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Posts Tagged ‘Phillips de Pury’

Asian artists overwhelm Artprice list of top ten artists under thirty

Posted by artradar on October 19, 2010


EMERGING YOUNG ASIAN ARTISTS

The “Alternate-Friday Top Series” is a series of lists, produced fortnightly by Artprice, which provide artist ranking on various themes. The September 10th edition lists the top ten artists aged under thirty that have achieved the highest auction results in the first half of this year. Asian artists overwhelm artists from other areas and we name them here.

Artprice has listed ten artworks by eight artists, Peng Si and Kao Yu appear twice in the list, and of those ten, nine have been created by artists from Asia. The number one spot, however, goes to an artwork by American Dash Snow.

As Artprice summarises, “What do these artists from such different backgrounds and cultures have in common? They have all managed to carve a place in the art market before reaching their thirtieth year, have all exhibited their work in numerous exhibitions … and all have plenty of potential to continue their artistic careers.”

Peng Si (ranked 2 and 3 out of 10)

Peng Si, a Chinese artist based in Beijing, holds second and third ranking, with Portrait of a Man in Red (2006) and Portrait of a Man in Yellow (2006) which sold for USD51,359 and USD48,791 respectively at Christie’s May 2010 sales in Hong Kong (Asian contemporary art). Peng Si produces oil paintings that have a dreamlike quality, mixing classical Chinese imagery, while equally expressing a unique modern value.

Si Peng, 'Portrait of a Man in Red', 2006, oil on canvas, 188 x 118 cm. Image taken from www.artnet.com.

Peng Si, 'Portrait of a Man in Red', 2006, oil on canvas, 188 x 118 cm. Image taken from artnet.com.

Erinç Seymen (ranked 4 out of 10)

Erinç Seymen, a Turkish artist who lives and works in Istanbul came fourth. His Untitled (2010) fetched USD32,306 at Sotheby’s in London in April’s sale (2010). The work combines car paint, aluminium, steel and fibreglass and represents a pink butterfly with a body in the form of a grenade. Untitled (2008) and Civilian (2006) bear the same pink tonality.

Yang Na (ranked 5 out of 10)

Chinese artist Yang Na’s Gold Coined Hibernation (2008) (acrylic on canvas), sold under the hammer for USD31, 381, at 33 Auction in Singapore in May, 2010.  Yang Na is part of the new wave of artists that grew up during rapid economic expansion in China, becoming exposed to a technological world of new media. The art communicates the artist’s experience of this technology and media.  She often creates simplified characters, with exaggerated features that lie between the metaphysical and irreality.

Yang Na, 'Gold Coined Hibernation', 2008, acrylic on canvas, 150 x 150 cm. Image taken from artnet.com.

Kao Yu (ranked 6 and 9 out of 10)

Chinese artist Kao Yu, takes third and ninth place in the rank, Love Tear Gas (2004) fetched USD30,217 in June, 2010 at the Shanghai Hosane Auction Co. and Ultimate Taste of Capitalism (2009) fetched USD23,038 in April, 2010 at Phillips de Pury in London.

Zakaria Ramhani (ranked 7 out of 10)

Zakaria Ramhani, a Moroccan artist holds seventh place with Faces of the Other (2008) that fetched USD30, 000 at Christie’s April, 2010 sale in Dubai. Living and working in Tangier and Montreal, he uses his mother tongue and the language of the Other, French. Moving between speaking the two languages  inspired him to create visual and audio portraits. The portraits explore human identity, investigating issues of self and other by establishing a dialogue between painting, writing and sound.

Zakaria Ramhani, 'Faces of the Other' (2008), acrylic on canvas, 240 x 200 cm. Image taken from http://www.menasart-fair.com.

Noriko Yamaguchi (ranked 8 out of 10)

Noriko Yamaguchi, a Japanese artist, holds ninth position in the rank. The three telephone girls Keitai girl suit 3 (old model) Keitai girl suit 4 (silver) Keitai girl suit 5 (white and red) fetched USD25 679 in Christie’s Hong Kong in May, 2010. The “Keitai Girls” are futuristic archetypes that explore the future development with the human body and its interaction with technology.

Ariadhitya Pramuhendra (ranked 10 out of 10)

The final artist on the list is emerging Indonesian artist Ariadhitya Pramuhendra. Memorable 2 (2008) fetched USD21,827 in May, 2010 at Christie’s in Hong Kong. The charcoal portrait on canvas reflects his continual questioning of his religious, social and art world identities.

AN/KN/HH

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Posted in Emerging artists, Lists, Trends | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | 1 Comment »

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

Posted by artradar on March 28, 2010


CHINESE CONTEMPORARY ART MARKET

Chinese Contemporary Art Lots Sell Out in London

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

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

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

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

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

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

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Korean Eye exhibition in Saatchi Gallery London extended due to popularity

Posted by artradar on August 12, 2009


KOREAN CONTEMPORARY ART

There is perhaps no greater indicator of changing tastes in London’s contemporary art scene and the West’s hunger for fresh cultural and artistic influences than the masses of people who came to witness the ‘Korean Eye: Moon Generation’ Exhibition, which showcases the finest contemporary Korean art at the renowned Saatchi Gallery in London. In fact, over 40,000 gallery-going visitors

Kim Joon, Bird-land Donald Duck, 2008.  From Korean Eye, Moon Generation. On view at Saatchi Gallery, London.

Kim Joon, Bird-land Donald Duck, 2008. From Korean Eye, Moon Generation. On view at Saatchi Gallery, London.

came to experience contemporary Korean art in just 2 weeks. The Saatchi Gallery originally planned to host the Exhibition from June 20th-July 5th, but the unexpected crowds inspired Charles Saatchi to request the exhibit continue until September 13.

‘Korean Eye’ is a groundbreaking show for Korean contemporary artists, who have had very little prior exposure in London and the West.

Of the choice to extend the show, Simon de Pury, Chairman of Phillips de Pury and Company, comments: “The interest in Korean Eye has been so great that we felt the Exhibition must be extended. Korean contemporary art is not that well known in Europe and it is a privilege to host such original and exciting work.”

Among the honored guests at the exhibition’s London opening on July 2 were Cherie Blair, the wife of former British Prime Minister Tony Blair, and Sir David Tang, the founder of Hong Kong’s China Club and its acclaimed art collection. Cherie Blair was no doubt one of London’s art enthusiasts who discovered the richness of contemporary Korean art that evening, saying, “I didn’t realise that Korea had such a thriving modern art industry but this exhibition is extraordinary. The breadth of the works is fantastic and it has been a real privilege to meet some of the artists and view the works first hand.”

The show’s curator, 35 year old Lee Dae-hyung, came up with the idea for the show last March, and secured sponsorship and support from David Ciclitira, president of Parallel Media Group, the auction firm Phillips de Pury & Company, and Standard Chartered Bank. Lee is the head of the curating company Hzone, and has been promoting Korean artists in Seoul, Tokyo, London, and Beijing for the past 8 years. His next exhibitions include a showcase of experimental furniture designs titled ‘Mad for Furniture’, and the December exhibition ‘Korea Tomorrow’, both to be held in Seoul.

I Miss You, by Jang Seung-hyo

I Miss You, by Jang Seung-hyo

The show’s popularity and enthusiastic London reception indicate a bright future for Korean contemporary artists on the Western and international scene, and suggest a new trend of Western fascination with Korean influence. Art enthusiasts, be aware: contemporary Korean art is certainly something to watch.

-contributed by Erin Wooters

    • Red River Flowing With Flowers Flame, by Kwon Ki-soo
  • Red River Flowing With Flowers Flame, by Kwon Ki-soo

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  • Local Curator Brings Korean Art to Britain–JoongAng Daily–July 09
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    Posted in Business of art, David Ciclitira, Events, Galleries, Gallery shows, Korean, London, Saatchi, UK | Tagged: , , , , , , , , , , , , | 2 Comments »

    Saatchi back with new gallery, school programme, China show, – Reuters, BBC

    Posted by artradar on October 12, 2008


    COLLECTOR SHOW CHINESE ART

    Influential British art collector Charles Saatchi is back after three years out of the limelight, opening a major new gallery in central London showcasing some of China’s hottest artists reports Reuters. The man who introduced the world to Britart stalwarts like Damien Hirst and Tracey Emin has been largely absent from the art scene since his gallery was forced out of its previous home on the River Thames in 2005. Now he is back with a huge new exhibition space in upmarket Chelsea, where he hopes free entry to the imposing former headquarters of the Duke of York will attract passers by.

    Critics have lauded the imposing three-storey building with its glass and white-walled interior, and welcomed back one of contemporary art’s biggest players. But the inaugural show, opening on Thursday, has earned mixed reviews.

    The Revolution Continues: New Art from China” is dedicated to Chinese artists including established stars like Yue Minjun, Zhang Xiaogang and Zeng Fanzhi, whose painting fetched $9.7 million in May, a record for Asian contemporary artwork.

    Some critics have categorized the crazed, laughing men of Yue or the gray, stylized portraits of Zhang as repetitive, even “mass production” art.

    Generally more popular were the sculptures, particularly an installation piece called “Old Persons Home” by Sun Yuan and Peng Yu, involving 13 aging men on wheelchairs moving randomly around a large basement room. Their striking resemblance to late world leaders turns the work into a commentary on the pitfalls of power and conflict. The gallery calls it “a grizzly parody of the U.N. dead.”

    But the gallery’s head of development, Rebecca Wilson, said Saatchi’s target audience was less the experts — critics, collectors and curators — and more the general public, most of whom are unfamiliar with contemporary Chinese art. “There was a feeling that all of these artists were suddenly emerging from China, doing very well at auction, there were the Beijing Olympics coming up,” she told Reuters. “There was this kind of convergence of interest in China, so we felt it should be the exhibition that we open with.”

    IRAN, IRAQ ART TO COME

    Early next year the Saatchi Gallery will put on a show dedicated to contemporary Middle Eastern art, including from Iran and Iraq, by artists never seen in Britain before.

    “None of those artists have been seen in this country before and will be very little known elsewhere in the world as well,” said Wilson. “I think Charles has been searching for months to try to find interesting works.”

    Saatchi sells some art after an exhibition ends, partly to fund his enterprise. Auction house Phillips de Pury is supporting the gallery to ensure entry will be free.

    _____________________________________________________________________________

    BBC coverage:

    Only free contemporary art museum in world

    The BBC reports that the Saatchi gallery claims to be the only completely free entry contemporary art museum of its size in the world. Simon de Pury, of auction house Phillips de Pury & Company, who is sponsoring the exhibition, said they expected “millions” of visitors.

    Ground-breaking school education programme to come

    The gallery said it was seeking to establish a “ground breaking” education programme “to make contemporary art even more accessible to young people.

    “It is anticipated that the facilities that the Saatchi Gallery plans to offer – at the gallery, via its website and the gallery’s own classroom – will ensure that teachers receive the best on-site and outreach support for their students.”

    ——————————————————————

    Artists: Zhang Dali, Zeng Fanzhi, Wang Guangyi, Zheng Guogu, Zhang Haiying, Zhang Hongtu, Zhang Huan, Qiu Je, Xiang Jin, Shi Jinsong, Fang Lijun, Yue Minjun, Li Qing, Wu Shuanzhuan, Shen Shaomin, Li Songsong, Zhan Wang, Liu Wei, Zhang Xiaogang, Zhang Xiaotao, Cang Xin, Shi Xinning, Li Yan, Bai Yiluo, Sun Yuan and Peng Yu, Zhang Yuan, Yin Zhaohui, Feng Zhengjie

    Find more on

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    Posted in Chinese, Collectors, Cultural Revolution, Gallery shows, Individual, Iranian, Iraqi, London, Mao art, Middle Eastern, Political, Sculpture, UK | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

    Emerging Pakistani artists getting noticed in India and abroad

    Posted by artradar on July 11, 2008


    CONTEMPORARY ART PAKISTAN  Rashid Rana occupies a unique position among Pakistan’s contemporary artists and has been a hit internationally. Rashid Rana is a star, whether it’s in Lahore, Mumbai or Hong Kong. The Pakistani artist wowed the crowds who flocked to his Mumbai show in November 2007. And he received an equally rapturous response last month at HK 08, the inaugural Hong Kong Art Fair.

    The overwhelming response to Rana’s eye-catching work didn’t come as the slightest surprise to two Mumbai art galleries. Chatterjee & Lal and Chemould Prescott Road jointly organised the show of Rana’s digital photo-montages at HK 08 and they were absolutely certain that it would receive critical acclaim. “It was all sold out,” says Mortimer Chatterjee, partner, Chatterjee & Lal.

     

    Artist names attracting attention

    Rana occupies a unique position among contemporary Pakistani artists and he has made a huge name for himself internationally. But he isn’t the only artist from across the border who’s attracting the attention of connoisseurs in India. In the last two months, three shows by Pakistani artists like Bani Abidi, Ali Kazim and Muhmmad Zeeshan have been held across Bangalore, Delhi and Mumbai. And many more are planned in the coming 12 months.

     

    Collector Anupam Poddar buying Pakistani art with plans for show

    Or take a look at art collector Anupam Poddar, who has built a sizeable collection of contemporary Pakistani art. His Devi Art Foundation is doing the groundwork for a show in March 2009, which will be curated by Rana.

     

    Indian interest in Pakistani art

    “Interest in Pakistani art is increasing in India,” says Peter Nagy of Delhi’s Nature Morte, who held the first solo show of Rana’s work in India and then helped take his work overseas.So, is Pakistani art the next Big Thing in India? Many art experts believe the interest in Pakistani art is only natural. Says Chatterjee: “There are so many lines of inter-connection between the concerns of Pakistani artists and the lives of normal Indians that often the subject matter is entirely relevant to an Indian audience.”There’s also, as Rana says, “a kind of mutual obsession on both sides of the border, fostered by shared histories, the trauma of Partition and the years of hostility and inaccessibility.”

     

    Pakistani art more visible in auctions and fairs

    Certainly Pakistani art, like Indian art, is suddenly becoming more visible at international art fairs and auctions. For instance, works by Talha Rathore and Nusra Ali Qureishi sold at auctions held by Christie’s and Saffronart recently.

     

    Bani Abidi – female video artist

    For Bangalore-based GALLERYSKE‘s founder, Sunitha Kumar Emmart who had been following Pakistani video artist Bani Abidi’s work, then, art fairs provided an opportunity to view the work of the Pakistani artist at first-hand. That led to a show by Abidi recently. “Regardless of nationality or gender, we have been interested in Bani’s work primarily for the strength of her practice and the clarity of her artistic vocabulary,” says Emmart. Abidi’s themes went down well with Bangalore art lovers. In the video piece, Reserved, she shows a city coming to a halt for a political bigwig. It has images of schoolchildren waiting to wave crumpled paper flags at a motorcade that never arrives – it was a theme, obviously, that Indian viewers could relate to.

    “I’m interested in talking about a more complex identity formation along linguistic and cultural lines, rather than religious ones,” says Abidi, who was surprised by the response to her show. “This is the first time I’ve had a solo show in India. So, it was a first for me that this kind of attention was given to my work here and I value that,” she adds.

     

    Ali Kazim – watercolours

    Meanwhile, Ali Kazim’s mastery over watercolours drew a huge response at Delhi’s Gallery Espace. The show was held in collaboration with Green Cardamom, a UK-based institution that promotes South Asian artists.

     

    Mohammad Zeeshan – contemporary miniatures

    And in Mumbai, art lovers got to see Muhammad Zeeshan’s contemporary miniatures in his show, What Lies Beneath, organised by Delhi’s Anant Art Gallery.

    “There’s a certain understanding regarding art that I find in Indians. And it feels good to be a foreigner only 40 minutes across the border and be identified with my imagery as an international artist,” says Zeeshan, who has shown in Delhi, Agra and Calcutta since 2005. Miniature artist Muhammad Zeeshan wants his images to tease the imagination as in Let’s Make A Great Pattern I and Untitled II.

     

    2005 show in Mumbai was turning point

    Pakistani artists are addressing issues like gender, politics and ethnicity in a language that’s contemporary and international, says art critic Quddus Mirza.

    India’s interest in Pakistani art has been building gradually. The canvas was prepared by curators like Pooja Sood in India and Salima Hashmi in Pakistan, and institutions like Khoj International Artists’ Association and VASL Artists Residency in Delhi and Karachi, respectively. Khoj and VASL have held artists’ residencies since the late 1980s. Early shows like “Mappings: Shared Histories” curated by Sood too helped.

    But till 2004, when Nature Morte held Rana’s first show here, public interest was low. Recalls Nagy: “There was good response from the art community but not from collectors.” That has changed now. One catalyst was the large show, Beyond Borders: Art from Pakistan, at Mumbai’s National Gallery of Modern Art (NGMA) in 2005. It was co-curated by Pakistani artist and art critic Quddus Mirza and NGMA’s then director Saryu Doshi.

    “I didn’t realise it would create such a stir. It was the first time that we were recognised as contemporary to India in art,” says Mirza.

     

    Pakistan’s art described as contemporary, international, cutting-edge

    Since then, the momentum has picked up, spurred by galleries and artists. Says Muhammad Umer Butt, artist and creative director, Grey Noise, a new virtual art gallery based in Pakistan: “Rashid [Rana] has played an instrumental role in introducing us Pakistanis to India.”

    Mirza believes that apart from the “newness” factor, the similarities and differences between the two nations have attracted Indians. Shows like Beyond Borders also revealed that Pakistani artists aren’t “making Islamic calligraphy or veiled women”. “We’re painting nudes, addressing issues of gender, politics and ethnicity in a language that is contemporary and international. So perhaps that shattering of pre-conceived ideas was one source for the Indian attraction,” he says.

    But it isn’t just cultural affinity that’s attracting Indian art lovers to the work from across the border. The fact is that cutting-edge work is coming out of Pakistan. Says Saffronart co-director Dinesh Vazirani: “Wherever collectors are looking at art from outside, they’re looking for innovation.” Hammad Nasar, co-founder, Green Cardamom, believes this is partly because, “for most of its 60-year existence, Pakistan has remained a cauldron of political and social upheaval.” He adds: “This has proved to be a fertile ground for artists to mine.”

    Two broad categories: new media and contemporary miniatures

    Certainly, it has thrown up a diverse palette. The Pakistani art scene can be broadly divided into two: there are artists working in new media, and there are those that have given a contemporary twist to the miniature tradition.

    Indians, says gallerists, are interested in both types of works. The big draw, of course, is Rana with his multi-layered images and messages. Take his Red Carpetphoto-montage series – Red Carpet-1 incidentally sold for a record $623,400 at Sotheby’s recent Spring Sale of Contemporary Art. At first glance, the work appears to be a large Persian carpet. But when you look closer, there’s a series of tiny photographs of scenes from a slaughterhouse. The work reflects, in a sense, Rana’s formal and conceptual concerns. He says in his artist’s statement, “In today’s environment of uncertainty, we cannot have the privilege of a single world-view. Every image or idea already contains its opposite within itself.”

     

    Other artists names

    Other contemporary Pakistani artists are also being noticed around the world. There are prominent names like Naiza Khan, sculptor-photographer Huma Mulji, Hamra Abbas, Faiza Butt, Mohammad Ali Talpur, and sculptor Khalil Chishtee, whose recent work includes sculptures with garbage bags. Mulji’s Arabian Delight, for instance, was reportedly picked up by British collector Charles Saatchi for $8,000 at the recent Dubai Art Fair.

    At a different level, there are the neo-miniaturists – Indian collectors who are familiar with miniatures are quite enthusiastic about this type of work. Miniature art is a strong discipline at Lahore’s National College of Art (NCA), and it has turned out stars like Zahoor-ul-Akhlaq and Shahzia Sikander, who made a name for herself internationally in the ’90s.Now there are newer miniaturists like Imran Qureshi, Aisha Khalid, Nusra Latif Qureshi, Hasnat Mehmood, Talha Rathore and Zeeshan. “These artists have taken the South Asian tradition of miniature to new heights, and then moved beyond the page to invent a new visual language, rooted in tradition but of the here and now,” says Nasar.

    Take Zeeshan, who began painting porn cinema posters before studying miniature work at NCA, and who combines the beauty of miniature with edgier themes of gender, dominance and violence. Zeeshan says he enjoys “teasing” the viewer. “And I think my images tease a lot. The oddity of the composition leads the viewer to dialogue and maybe, just for a second, ask, ‘What is this?” he says.

     

    Pakistan’s art educational system strong…

    Pakistan’s rich artistic output owes largely to its strong art educational system, especially since, unlike India, most practicing artists there also teach. “This has honed the critical edge of art here,” adds Rana.

     

    But market infrastructure underdeveloped

    For Pakistani artists too, India is an attractive destination, especially since the gallery infrastructure in Pakistan is still very underdeveloped. Grey Noise’s Butt says, apart from a few spaces like Rohtas 2 in Lahore: “We have showrooms but not galleries unfortunately.” Abidi too says, “The art market (in Pakistan) is almost non-existent and the small one that does exist is very conservative.” That’s why Butt felt compelled to found Grey Noise. “We’re the first virtual gallery to represent cutting-edge artists based in Pakistan,” he says.

     

    International buyers showing interest

    Already, Butt is “overwhelmed” by the response from India on his site. “I get a decent amount of taps from around the world and India takes the lead,” he says. Artists like Ayaz Jokhio, Mehreen Murtaza, Fahd Burki and Amna Hashmi are getting the most queries.

    Even Indians living abroad are showing an interest in Pakistani art, according to Prajit Dutta, partner, Aicon Gallery, which is present in New York, Palo Alto and London. Last year, Aicon held two shows with Pakistani artists in London and New York. This year, it has done solos with Zeeshan and Talha Rathore in New York. Coming up in July is a show with installation and video artists Adeela Suleman, Jokhio and Fareeda Batool. And there’s a possible Naiza Khan show in New York next year. Dutta is also planning to show these artists in India. “We’ve got a great response from Western and Indian collectors,” he says.

     

    Pakistani art attractive proposition

    The boom in the international art market and growing interest in South Asia have made Pakistani art an attractive proposition, feels Rana, especially since art from South Asia is expected to emulate the global success of Chinese art. “Pakistani art benefits from a kind of trickle-down effect from this tremendous energy in the Indian art market,” he says.

     

    Shows planned

    The Pakistanis are obviously eager to make their mark in the booming Indian art mart. Green Cardamom, for instance, is planning two exhibitions in India next year, one by the acclaimed Hamra Abbas, who works in everything from video to animation, miniature painting and sculpture. In her Lessons on Love series, she transposed the romantic figures of Indian miniatures into sculpture. Says Green Cardamom’s Nasar: “India is a place where almost all our artists are keen to show. So we’ll figure out ways to do this to their best advantage.”

    Nature Morte too will host a solo with Abbas in 2009 in Delhi and Calcutta. Besides, Abbas and Rana are part of a large canvas project Nagy’s working on with auction house Phillips de Pury in London in November, which will then travel to New York in January.

    Meanwhile, GALLERYSKE‘s Emmart too plans to mount curated shows by Indian and Pakistani artists. Even Vazirani intends to increase the Pakistan section of Saffronart’s auctions. And he will hold a two-city show with Pakistani artists in Mumbai and New York in 2009.

     

    Prices still low

    To be sure, prices are one reason why Pakistani art is suddenly becoming popular here. As Indian art prices soar, there are better bargains to be had across the border. One art critic says that emerging artists from Pakistan offer “much better value than most Indian art now”. Vazirani too says: “There are opportunities to discover new artists.”

    According to one gallerist, high-quality miniatures from Pakistan are typically priced between $10,000 and $20,000 though the masters are more expensive.Autumn II, a miniature by Zahoor-Ul-Akhlaq, for instance, sold at Christie’s’ auction of South Asian Modern and Contemporary Art this month for over $39,000.

    The artists, though, are sceptical of the commercialisation in the Indian art market. “What we have now is everyone trying to cash in, exploit the artist, and in some cases, the artist exploiting the buyer,” says Abidi.

    Yet the artistic exchange seems set to continue – barring the arbitrariness of officialdom. And as Chatterjee says: “This is just the beginning.”

    Image details: Rashid Rana

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    Posted in Painting, Pakistani, Sculpture, Video | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

    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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