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Contemporary art trends and news from Asia and beyond

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    Art Radar Asia News conducts original research and scans global news sources to bring you selected topical stories about the taste-changing, news-making and the up and coming in Asian contemporary art.

Posts Tagged ‘dealer’

Fresh evidence contemporary art price rise is structural says FT

Posted by artradar on July 8, 2008


 

 

 

 

 

 

Source: Financial Times

MARKET NEW BUYERS MORE BUYERS The huge wealth from oil and mining in the Middle East and Russia is flowing into fine art, with a rush of new buyers entering a market that was already booming. 

The arrival of Russian, Middle Eastern and emerging market collectors has given fresh evidence to those who believe that the powerful rise in the price of artworks is structural rather than cyclical – reflecting a long-term shift to a truly global market supported by growing numbers of millionaires and billionaires.

 

Last high 1990 surpassed in 2007

Last year, the art market – as measured by proceeds for the top 100 artists sold at auction – in nominal terms surpassed the previous high set in 1990, according to data from Art Market Report. After a decade in the doldrums the market recovered sharply in 2003-04 and has been on the upswing ever since. The rise in the contemporary market has been especially strong, with prices up by 300 per cent in the past three years, according to Art Market Report’s Contemporary Art 100 index.

 

Doomsayers wrong so far

Doom sayers have been predicting a fall in art prices for the past two years. The high level of nervousness about the market was revealed last November, when shares in Sotheby’s plummeted 28 per cent in a day. The reason? The auction house had failed to sell a work by Van Gogh at its sale the night before. The share price has not recovered.

Many respected dealers and collectors believe the market has reached its peak. Eli Broad, the Los Angeles-based billionaire collector, has said several times that he does not believe prices will continue to rise.

One bearish New York-based dealer says: “Mark my words, the Russians will turn out to be the Japanese of the early 21st century.” During the last art market peak, Japanese property developers were famously among the biggest buyers, snapping up Impressionist works – they were especially fond of Van Gogh – only to offload them at much lower prices just a few years later when the Tokyo asset bubble burst.

 

Customer base from more countries now

The underlying support for today’s art market does appear to be much more broadly based. 

Sotheby’s points out that five years ago, its buyers who spent more than $500,000 on an artwork came from 26 countries. Today, buyers spending that level or more come from 58 countries. Last year, 21 per cent of buyers at its sales were new, the auction house says. Since few buy at auction only once, that means an influx of customers. Helena Newman, vice-chair of Impressionist and Modern art at Sotheby’s, says: “The whole make-up of buyers has changed beyond recognition from 10 years ago. Now we have a far bigger global reach. We are also seeing far greater demand for the very best works. Our big challenge remains the sourcing of works.”

Simon de Pury, who heads the Phillips de Pury auction house, echoes that trend, saying: “Five years ago, the market was concentrated in western European and American collectors, a small group of art cognoscenti. The Contemporary market was dominated by three countries – the US, the UK and Germany. Now we can see the change just in our website: the hits are coming from Brazil, Turkey, China, India, Indonesia, Korea.”

 

Change accelerated 2 years ago

Mr de Pury says the change accelerated two years ago. He predicts that Contemporary art will continue to grow in buyer popularity, in part because the sheer number of buyers means that demand for works from previous eras cannot be met. “It is a question of availability. If you have unlimited money, you can no longer buy the best Old Masters collection in the world. But you can buy the best collection of living artists. For that reason Contemporary art will be the most significant market for the next 20 years.”

 

New museums adding to demand

He adds: “In China, every new [top-end] real estate complex being built has an art museum. All these spaces need to be filled and that will keep demand high.”

Most Middle Eastern nations are likewise building art museums, with both a Guggenheim and a Louvre destined for Abu Dhabi, for example. These museums will start accumulating works to fill their vast spaces later this year. In the US, the home of most of the world’s billionaires, there is a growing trend for rich art-lovers to build their own museums rather than donate works to existing museums as used to be the practice.

 

More millionaires 

There are far more rich people in the world and they are simply far more likely to buy artworks. The number of millionaires in Brazil, Russia, India and China grew by 19 per cent last year, according to the World Wealth Report, released this week by Merrill Lynch and Capgemini. The top 10 collectors in the world now include Victor Pinchuk, a Ukrainian steel billionaire, Carlos Slim, the Mexican telecommunications tycoon, and Qatar’s Sheik al-Thani, according to ARTnews magazine, which this week released its annual list of big spenders.

Art is also seen as a socially desirable channel for the wealth resulting from the 20-year growth in financial services. US hedge fund managers such as Steve Cohen have emerged as big Contemporary collectors. Ben Crawford, the chief marketing officer of MutualArt.com, says: “It starts with the wealthy and then there is a trickle-down effect. Look at the beginning of the century – who bought designer clothes? Tiny numbers of high-society people – but once they became available to more and more people, the buyers didn’t go back. The art buyers won’t go back to putting Star Wars posters on their walls.”

Image details: Eli Broad, art collector

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Posted in Art spaces, Auctions, Collectors, Globalisation, Individual, Market watch, Museums, Recession | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , | 1 Comment »

Larger sites for art dealers in new art district Pasong Tamo, Philippines

Posted by artradar on July 2, 2008


PHILIPPINES GALLERY SHOW to August 2008

While Manila’s Finale Art File gallery will be closing two of its venues – Makati LaO and Megamall – by September, it will be opening a new warehouse space in the quickly developing new art gulch of Pasong Tamo on the edges of Makati.

It will join Slab, also opening in September, and Silverlens, the first along this strip of larger sites.

Finale will open with a series of three ‘young contemporaries’ exhibitions. Leading up to this, Finale will be showing three artists hot off last month’s Southeast Asian auction market: Geraldine Javier with the new Sampaloc Cave Paintings until 7 July, followed by Nonia Garcia 9 to 21 July, and Wire Tuazon in August. www.finaleartfile.com

Source: http://www.artmonthly.org.au/artnotes.asp?area=Asia

For more posts on art districts in Asia

https://artradarasia.wordpress.com/2008/06/01/caochangdi-as-alternative-art-district-in-beijing/

Posted in Art districts, Filipino | Tagged: , , , , , , , , , , , , , , | Leave a Comment »

New York dealers PaceWildenstein, James Cohan open in China July August 2008

Posted by artradar on July 1, 2008


NEW YORK CHINA Two leading New York galleries are opening spaces in China this summer. PaceWildenstein will unveil its 22,000 sq. ft gallery in Beijing in August, while James Cohan Gallery opens a 3,000 sq. ft space in Shanghai in July. Both galleries are counting on the rise of the Asian art market and the proliferation of regional collectors.

Gallery owner Jane Cohan says: “We did very well with collectors from Taiwan, Hong Kong and Korea during the ShContemporary fair last year. Chinese collectors have traditionally been China-centric, but we believe that in time they will buy more broadly.”

Longtime Cohan director Arthur Solway, a fluent Mandarin speaker, will launch the venture in a 1930s garden villa in the Luwan district. He plans to mount six exhibitions a year, showing work by Bill Viola, Nam June Paik, Roxy Paine and Yinka Shonibare among other artists. The new space will be the first American gallery to open in Shanghai.

Meanwhile, Pace Beijing opens its doors in a former munitions factory in the Dashanzi 798 Art District in time for the August Olympics. The massive space is being renovated by New York architect Richard Gluckman. The inaugural show will include portraits by Zhang Huan, Zhang Xiaogang, Chuck Close, Alex Katz, Tim Eitel and Lucas Samaras.

Well-known art critic and curator Leng Lin is to become president of Pace Beijing. In 2004 he founded Beijing Commune, an alternative centre showing emerging and established Chinese artists such as Zhang Xiaogang, who is represented in the US by PaceWildenstein.

When asked about the 34% tax on imported art for mainland buyers, Pace Gallery director Peter Boris said: “Quite honestly it’s not that we expect to sell a lot of western art in mainland China initially. We want to present it and develop the market.” He added: “There are so many big question marks about doing business in China, but we think we have the best artists, a great space and someone extraordinary to run the gallery.”

Mr Boris also hopes the Chinese artists will respect their exclusivity with the gallery: “Right now we are the sole agents of Zhang Huan and Zhang Xiaogang in the US and hopefully we will be that in Asia. We believe that by placing their work in great collections, and keeping it away from speculators, we can convince the artists we have a good management model.”

Source: http://www.theartnewspaper.com/article.asp?id=8056

For more on dealer expansion in Asia https://artradarasia.wordpress.com/2008/06/15/globalisation-of-asian-art-galleries-gathers-pace/

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