Important ArtInsight conference on Middle Eastern art market in London – event alert

MIDDLE EAST CONTEMPORARY ART LONDON CONFERENCES

ArtInsight, the events partner of leading art market research firm, ArtTactic, has organised what we think looks to be a very important conference for early October in London. State of the Art – Middle East [The Future of the Middle East Contemporary Art Market] will focus on trends and opportunities in the Middle Eastern contemporary art scene.

Artwork by Houria Niati. Image courtesy of Janet Rady Fine Art.

As detailed in the latest press release from ArtInsight, State of the Art – Middle East will include talks and in-depth panel discussions with leading figures from all facets of the Middle Eastern art world, including curators, gallerists, consultants, museum professionals, artists, patrons/collectors, auction house specialists and art market experts. With this event, ArtInsight hopes to provide an comprehensive insider’s perspective of both market and artistic trends in the Middle East today, and into the future.

Key issues and topics to be explored and debated at State of the Art – Middle East will include:

• The impact of substantial museum building plans and activities throughout the region
• Collector opportunities: The effect of the rapid and growing visibility of Middle Eastern artists across the international art scene and art market
• The significance of the roles of auction houses, art fairs and galleries, in the development of the region’s art market

Leading speakers listed are:

• Lulu Al-Sabah: Founding Partner, JAMM-Art
• Alia Al-Senussi: Collector, Curator and Advisor
• Bashar Al-Shroogi: Director, Cuadro Fine Art Gallery (Dubai)
• Maryam Homayoun Eisler: Leading Patron/Collector and Contributing Editor
• John Martin: Co-founder and former Fair Director, Art Dubai
• Ahmed Mater: Artist
• Jessica Morgan: Curator, Contemporary Art, Tate Modern
• Anders Petterson: Founder and Managing Director, ArtTactic
• Dr Venetia Porter: Curator, Islamic and Contemporary Middle East, The British Museum
• Janet Rady: Director, Janet Rady Fine Art
• Stephen Stapleton: Director, Edge of Arabia
• Steve Sabella: Artist
• Roxane Zand: Director, Middle East & Gulf Region, Sotheby’s
• Conference Moderator Jeffrey Boloten: Co-founder and Managing Director, ArtInsight

State of the Art – Middle East [The Future of the Middle East Contemporary Art Market] will take place on Friday 8 October this year and runs from 9:00 a.m. to 5:00 p.m. at Asia House in London. The £195 conference fee includes a Halal lunch and there is a student discount available. For bookings, visit www.artinsight.eventbrite.com.

MS/KN

Related Topics: Middle Eastern artists, promoting art, art market

Related Posts:

• Globalisation of contemporary art market evident growth of art fairs – The Economist – August 2010 – comments on the globalisation of art and how art fairs accelerate the transnational exposure of artists, mentions Abu Dhabi Art
• Sheikh Sultan opens private collection to public putting Sharjah on the UAE art map – August 2010 – an overview of the collection and the first exhibition of works
• Sotheby’s to hold first ever international auction house sale of calligraphy in in Doha – July 2010 – Hurouf: The Art of the World showcased various works: very early Islamic calligraphies, modern and contemporary Arabic, Farsi and Ottoman Turkish
• Middle East art scene today is like London in nineties – Judith Greer – international art collector – April 2009 – an important US collector’s thoughts on the 2009 art scene in the Middle East
• The Dubai art market and its future – Nation, Guardian – December 2008 – discusses the success the Dubai art market was continuing to enjoy at the beginning of the global recession

Subscribe to Art Radar Asia for more posts on Middle East art

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Middle Eastern Art Market Report 2010 – June 2010 – This in-depth report offers the reader an overview of the main art markets in the region. It includes overall auction market analysis, trends for the region, as well as analysis for the individual regional markets. 16 pages – only GBP75

Indian Auction Analysis – June 2010 – An analysis of the Indian Summer Auctions which included the very successful FN Souza Estate sale at Christie’s. Average auction prices for Modern Indian art, exceeds the pre-crisis level. –  Covers Christies, Sothebys and Saffronart, 4 pages, GBP37.50

London Auction Analysis – June 2010 – None of the three auction houses reached their low estimates. A sign that the market it levelling out. The market uncertainty highlighted in our Confidence Survey (see below) is putting a lid on the market. Christies, Sothebys, Philips de Pury – 5 pages GBP37.50

US & European Confidence Survey – June 2010 –  This survey shows a market that continues its recovery, but at a slower pace. The respondents are nervous about the economic outlook. This makes interesting reading as it was published the day before the London Contemporary sales. Content:– Price-Segment Analysis- Risk & Speculation Barometer- ArtTactic® Four-Quarant Sentiment Evaluation- Artist Confidence Indicator (Short-term Outlook)- Individual Artist Confidence Indicators- Artist Longevity Indicator (Long-term Outlook)- Artist Rankings June 2010

Artists Confidence Indicators & Survival Ratings included in the report: Contemporary Artists: Andreas Gursky, Bill Viola, Cindy Sherman, Damien Hirst, Elisabeth Peyton, Franz Ackermann, Glenn Brown, Jake & Dinos Chapmans, Jeff Koons, Jeff Wall, Kai Althoff, Luc Tuymans, Marlene Dumas, Matthew Barney, Maurizio Cattelan, Mike Kelley, Neo Rauch, Olafur Eliasson, Paul McCarthy, Peter Doig, Richard Prince, Rosemarie Trockel, Takashi Murakami, William Kentridge, John Baldessari, David Salle, Fischli & Weiss, Cecily Brown, George Condo, Franz West, Gerhard Richter, Gilbert & George, Anish Kapoor, Vik Muniz, Chris Ofili, Yoshitomo Nara, Sol Le Witt, Dan Flavin, Ellsworth Kelly, Robert Rauschenberg, Luican Freud, Keith Haring, Jean-Michel Basquiat, Piero Manzoni, Cy Twombly, Yves Klein, Donald Judd, Anselm Kiefer, Willem de Kooning, Mark Rothko, Tom Wesselmann, Joan Mitchell, Roy Lichtenstein, Philip Guston, Robert Smithson, Francis Bacon, John Chamberlain, Clyfford Still, Andy Warhol, Hans Hofmann, Claes Oldenburg, Joseph Buys, Alexander Calder, Lee Krasner, Jean Dubuffet, George Segal, Robert Indiana 9 pages – only GBP 75

New York Auction Analysis – May 2010 –  The auction houses went to sale hoping to emulate the strong results of the London sales in February. The results were indeed positive and this report analyses the sales in detail. – 5 pages – GBP25

Auction Analysis – Christie’s HK, May 2010 – Christie’s Asian Contemporary and Chinese 20th Century sales confirmed that the market has moved from a period of recovery to a market that has started to experience strong pick-up in demand and accelerating growth.3 pages GBP25

Indian Art Market Confidence Survey – May 2010 – This report provides unique analysis of many aspects of the Indian Market, including market sentiment, individual artist market confidence and probability of survival and the market’s view on speculation and risk. Market and Artist confidence and survival ratings

F.N.Souza, M.F.Husain, Ram Kumar, S.H.Raza, Akbar Padamsee, Himmat Shah, Jogen Chowdhury,Arpita Singh, Krishen Khanna, Rameshwar Broota, KG Subramanyan, Vasudeo S. Gaitonde, Zarina Hashmi, Tyeb Mehta, Anju Dodiya, Atul Dodiya, Shibu Natesan, Sudarshan Shetty, Ravinder Reddy, Nataraj Sharma, Surendran Nair, Subodh Gupta, Bharti Kher, Jitish Kallat, Thukral & Tagra, Rashid Rana, N.S. Harsha, T.V. Santhosh, Justin Ponmany, Riyas Komu, Nasreen Mohammedi, Bhupen Kakkar, Chitra Ganesh, Dayanita Singh, A. Balasubramaniam. 9 pages just GBP75

Chinese Auction Analysis – April 2010 – The Chinese art market continues to recover. This report analyses the Sotheby’s Hong Kong sales in April 3 pages GBP25

Turkish Auction Analysis – April 2010 – Sotheby’s has carved out a niche for Contemporary Turkish art. This is an analysis of their second Contemporary Turkish sale in April 2010. 2 pages – GBP25

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Indian Auction Analysis – March 2010 –  Overall the Indian art market has started to recover, but the recovery was fuelled almost entirely by Modern Indian artworks. This report delves into the polarised Indian art market. 5 pages GBP25

Chinese Art Market Update – March 2010 – The report includes the first analysis of Chinese domestic auction houses. Other aspects of the report include an overview of the Contemporary Chinese Art Market, ArtTactic Confidence analysis and overall trends both in the secondary market and the overall market. 10 pages only GBP75

Auction Analysis – London February 2010 – The first contemporary art auctions of 2010 yielded results so strong that one may be mistaken that it was 2007. This report charts the successful rebound in the US and European Contemporary market in the beginning of 2010. 5 pages GBP37.50

Art Market Outlook 2010 – February 2010 – In this new report, ArtTactic looks at global modern and contemporary art market trends in US and Europe, India, China, Middle-East, Latin America and Russia for 2010. 8 pages GBP75

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Art Radar has known Anders Petterson at ArtTactic since our inception two years ago. We have read the work of his team on many occasions and we are pleased to endorse the high quality of the ArtTactic research.

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India

Indian Auction Analysis June 2010

Covers Christies, Sothebys and Saffronart, 4 pages, GBP37.50

Indian Art Market Confidence Survey May 2010

Market and Artist confidence and survival ratings 10 pages GBP75

F.N.Souza, M.F.Husain, Ram Kumar, S.H.Raza, Akbar Padamsee, Himmat Shah, Jogen Chowdhury,Arpita Singh, Krishen Khanna, Rameshwar Broota, KG Subramanyan, Vasudeo S. Gaitonde, Zarina Hashmi, Tyeb Mehta, Anju Dodiya, Atul Dodiya, Shibu Natesan, Sudarshan Shetty, Ravinder Reddy, Nataraj Sharma, Surendran Nair, Subodh Gupta, Bharti Kher, Jitish Kallat, Thukral & Tagra, Rashid Rana, N.S. Harsha, T.V. Santhosh, Justin Ponmany, Riyas Komu, Nasreen Mohammedi, Bhupen Kakkar, Chitra Ganesh, Dayanita Singh, A. Balasubramaniam.

Indian Auction Analysis March 2010 5 pages GBP25

China

Chinese Auction Analysis May 2010 – Christies Asian contemporary sale Hong Kong 3 pages GBP25

Chinese Auction Analysis April 2010 – Sothebys Asian contemporary sale Hong Kong 3 pages GBP25

Chinese Art Market update March 2010

The report includes the first analysis of Chinese domestic auction houses. Other aspects of the report include an overview of the Contemporary Chinese Art Market, ArtTactic Confidence analysis and overall trends both in the secondary market and the overall market. 10 pages only GBP75

Middle East

Middle Eastern Art Market Report June 2010

ArtTactic is delighted to launch the 2nd Art Market Report on the Middle Eastern Art Market. The report provides an overview of the main art markets in the Middle-East and North-Africa, and provides a thorough auction analysis of the market since its inception in 2006. Content: New Trends, Auction Anaysis by Country and Segment, Country Art Market Profiles, Artists to Watch 16 pages – only GBP75

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• Turkish Auction Analysis April 2010 – 2 pages – GBP25
• BRIC Auction Analysis April 2010 – 5 pages – only GBP 25

Europe and the US

• London Auction Analysis June 2010 – Christies, Sothebys, Philips de Pury – 5 pages GBP37.50
• US and European Confidence Survey June 2010 – 9 pages – GBP 75
  Content:
  – Price-Segment Analysis
  – Risk & Speculation Barometer
  – ArtTactic® Four-Quarant Sentiment Evaluation
  – Artist Confidence Indicator (Short-term Outlook)
  – Individual Artist Confidence Indicators
  – Artist Longevity Indicator (Long-term Outlook)
  – Artist Rankings June 2010

Artists Confidence Indicators & Survival Ratings included in the report: Contemporary Artists: Andreas Gursky, Bill Viola, Cindy Sherman, Damien Hirst, Elisabeth Peyton, Franz Ackermann, Glenn Brown, Jake & Dinos Chapmans, Jeff Koons, Jeff Wall, Kai Althoff, Luc Tuymans, Marlene Dumas, Matthew Barney, Maurizio Cattelan, Mike Kelley, Neo Rauch, Olafur Eliasson, Paul McCarthy, Peter Doig, Richard Prince, Rosemarie Trockel, Takashi Murakami, William Kentridge, John Baldessari, David Salle, Fischli & Weiss, Cecily Brown, George Condo, Franz West, Gerhard Richter, Gilbert & George, Anish Kapoor, Vik Muniz, Chris Ofili, Yoshitomo Nara, Sol Le Witt, Dan Flavin, Ellsworth Kelly, Robert Rauschenberg, Luican Freud, Keith Haring, Jean-Michel Basquiat, Piero Manzoni, Cy Twombly, Yves Klein, Donald Judd, Anselm Kiefer, Willem de Kooning, Mark Rothko, Tom Wesselmann, Joan Mitchell, Roy Lichtenstein, Philip Guston, Robert Smithson, Francis Bacon, John Chamberlain, Clyfford Still, Andy Warhol, Hans Hofmann, Claes Oldenburg, Joseph Buys, Alexander Calder, Lee Krasner, Jean Dubuffet, George Segal, Robert Indiana

• New York Auction Analysis May 2010 – 5 pages – GBP25

Specialist

• Contemporary Design Report July 2010 13 pages GBP75

General

Global Art Market Outlook Feb 2010 – 8 pages GBP75

In this new report, ArtTactic looks at global modern and contemporary art market trends in US and Europe, India, China, Middle-East, Latin America and Russia for 2010.

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Art Radar endorsement:

Art Radar is proud to work with ArtTactic to bring Art Radar readers this special offer. We have read many of the ArtTactic reports since our inception and we often get together with Anders Petterson managing director of ArtTactic to chew the fat about the market and art scene in Asia and can fully endorse the quality of the research produced by ArtTactic. ArtTactic has been conducting art market research for over 12 years.

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Indian art market hits peak 2008 figures – modern art favoured

ART MARKET INDIAN ART MODERN ART AUCTIONS

For some time now, the Indian art market has been reviving after the post-2008 buying slump. New Delhi-based journalist John Elliott, who runs the current affairs blog Riding the Elephant, reports in a recent post that now it may well be on the first step towards similar pre-2008 peak figures. However, the artists raking in money this time around are not contemporary but modern Indian artists.

In June this year, Sotheby’s raised USD7.9m in a mostly Indian art sales. In the same month, Saffronart sold art worth USD6.7m, and together with a Christie’s two day sale of USD18.1m, Indian art sales for the month of June totaled a substantial USD32.7m.

Rabindranath Tagore's 'Portrait of a Woman' sold for over USD461,000 at Sotheby's.

Elliott reports that ArtTactic, a London based art market analysis firm believes that average auction prices and volumes for modern Indian art are now back to levels seen at the market’s peak in June 2008. Anders Peterson, who runs the firm, adds that,

The return in the confidence for the Indian art market is at the high end of the market.

A significant change from the trends of 2008 is the consistent sales of established veteran artists of Indian modern art rather than contemporary artists. However, given the overall push in the performance of the market, contemporary sales have also picked up. ArtTactic reports that previously popular contemporary artists such as Subodh Gupta and Jitish Kallat are still lagging far below 2007-2008 prices.

Saffronart founder and owner Dinesh Vazirani agrees with ArtTactic’s line on modern art. He says,

Auction prices are reasonably close to their 2008 peak. Serious collectors are there and this is backed with confidence in the Indian economy and with people investing as a hedge against inflation.

But how much do these results tell us about trends in buying Indian art? Anders Peterson from ArtTactic believes that,

Auctions are now a filtered version of the reality in the art market. Lots that are likely to sell are works of high quality, rarity and outstanding provenance. Works that do not demonstrate these qualities are still selling at lower prices or not at all. Therefore the return in confidence is at the high end of the market.

SH Raza's 'Rajasthan'.

The highlight of the Sotheby‘s sale were the works of Indian modernist painter, poet, philosopher and Nobel Prize winner Rabindranath Tagore, while Saffronart relied on modern art veterans like S.H. Raza, who was part of the Bombay Progressive Artists’ Group and now lives in Paris. His wife, Janine Mongillat, died in April 2002.

AM/KN/KCE

Related Topics: Indian art, Bombay Progressive Artists’ Group, market watch- auctions

Related Posts:

• Saffronart once again pioneers with new technology – July 2010 – a quick news post about the companies new mobile phone bidding system
• Interventions explore art industry relationships in curator Meenakshi Thirukode’s Guild Art Gallery show:an interview – June 2010 – an in depth interview exploring the function of various art world roles
• Rising confidence in Indian art as art market recovers – June 2010 – another article on the recovery of the Indian art market
• Peabody Essex Museum loaned three giants of Indian contemporary and modern art: Anish Kapoor, Paritosh Sen and FN Souza – June 2010 – includes some information on the extensive Ambani Collection
• Indian contemporary artist Reena Kallat: Art Radar exclusive interview – April 2010 – an influential artist discusses her artwork in-depth
• Dinesh Vazirani CEO Saffronart speaks about 2010 art market outlook – ArtTactic podcast – March 2010 – sage advice and detailed information from an Indian art professional

Subscribe to Art Radar Asia for more art market analysis

Rising confidence in Indian art as market recovers

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

Related Posts:

• What did the galleries say about Art HK 10? Art Radar Asia speaks to 19 dealers – June 2010
• Indian contemporary artist Reena Kallat: Art Radar exclusive interview – April 2010
• Dinesh Vazirani CEO Saffronart speaks about 2010 market outlook for Indian art – ArtTactic podcast – March 2010
• Contemporary Indian art meets tradition at inaugural ‘Sowing Seeds’ artist workshop in Rajasthan, India – interview – March 2010
• “The Empire Strikes Back – Indian Art Today” at Saatchi Gallery: critics’ review roundup – February 2010

Subscribe to Art Radar Asia for more reports on the Indian art market

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

INDIAN CONTEMPORARY ART MARKET OUTLOOK

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

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

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

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

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

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

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

What pattern has been developed in the collector base?

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

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

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

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

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

Is the art market fundamentally changing because of the web?

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

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

Related posts:

• “The Empire Strikes Back – Indian art Today” at Saatchi Gallery: critics’ review roundup
• Indian art consultancy threatens to sue US-based internet platform Ning
• India Art Summit sponsor Rajshree Pathy has big plans for new art institute in India
• Indian artist Reena Kallat’s work mutates in Mumbai

LLH/KCE

Art loans can offer liquidity to your collection

ART LENDING INDUSTRY: ARTTACTIC PODCAST REVIEW

On October 13th, ArtTactic published there latest edition of the ongoing podcast series dedicated to art market topics. The new podcast titled “Art Lending Industry“ is an interview with Andrew Rose, the president of Art Finance Partners based in New York City. Highlights from the interview include detailed information about the array of available loans through Art Finance Partners, Rose’s opinions about how the recession has affected art lending, and a status update on the current state of the art market.

Art Finance Partners is a specialty finance company that provides innovative credit and advisory solutions to owners of "unconventional" assets, such as fine and decorative art, antiques and collectibles.

Types of Loans

“Bridge Loan to Sale”– Advance in funds against and art asset that will be sold. Used to get cash before sale transaction happens. The duration is typically 12-18 months with renewal provision.

“Acquisition Financing”- Upfront loan given to buy artwork, paid back overtime. Similar to real estate loan/mortgage.

“Working capital line”– Used by dealer or collector to finance inventory or collecting needs. The duration is 12 months with the option to renew.

The advantages to employing art loans to your personal art investment strategy are two fold. They offer liquidity between auction cycles (bridge loan to sale), and allow you to defer payment which frees up capital increasing yearly collection budgets (acquisition financing).

How the recession has affected art lending

When asked how the recession has affected art lending, Rose’s response was upbeat.

“Every business is facing the same liquidity crisis at the moment.” He continued to state, “we are seeing a fair amount of demand. Surprisingly in this market we haven’t seen the for-selling that one may have expected in this recession.”

How are artworks valued and has the current recession depreciated these values

Art Finance Partners utilizes basic valuation strategies when determining the value of the artworks lent upon. Their strategy consists of referencing established auction prices for comparable artworks through online databases like ArtNet or AskArt. In the case of a rare artwork, they consult their database of private sales, or get the opinion of an appraiser or art dealer.

Art Valuation Facts:

Loan to value ratio: 40-50%

General value of artworks down 20-30%; ultra contemporary artworks down 50%

Andrew Rose ends the interview stressing that good quality artworks sell well. Although trends and tastes change, Rose reiterates: “there will always be demand for very good quality international artwork on the international market.”

Related posts:

• Mei Moses art index founder plans Chinese version, optimistic about Chinese art– March 2009
• Three recession strategies for selling art in Shanghai – Shanghai Daily– April 2009
• New auction houses with new strategies open in Singapore art market– October 2009

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

SF/KCE

Which 5 Indian artists would you dare to buy now?

CONTEMPORARY INDIAN ART

Which artists from the Indian subcontinent are most likely to have a market in 10 years time?  Think about it for a moment and then compare your results with those below:

Subodh Gupta

 

Atul Dodiya, Fallen Leaves A Stroll

 

 

Top 5 Ranking:

1. Subodh Gupta

2. Atul Dodiya

3. Rashid Rana (Pakistan)

4. N.S. Harsha

5. Jitish Kallat

(Each of the artist names above is linked to their wikipedia entry. Just google the artist name + images for a large selection of images and sources).

This list has just been published for the first time by ArtTactic using its Survival Rating Methodology. We have enormous respect for the well-researched reports produced by Anders Petterson. Here is more information from their website:

This Survey launches the Survival Rating methodology for the Indian art market, which was pioneered for the US & European art markets in December 2008. The measurement captures the long-term (10 years) belief whether the artists’ markets will be of High, Medium, Low importance. The Barometer is particularly useful in the current environment, where the market is trying to decipher which artists’ markets will survive the current downturn.

Artists Confidence Indicators and Survival Ratings included in the report:

F.N.Souza, M.F.Husain, Ram Kumar, S.H.Raza, Akbar Padamsee, Himmat Shah, Jogen Chowdhury,Arpita Singh, Krishen Khanna, Rameshwar Broota, KG Subramanyan, Vasudeo S. Gaitonde, Zarina Hashmi, Tyeb Mehta, Anju Dodiya, Atul Dodiya, Shibu Natesan, Sudarshan Shetty, Ravinder Reddy, Nataraj Sharma, Surendran Nair, Subodh Gupta, Bharti Kher, Jitish Kallat, Thukral & Tagra, Rashid Rana, N.S. Harsha, T.V. Santhosh, Justin Ponmany, Riyas Komu.

Jitish Kallat

To buy, click the Indian Art Market Confidence Survey report May 2009

Related posts:

• Which artists from Asia are in the Pompidou collection? – Dec 2008 – includes list of Indian artists
• Mixed reviews for Serpentine’s Indian Highway show in London – Dec 2008 – 25 contemporary Indian artists in survey show billed “a snapshot of a vibrant generation of artists”
• India has most speculative art market in world – Philip Hoffman Fine Art Fund – Sep 2008

Subscribe to Art Radar Asia for news about Indian art

 

Outlook for Chinese art market – interview Larry Warsh – Arttactic podcast

CHINESE ART MARKET

Larry Warsh of AWAsia in New York, a private organisation which provides Chinese contemporary art sourcing and curatorial services to global institutions such as MOMA and the Getty Museum, talks about his take on the outlook for the Chinese art market on Arttactic’s newly-launched free podcast service.

Warsh’s expertise lies in Chinese painting and photography by the first generation of historically important Chinese artists who came to prominence between 1989 and 1999.

Topics discussed include:

• the evolution of US interest in Chinese art – Americans ‘came late to the party’, Christopher Phillips’ show at ICP ‘Past Present Future’ 2004-5 was the start

 

• why the Cynical Realists appealed to the West

 

• the trend for major US institutions (MOMA, Getty) to buy and show global art, Chinese art and the upcoming show at MOMA by Song Dong summer 2009

 

• recommended books about Chinese art

 

• weaknesses of Chinese art scene (as yet undeveloped education, infrastructure and curatorial skills)

 

• opportunities in the market – Chinese photography

 

The promotion of Chinese art is Warsh’s self-confessed mission so it is not surprising that the bulk of the interview claims great investment opportunities for selected Chinese artists. He suggests that scarcity of supply (he says there are only 30-40 historically important contemporary artists) and the future potential of the Chinese buyer base (favourable demographics, population size and a growing interest in contemporary art) means that prices are bound to rise.

Asked why the top auction houses seem to be featuring less Chinese art in their recent sales, Warsh explains that he sees this as evidence of the scarcity of supply of quality Chinese art rather than lack of demand.

We are not quite convinced by this argument. If supply is scarce but the demand still exists, then the pieces that have been coming to the market recently would have made heady prices but instead they have fallen along with other art categories and asset classes. In Hong Kong’s Spring sales 2009 works by Zhang Huan failed to sell at Sotheby’s and at Christe’s a Cai Guo Qiang edition ‘Kaleidoscope Time Tunnel’ and a Yue Min Jun lot were passed in.

No matter, we like controversial opinions. Arttactic promises more podcasts with ‘key’ figures so we look forward to hearing a variety of views. To listen to this one go to ArtTactic Podcasts and search for Larry Warsh May 22 2009.

Unfortunately we cannot give you a direct page link – we hope that ArtTactic will iron out this wrinkle in its promising new service.

Related posts:

• Newslink round up Hong Kong art fair Art HK o9 – May 2009
• Sneak a peak at the collection and private residence of dealer Pearl Lam – video interview – Mar 2009
• Mei Moses index founder plans Chinese version, optimistic about Chinese art – Mar 2009
• What are the latest trends in Chinese art? Who are the top two emerging artists? – video interview Melissa Chiu – Feb 2009
• Domestic demand in freefall at Chinese art auctions – China Daily – Nov 2008
• Book: Chinese Contemporary Art 7 Things You Should Know – Oct 2008

Subscribe to Art Radar Asia for views about the Chinese art market

Chinese art market outlook 2009 – Arttactic, AWAsia

CHINESE ART MARKET

Why there are opportunities in Chinese 90s-made art and Chinese photography and how Western museums are impacting this market are some of the topics in the interview between Anders Petterson, Founder and Managing Director of ArtTactic and Larry Warsh, Founder of AW Asia.

Zhang Huan, Family Tree, photographs

Buying opportunities – 90s art and photography

AP: Where do you see buying opportunities in the Chinese contemporary art market in the short and long-term?

LW: In the short term-the next 12 to 18 months-there will be good opportunities to buy works by top-tier artists in both painting and photography. By top-tier, I mean the 40 or so who have gained art-historical recognition, have been internationally exhibited, and are being acquired by museums in the West as well as Asia. Historical works by these individuals -the first generation of Chinese contemporary artists, from 1989 through early 2000s-are relatively scarce and will continue to gain value. The global downturn has yielded some attractive pricing, particularly in comparison to top contemporary artists in the West, creating smart buying opportunities. In fact, art funds focusing on Chinese contemporary art have been formed to take advantage of this moment. Museums are also acquiring for their collections.

Chinese contemporary photography is a buying opportunity. It’s still undervalued relative to painting, which was the focus for collectors for many years. Quality works will become increasingly scarce, particularly as China develops as a consumer society with its own collector base. The Chinese audience with disposable income is growing, and a consistent percentage of those people will become art advocates and collectors.

The Chinese economy may be slowing down, but it is not in a recession. China will remain among the world’s most attractive investment destinations, and art will continue to parallel this direction. The result is that Chinese contemporary art will weather this economic downturn and will come out as an even stronger player.

Threats to Chinese contemporary art market

AP: What do you see as the main threats to the future development of the Chinese contemporary art market?

LW: Quality. As in the West, in China there are tens of thousands of artists producing all types of work. The quality varies widely. It is important to pick the artists who will have historical staying power, with solid records in terms of art-historical recognition, museum exhibitions, and curatorial interaction. In every country, the finest work by the top artists is expensive and sought-after, and it holds its value. In this, China is no exception. There are many levels of artists and art, and it’s essential to know the difference between the art business and art history. Also, over the past few years some dealers took a very aggressive approach to pricing, which shot up dramatically. A shake-out was almost inevitable, especially when the quality was not there.

I think there is not enough education regarding who the important artists are. In China, this is now starting to change. There are now more collector groups, and more lectures and seminars on Chinese contemporary art. It’s not enough, but it’s starting. There’s activity promoting education and the development of a collector base.

Western attitudes to Chinese contemporary art in future?

AP: Was Chinese contemporary art just a fad in the West? Why not? What developments are we likely to see in the West with regards to the Chinese contemporary art market?

LW: It’s not a fad, not at all. Pundits talk about it in those terms because of the speed with which Chinese contemporary art has grown and the impact it’s had on the art world. That’s consistent with the Chinese economy overall, which has seen rapid growth in many other sectors as well. We forget that the reopening of capitalism in China was a once-in-a-lifetime event, truly a phenomenon-a country waking up with such might in the course of 30 years.

There are also many notable curators, academics, writers, and collectors in the West who are studying, following, researching, and buying Chinese contemporary art, and were doing this years before it became a notable player in the marketplace. One trend that I see continuing is the integration of Chinese contemporary art into Western museum exhibitions and collections. Just in New York alone, the Guggenheim, the Metropolitan Museum of Art, and MoMA have acquired Chinese contemporary works. Other U.S. and European museums are completing acquisitions as well. And while this is entirely anecdotal, among collectors I’m in contact with, interest in Chinese contemporary art remains very high, and there is a shift happening now of new collectors who are buying, as opposed to speculators.

Chinese art has also been outperforming Western and European art in the contemporary non-Chinese sales. As recently as November 2008, at the Christie’s day sale in New York-which overall did poorly-14 of 16 contemporary Chinese works sold, many doing better than their Western counterparts. There was spirited bidding from absentee and phone bids, as well as activity in the room.

Shift from West to East

AP: As a result of the increasing economic powers of the East, are we going to see a shift away from the power of Western art model to an Eastern (Asian) model? What implications could this have for the Chinese art market?

LW: Chinese culture is 5,000 years old, and national pride runs deep. China will not collect our Western heroes and icons-not widely, at least. They will create, and have always created, their own. That’s where their collecting interests lie.

In art, the Chinese will adapt many of the Western business models, but they will also evolve their own dynamic approach to working with museums, galleries, and the international art market in general. We should not think that our way is the only way.

The strength of the Chinese economy has been underestimated in the West. With a population of 1.3 billion, China has an enormous pool of consumers. The Chinese middle class is now roughly equivalent to the entire U.S. population (and growing), and their collector base barely has been tapped. They may be spending more cautiously, but they still have money.

Major development – Government support

AP: What will be the most important event(s) for the Chinese contemporary art market in 2009?

LW: The Chinese government has recognized the importance of contemporary Chinese art, and has earmarked money to promote and solidify the field via the Beijing Culture and Development Fund. They are also supporting museum exhibitions in China and abroad. This is a major development.

Inflation-resistant investment with demand in many countries

Also, I think that in the near term, China will undergo more severe inflation than it’s seen recently, making high-quality work a good haven for protecting the yuan. This will also benefit non-Chinese collectors holding this type of asset. With its broad acceptance on the international art market-London, New York, Paris, Hong Kong, China-and its performance in Western and Asian auction houses, high-quality work will be salable around the globe, yielding the respective currency of choice. With the coming inflation, I predict that art will outperform other non-art investments, as it has done in the past. I project that within 24 to 36 months, prices will return to levels close to where they were, with some prices higher. Great work will achieve breakout prices sooner.

Asia is the future, and everyone in the West should be aware of this fact. Between China and India, the entire planet will be looking toward Asia as it leads the globe in new areas of development. The Chinese art market has tremendous opportunities yet to be realized. Chinese contemporary art is not going away.
ABOUT THE CONTRIBUTORS

Anders Petterson is the founder and managing director of ArtTactic.

Larry Warsh is the founder of 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. Previously the founder and publisher of Museums Magazines, he has been an active collector of Western and Chinese contemporary art for more than 25 years.

This article was originally published in the February edition of Rawfacts, ArtTactic’s monthly art market newsletter. The original text is republished here by courtesy of ArtTactic.

Related posts:

• Getty Museum acquires Chinese contemporary photographs by Wang Qingsong, Hai Bo April 2009
• Mei Moses index founder plans Chinese version, optimistic about Chinese art March 2009
• Emerging Chinese conceptual artist Li Hui defies recession at Christies Dec 2008
• Largest art museum in world to be built in South China Oct 2008
• Survey of Chinese contemporary art at San Francisco museum Sep 2008

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