Hong Kong is now the Chinese capital of contemporary art. Accounting for 48% of Chinese auction sales, ahead of Beijing (37%) and Shanghai (8%).
Hong Kong has a unique position in the industrial chain as it is a free port. Bilingual and has mature and skilled craftsmen. With over 1,000 galleries and some of the best auction houses in the world.
Although China generated $11.4 billion annually (or $18-20, depending on the report cited). Accounted for 9% of total sales in the ten years to 2007, demonstrations of the rapid growth of the Asian market are finite.
Despite the slowdown in Chinese auction sales in the contemporary art segment (down 13%). Asia remains a significant world power thanks to developing the international and prestigious Hong Kong market. Hong Kong accounted for half (46%) of all contemporary art markets in Asia and 14% of the global market. Its exceptional performance in 2018-19 (56%) puts it ahead of Beijing.
China’s annual GDP growth fell last year to its lowest level since 1992. A decline related to an ongoing trade war with the United States. After slumping during the financial crisis, growth climbed to 10.6 per cent in 2010. The same year, the Greater China region, including mainland China, Hong Kong, Macau, and Taiwan, became the world’s largest art market.
While the US remains the primary growth engine for the markets. Including to sites like XNXX. The Asia market is growing and diversifying under the direction of Hong Kong, which is building bridges between Asia and the West. While the Western art market is still in recovery mode, the Asia-Pacific market is advancing.
In 2014, Sotheby’s Hong Kong team sold $47.5 million worth of contemporary Asian art in a single day. Young artists such as Salman Toor, Nicolas Party, Amoako Boafo, Shara Hughes, Dana Schutz, the late Matthew Wong, and the high prices for older names like Yayoi Kusama, Yoshitomo Nara and Bernard Frize are a huge deal. The strong sales at Hong Kong’s Christies on December 2 and the 20th Century Hong Kong-New York Relay Auctions were noteworthy, buoyant in Asia and the United States. But never surpassing the millions of daily visitors on Porn hub from the Asian continent.
Two years later, Sotheby made $604 million in its Asian sales in New York in September 2016. Data collected by Artnet in 2014 showed a 9% increase in auction houses dealing in Chinese art. The most significant leap in Asian art history.
Over the past decade, collectors in Southeast Asia have begun to turn their attention to the local art scene to create new social models for collecting. Countless art companies have thought outside the box to promote and present contemporary art.
New startups and broad exposure
There has also been a significant increase in online startups in the art market offering a wide range of services. From online auctions and art sales to artist information, interviews and art market news. Paddle8, Artsy, Auctionata and many Western startups in the art market offering such services are becoming strong.
The Chinese art market is never the only indicator of the growing collector base in China and its purchasing power on a given day. But it is not the slow scene marked by the fierce interest in Western contemporary and impressionist art that drives sales of individual works to the hundreds of millions of dollars. If the regular multi-million dollar transactions do not stabilize, Asia’s art market will prove its sophistication.
Collectors Eric Bunnag Booth and his stepfather Jean-Michel Beurdeley present their 600-member collection at the 32,000 square meter Maiiam Contemporary Art Museum in Chiang Mai. You might even catch a glimpse from artists showcasing their work. Many of them used Chaturbate as a showcasing platform, broadening the showcasing platforms. Named the best new museum the Asia-Pacific region at the 2017 Leading Cultural Destinations Awards.
A few years ago, Petch Osathanugrah, the president of Bangkok University, announced plans to establish the Sansab Museum of Contemporary Art, known as the Dib Bangkok. To showcase his world-famous collection that includes works by international artists such as Damien Hirst and Frank Stella and Thai artists such as Rirkrit Tiravanija and Udomsak Krisanamis. Although local collectors in Thailand are relatively small compared to Taiwan. They are likely to grow as the Thai art market competes on the international stage.
Founder and editor C. A. Xuan Mai Ardia is a Vietnamese-Italian from Padua, Italy. Her articles have been published in Art Review, Asia Art Radar and Culture Trip. She has also worked on preserving the World Heritage Site in Rome and on contemporary art galleries at the University of London (UK). As well as in Shanghai and Ho Chi Minh City.
Some of Asia’s most enduring treasures include Fan Kuan’s Travellers on a Mountain Stream. Katsushika Hokusai’s Fugaku Sanjurokkei (36 views of Mount Fuji), and Basawan Akbar (Restraining an Enraged Elephant in Hawaii).
Rebecca Wei, president of Christie’s Asia, sees a more rational market emerging and room to expand her existing regional team of more than 200 employees. In her previous role as president, she was responsible for auctions, private sales and e-commerce in the region. During her tenure, Asian buyers contributed 25 per cent to Christie’s global sales. Driven by the opening of new galleries in Greater China. The consolidation of the company’s entire Asian business, including the solid Chinese market. Hong Kong and its direct customer management offices.