tourist hotspot Marrakech, Morocco, will host the country’s first modern and contemporary art fair. The fair points towards a growing trend of interest and investment in art in the Middle East where Dubai, currently the top art city in the Middle East, is facing increasing competition from upcoming art ventures in Abu Dhabi and Sharjah. (Read our report on this recent trend.)

Gjdn Neshat's 'Untitled96'. Neshat is a participant in this year's Marrakech Art Fair.

Morocco, characteristically, is a country that culturally and geographically straddles the “east meets west” junction. That the Marrakech Art Fair shares some of these characteristics make it all the more special. Out of the thirty galleries exhibiting at the fair, half come from the Arab world, primarily North Africa while the other half come from Europe. For art lovers, this could provide an incredible opportunity to sample international contemporary art.

The city also plans to host simultaneous art events throughout the days of the fair. Some of these are special exhibitions at select museums and galleries in Marrakech. The idea behind engaging the city as a giant art fair in itself is to offer rare insights into Moroccan heritage and its contemporary art world.

The Marrakech Museum, for example, is hosting “Resonance: Contemporary Moroccan artists across the world”, which showcases fifteen artists of Moroccan origin who are based outside of Morocco. Inventing and re-thinking ideas of identity versus the global, these artists will work through various mediums such as painting, installation and video art to map new thoughts about the reality of art in Morocco. Another interesting intervention looks at the culmination of popular culture and art. Six graffiti artists will create spontaneous art to the music of Moroccan rapper BIGG over the period of one night.

Zoulikha Bouabdellah's 'Love'. Bouabdellah is a participant in this year's Marrakech Art Fair.

Other events include talks such as the panel discussions led by Roxana Azimi, a specialist in the international art market, that will deal with the twin issues of “Art market in the Arab world” and “The role of patrons and collectors.” Pascel Amel, a writer and director, will lead a debate on “Art in Morocco at the dawn of globalization.” The talks seem to be marked with hope and enthusiasm for the place of Moroccan art in the world market as well as a belief in the possibility of internal development.

Fifteen of the galleries invited to the fair will respond to a set theme of “From Orientalism to nowadays.” The Jean Brolly gallery is one such participant that intends to showcase work by two artists of different origins – Mahjoud Ben Bella and Francois Morellet. Local galleries are active participants at the fair. The Tindouf Gallery and the Galerie 127 are based in Marrakech itself. Other galleries that are showing at the fair come from Tunisia, the UAE, France and Morocco. The fair will be held from 9 to 11 October this year. For more details, visit the fair’s website.

AM/KN

Related Topics: art fairs, Middle Eastern art, promoting art

Related Posts:

• Sheikh Sultan opens private collection to public putting Sharjah on UAE art map – August 2010 – we take a look at how a personal collection might indicate growing interest in Middle Eastern art
• Globalisation of contemporary art market evident in growth of art fairs – The Economist – August 2010 – points discussed include the hierarchy of art fair location, the lack of local artist representation
• Sotheby’s to hold first ever international auction house sale of calligraphy in Doha – July 2010 – Sotheby’s interest in heritage Asian art predates the recent contemporary boom and rakes in the largest sales, here’s a look at a recent sale in Doha
• Antonia Carver named Art Dubai director, lends Middle Eastern insight to fair– July 2010 – we take a look at how Carver’s experience in the Arab art world will effect the fair’s success
• Xu Zhen takes on Middle Eastern identities and cultures as the new artists’ collective alias Madeln at Ikon Gallery, UK – June 2010 – an in-depth look at how conceptual artist Xu Zhen fabricates his own identity

Subscribe to Art Radar Asia for more on art fairs

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

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.

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

Related Posts:

• Antonia Carver named Art Dubai director, lends Middle Eastern art insight to fair – July 2010 – a summary of media reports from the time of Carver’s appointment
• Is globalisation of the art market slowing down? The Economist reports – June 2010 – discusses the dominance of American artists at Christie’s New York’s recent sales
• World’s top collectors and art professionals attend ART HK: a testament to fair’s growing importance – June 2010 – names the collectors in attendance
• Art industry elite meet at inaugural Abu Dhabi Art Fair – December 2009 – a brief overview of the event with images, mentions segregation of new and established galleries
• Art in storage, at fairs and sales – is it getting harder to insure? – October 2009 – this article explains why this may be the case

Subscribe to Art Radar Asia for more on prominent trends in the contemporary art market

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

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

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

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

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

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

Related Posts:

• Asia Art Forum 2010 meets growing demand for collector education in China – Jing Daily – May 2010
• Hong Kong hailed as art’s Promised Land by Art+Auction Magazine – April 2010
• Surprising sell-through rates for Chinese art recorded in London’s February auctions – March 2010
• Colin Chinnery, director of ShContemporary, on future of Shanghai Art Fair – interview Artron – January 2010
• Deutsche Bank signs 5 year lead sponsorship deal with ART HK – December 2009

Subscribe to Art Radar Asia for more on the contemporary art market in Asia

Art industry elite meet at inaugural Abu Dhabi Art fair

ART FAIRS

The inaugural Abu Dhabi Art fair opened to much fanfare on November 19th. The government-run Tourism Development and Investment Company (TDIC) organized the fair, along with the area’s new cultural district on Saadiyat Island.

The project features the Guggenheim Abu Dhabi by architect Frank Gehry, the Louvre Abu Dhabi by architect Jean Nouvel, the Performing Arts Centre by architect Zaha Hadid, the Maritime Museum by architect Tadao Ando, and the Sheikh Zayed National Museum by architect Foster + Partners Ltd.

In attendance at the event were big time players from the Western art world, including London’s White Cube, New York’s Acquavella Galleries, and Dubai’s Third Line and B21. Megacollector François Pinault along with Jeff Koons were in attendance as special patrons.

Jeff Koons on left, François Pinault on right.

According to ArtForum who covered the event, Abu Dhabi Art was really two fairs under one roof. On the one hand, there was a slew of young galleries from places like Bangalore, Damascus, and Dubai, showing works that ranged from calligraphic kitsch to more promising endeavors. The other fair was a higher-stakes arena, featuring major New York and European dealers.

Dealer Iwan Wirth, from Hauser & Wirth, in front of a large Louise Bourgeois spider

Hauser & Wirth brought a large Louise Bourgeois spider sculpture and Subodh Gupta skull, while White Cube offered sparkling paintings by Hirst. Tony Shafrazi hung his ’80s-themed stand with Basquiats, Warhols, and Harings. A consortium of seven dealers, including L&M Arts, Malingue, and Louis Carre & Cie, combined forces with Picassos and Légers.

Related Posts:

• Abu Dhabi Art – a major new art calendar event just announced– July 2009
• Where is the Sharjah Art Museum heading? – Manal Ataya, Sharjah Museums director– June 2009
• Art Dubai 2009 – who sold what to whom? 15 galleries talk to Art Radar– March 2009
• Who are the top artists at art fairs?– March 2009
• Which are the top 10 international contemporary art fairs?– January 2009

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

SF/KCE

Deutsche Bank signs 5 year lead sponsorship deal with ART HK

HONG KONG ART FAIR SPONSORSHIP

The May 2010 incarnation ART HK will only be the international art fair’s third event, but it has already earned the confidence-and sponsorship- of Deutsche Bank, the largest bank in Germany, which has recently signed a 5 year sponsorship deal with the young but promising Hong Kong art fair. Their enthusiasm for the fledging fair is understandable; ART INFO reports that in May 2009 (an uncertain time for art!) 27,856 people visited ART HK over four and a half days to view 110 galleries from 24 countries. In all, this accounts for a 31% jump in attendance over the inaugural fair in 2008.

Regarding the sponsorship, Michael West, Deutsche Bank’s head of communications for Asia Pacific, comments:

“Our sponsorship of ART HK is a reflection of both the scale and growth of Deutsche Bank in the Asia Pacific region and our longstanding global commitment to the arts… The success of ART HK in 2008 and 2009 demonstrates the high level of demand for a world-class art fair in the region.” –ART INFO

Regarding Deutsche Bank’s  sponsorship  of ART HK, Magnus Renfrew, the director of the fair who was profiled among 15 individuals without whom “the art world wouldn’t spin on its axis” in Art+Auction’s December 2008 Power Issue, comments:

“Globally, galleries are looking for new opportunities to expand their markets and increasingly are looking towards Asia… ART HK is now well established as a high-profile fair with proven high-quality attendance and solid sales results… Deutsche Bank’s involvement is a ringing endorsement of the solid foundations that we have laid in Asia to date. Our shared vision and active partnership will bring us one step closer to further affirming ART HK’s position as one of the leading art fairs.” –ART INFO

Deutsche Bank: a long-time art patron

Deutsche Bank is a well known patron of the arts, and controls one of the world’s largest corporate contemporary art collections, which is comprised of about 50,000 artworks from the 20th century. With the motto “Art Works,” the bank has maintained a pro-art agenda for the past three decades, making these artworks accessible to the public worldwide. It also collaborates with the Solomon R. Guggenheim Foundation on the Deutsche Guggenheim in Berlin.

And here’s what sources are saying about ART HK…

‘ART HK 09, raised its game at its second edition…It seems that by common consensus dealers from across the world have decided that the only viable venue for a pan-Asian international art fair is Hong Kong.’
Apollo

‘Hong Kong emerged as the one to beat in Asia…ART HK, located in a city noted for its transparency and ease of conducting business, will become a dominant force in the region.’
ArtAsiaPacific

‘….in a very short time Hong Kong will be the most important art trade fair in the world.  In fact – this could be the Art Basel of Asia.’
Die Welt

‘ART HK has won the battle to be the destination art fair for Asia’

The Art Newspaper

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

SINGAPORE AND HONG KONG’S COMPETING ART MARKET

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

Hong Kong’s challenging art scene

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

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

One of the proposed models for the West Kowoon Cultural Centre

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

Singapore makes its move

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

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

The Esplanade, Singapore

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

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

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

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

Singapore looks ahead

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

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

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

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RM/KCE

Art in storage, at fairs and sales – is it getting harder to insure?

ART FAIR INSURANCE

Last week, The Art Newspaper posted an interesting report that claimed that art is getting harder to insure. According to their source, Richard Northcott, executive director of the art, jewellery and private client division at Heath Lambert Group (London), firms that protect specialist fine art insurers are becoming cautious of insuring a large amount of art kept in one place at the same time, such as in storage warehouses and exhibitions. The article explains why:

“For a long time nobody in the insurance world was monitoring the cumulative value of art shown at fairs or kept in storage,” explains Northcott. “But in the last two or three years the industry has become a lot more sophisticated and a lot more aware of the issue.”

This is partly owing to 9/11 and Hurricane Katrina in 2005, which made insurers aware that a single catastrophe could wipe out an entire art fair or storage facility, and partly owing to recent developments in software that have made it much easier for re-insurers and specialist fine art insurers to track the location of the thousands of policies they have underwritten at any one time.

At Art 40 Basel in June, “there were already murmurs of a problem,” Northcott says.

“There is a limit to the insurance market’s capacity for the cumulative value of policies for a single event like an art fair,” says Northcott. This stands at around $2bn; the insurance value of art at Frieze this year is much lower as the downturn in the contemporary market has led to declining prices, and the many younger galleries exhibiting for the first time are offering less expensive, emerging artists. But he believes that as the art market recovers, “all major art fairs will come under scrutiny by the industry”.

RM/KE

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ARTSingapore 2009 Fair – new photography fair, high value sales and gallerists pick top fairs in Asia today

SINGAPORE CONTEMPORARY ART FAIR 2009

It is the most established art fair in Asia, having just completed its ninth consecutive year running, and it is uniquely different from other leading fairs in the region. ARTSingapore, despite being a major international art event, feels smaller and much more manageable than other leading fairs. ARTSingapore keeps its intimate feel in spite of the presence of 36 major international galleries and arts centers (complete list here), and also offers 2 new treats this year, with a ‘New Finds’ section for emerging artists and also the inclusion of a separate space dedicated to the photographic arts.

Traditional Fruitmarket, by Richard Winkler, 2009. Oil on canvas. 150x200 cm.

‘New Finds’ section for emerging artists

This year’s addition of a ‘New Finds’ section offers new artists and young galleries the opportunity to show their work to the international community. Regarding the decision to include this new section, Fair Director Chen Shen Po says:

“We are keeping in mind the current economic recession in Singapore and hope that ‘New Finds’ will provide emerging artists with a platform to develop and establish their career in the arts industry.”

Brand Obama!, by Hughie Doherty, 2009. Mixed Media. 76x50 cm.

This year’s 12 featured ‘New Finds’ artists include:

Brian Adams [Singapore]     Chankerk [Singapore, presented by Fill-Your-Walls, Singapore]     Christiane Wyler [Singapore]
Donovan Phity [Indonesian, presented by Adoramus Art Gallery, Indonesia]       Hughie Doherty [Hong Kong]
Hwang Ouchul [Korea]     Jennifer Tan Doherty [Hong Kong]      Kim Ki Soo [Korea, presented by Simyo Gallery, Korea]
Ling Yang Chang [ Singapore, presented by Momentous Arts, Singapore]     Marga Duin [Netherlands]     Nupur Chaube [India]
Shin-Young Park [Korea, presented by AndrewShire Gallery, Singapore & USA]

Within ARTSingapore: AIPF 2009- first Asian photography fair

The other new feature at ARTSingapore this year is the Asia International Photography Fair 2009 (AIPF 2009) exhibition, which is housed together with ARTSingapore and displays the works of 12 independent international photographers. This year’s inception of the AIPF marks the first Asian art fair dedicated explicitly to contemporary photo-based artworks.  The AIPF 2009 exhibitors include:

Andre Ruesch [Santa Fe, NM, USA]     Chris Enos [Santa Fe, NM, USA]       Henry Aeagoncillo [Santa Fe, NM, USA]
Lee Manning [Santa Fe, NM, USA]       Marcia Keegan [Santa Fe, NM, USA]       Sealey Brandt [Singapore]
Susan Herdman [Santa Fe, NM, USA]       Thea Witt [Santa Fe, NM, USA]       Thomas Vorce [Santa Fe, NM, USA]
Ward Russell [Santa Fe, NM, USA]       Willis F. Lee [Santa Fe, NM, USA]        Yuki Aoyama [Japan, presented by Wada Gorou]

Kiowa Fancy Crow, by Marcia Keegan, 2009. Cibachrome archival prints, print 40.6x50.8 cm, matted 129.5x193 cm

Satisfying sales and turnout, Richard Winkler emerging as hot star

Multiple presenters at ARTSingapore reported being satisfied with the visitor turnout and sales at the event. The obvious star of the show were the works by Richard Winkler, a Swedish artist who lives in Bali, presented by the Zola Zolu Gallery from Indonesia.  On Monday afternoon, the last day of the fair, at least 18 of Winkler’s paintings had sold to collectors from around the world. This is indicative of the prices that fair buyers were prepared to pay this year, as Winkler’s works started at $150,000 USD. Other galleries also reported encouraging sales, but some also mentioned that being present at this fair and making an impression was most important– immediate sales were not a top priority.

Which are the top fairs favoured by gallerists?

When questioned what fairs they will be attending this year, presenters stressed the importance of ARTSingapore, but also included ART HK, Art Dubai, the Korean International Art Fair (KIAF), and ART ASIA Miami on the short list of highly prioritized shows. Each show has its own character, and gallerists reported that ARTSingapore is known for its intimate and efficient atmosphere, and a dynamic mixture of art from anywhere and everywhere.

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• More art, better art, riskier art at ART HK 09–  May 09
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• News link round up Art Basel 2009- Indian, Japanese artists dominate coverage of Asians- June 2009
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