Archive for the ‘China’ Category
March 7, 2009
It’s Saturday and I’m sure everyone has played out the usual art fair talk-tracks: “Hiiiiiiii, how are you?” “So, how are sales?” “Have you been affected, everything okay?” “Is it true you can roll a bowling ball down the aisles of your fair?” – here is something much more interesting to think/talk about:
An article I read this week gave me flashbacks to the 1980s. Remember the speculative run in the art market and the subsequent bust in the 1990s due to the downturn in the Japanese economy? Many would recall the apogee of these times was when one weekend Ryoei Saito bought Vincent van Gogh’s Portrait du Dr. Gachet for $82.5 million from Christie’s NY and Auguste Renoir’s Au Moulin de la Galette for $78.1 million from Sotheby’s NY and then he and his paper company went bankrupt and he was charged with criminal activities.
The van Gogh was seized by Japan’s Fuji Bank (even though Saito asked to be cremated with it) and resold for a fraction of the price. In the end, Japan’s banks had confiscated over $200 million dollars of art from Japanese businessmen putting it all into bank vaults and then going under themselves. Some Eurocentrics describe this time as the devouring of Western culture by Japanese speculators. In these days, I would describe it as familiar.
Vincent van Gogh’s Portrait du Dr. Gachet and Auguste Renoir’s Au Moulin de la Galette
So with that background in mind, I present the ArtDaily headline of the week: Chinese Bidder at Christie’s YSL Auction Refuses to Pay for Controversial Works of Art. With quote of the week from this bidder who committed over $40 million dollars to 2 sculptures in the auction: “I must stress I do not have the money to pay for this”.
Um, really Mr. Cai Mingchao? Really?! So I thought, here we go again, but now with China.
NO, it’s so much more interesting – issues of cultural rights and heritage, patrimony and national sentiment – you can read here and here.
And a quote I would like to end on from Chinese Government Rep. Zhao Qizheng regarding the situation: “[Cao's bid] was a lesson to the rest of the world, including the French”.
Now go party and discuss…
Tags:Armory Show NY 2009, Art Market bust 1990s, Auguste Renoir's Au Moulin de la Galette, Cai Mingchao, Christie's YSL Auction controversy, cultural rights and heritage, Japan bad economy art market, Lauren Gentile, patrimony and national sentiment, Ryoei Saito, speculative run art market, Specullector, Vincent van Gogh's Portrait du Dr. Gachet, Zhao Qizheng
Posted in Armory Show, art fairs, art market, art market quotes, auction market, auction records, China, Chinese art market, fine art funds, History of art market, International art market, investing in art, investing in fine art, Lauren Gentile, NY Armory, Sotheby's, Specullector, Volta NY | 1 Comment »
October 23, 2007
This ran last week and then got buried by fluff. Charlie Finch gets political and it’s a very interested read.
Tags:Artnet News, auction market, Charlie Finch, China, China Dollars, Chinese art market, Chinese contemporary art, Christie’s, contemporary art, contemporary collectors, Lauren Gentile, Specullector
Posted in Artnet News, auction market, Charlie Finch, China, China Dollars, Chinese art market, Chinese contemporary art, Christie's, contemporary art, contemporary collectors, Lauren Gentile, Specullector | Leave a Comment »
July 28, 2007
After disappointing sales for Bonham’s in Hong Kong, the auctions held by Poly International Auction Company in Beijing has impressed even the duopoly of Sotheby’s and Christies. The FT article Into the Void by Natasha Degen reported that Poly’s last auction was a success with the 80% Chinese and 10% Western patrons bidding on the highest quality works seen together in the auction market.
The art market has curiously become important in China which experts argue is due to the absence of an established museum infrastructure. Chinese museums do not have high curatorial standards and rarely exhibit contemporary art. “Right now there’s a void, so the galleries and the auction companies have naturally filled that void,” said Beijing dealer Meg Maggio. “It’s like we’re missing the third point on the triangle.”
American collector of Chinese Contemporary and owner of 210 works said the shortage of important exhibitions in China, and in the West, was Chinese contemporary art’s “Achilles heel.” “There’s not a good conceptual understanding of what the art’s all about,” says Logan. “Everybody can quote the prices but there’s not a real thorough understanding of why this art is important and where it fits into the total scheme of things.”
Beijing has been developing to correct this void of knowledge which is affecting new collectors, wanting to own Chinese Contemporary. The Ullens Centre for Contemporary Art is opening this fall, the Central Academy of Art’s Museum of Contemporary Art is under construction, there is also the Three Shadows Photography Art Centre and The Poly Group is restructuring their art museum of antiquities to include Contemporary Art.
Predictions are that the new museums and serious contemporary art spaces will divert attention away from the auctions, or private/commercial sector, to curators and critics for validation.
Wu Guanzhong, Ancient City of Jiaohe (1981)
Sold to a Singaporean Chinese for a record ¥37 million or $4.9 million at Poly
Tags:art market, art market quotes, auction market, auction records, China, Chinese art market, Chinese contemporary art, Christie’s, contemporary art, contemporary collectors, Poly International Auction, Specullector, Wu Guanzhong’s “Ancient City of Jiaohe”
Posted in art market, art market quotes, auction market, auction records, China, Chinese art market, Chinese contemporary art, Christie's, contemporary art, contemporary collectors, Poly International Auction, Specullector, Wu Guanzhong’s “Ancient City of Jiaohe” | Leave a Comment »
July 10, 2007
Where were the Chinese stars? There were only three important works in the whole fair:
A large work by Fang Lijun priced and sold for $1million was at Art & Public.
Fang Lijun
Shanghart had works by Wang Guangyi and Zeng Fanzhi (the Fanzhi sold for $530,000 to a European collector)
Wang Guangyi & Zeng Fanzhi
And most intriguing was the absence of the poster child for Chinese Contemporary, Zhang Xiaogang. Given the demand, fuelled by Chinese wealth and sudden Western “interest”, one would assume works by he and his contemporaries would be ubiquitous.
The question is the answer – Where can you buy their works, if not at a fair (from a dealer)? Go to an auction.
We have seen prices for these first generation Chinese artist multiply in the auction market because Lijun, Fanzhi, Xiaogang and the others have bypassed the gallery system completely. They grew up before the market existed in China and are accustomed to selling their work directly and then having it resold at auction. The market makers in Chinese Contemporary have openly acknowledged that these artists go directly to auction with their new work. The motive behind this is that 1st generation artists believe that private buyers are prepared to pay higher prices than dealers.
Things are changing though:
1. Western galleries have started to recruit Chinese artists (PaceWildenstein signed Xiaogang and Zhang Huan 2 months ago but didn’t feature any of their work in the booth).
2. Fairs are starting to emerge that focus specifically on Contemporary Asian Art, like the Asian Contemporary Art Fair (ACAF) in New York next winter from November 8 – 12. The fair is being sponsored by a Korean Collector, and directed by a curator I am not familiar with and the director of Mary Boone.
Zhang Xiaogang & Zhang Huan
Tags:Basel, Basel art fair, China, Chinese art market, Chinese contemporary art, contemporary art, contemporary collectors, International art market, investing in art, investing in fine art, Lauren Gentile, Specullector, Zhang Xiaogang
Posted in Basel, Basel art fair, China, Chinese art market, Chinese contemporary art, contemporary art, contemporary collectors, International art market, investing in art, investing in fine art, Lauren Gentile, Specullector, Zhang Xiaogang | 1 Comment »
April 29, 2007
let’s familiarize ourselves with the past. Below is a brief synopsis of the history of the global art trade.In the beginning of the Dutch Trade, artists used their work to relieve themselves from debt. They were not commissioned by a religious body like the Italians had been for years prior. They created the international trade of art, as Holland had an advanced dealer network of men trading internationally. The Dutch market fizzled out, however, in 1680, when the English Trade blossomed and the market thrived in Europe because it was primarily comprised of Industrialists who wanted something showy, bright and tangible. The Euro-Centric market prospered for the next 150 years or so. A change in the global art market took place at this time. Historically, the Academy stabilized the market and provided a commodity. Dealers had now replaced the Academy and become the machine.
From 1929-1962 there was hyperinflation in Europe so the market moved to America. The French market imploded in 1962 and the British market picked up, but the French never recovered. In 1973, the British economy crashed; oil prices soared, hyperinflation occured, alongside enormous debt, and the English had to go to the IMF for the first time. At this time though, the art market shot up! The resilience of the industry led it to remain relatively unscathed. During 1980 –1990 (the Thatcher and Reagan years), prices were high, high priced luxury goods were hot, and the buying trend continued until the 1987 NYC stock market crash. 1989 saw the London market bust as well. Hard times.
Afterwards, consumers wanted to put their money into something safe. They thought that art was an endlessly inflatable entity, but it will burst, just like any other market (i.e. Real estate). The 1990s saw the Japanese yen soar, like their real estate market, and about 45% of art and antiques were being imported to Japan. One year later, it crashed due to major corporate lending scandals. Big businesses were borrowing money to buy art, but the works had no resale value because of the inflated prices. Again, the market collapsed. 1991 saw the rise of Hong Kong, Basel and Zurich. Hong Kong was now pan-Asian and a VAT free port. Basel and Zurich were outside of the European tax ramifications so large collections in Switzerland formed a nucleus to support the market there.This brings us to the future. Chinese Contemporary is a no-brainer, but speculators and speculectors (collector/spectulator hybrid) alike think we should still keep our eyes on a possible rise in the French art market, most notably in photography (there will always be a stable African and Oceanic-Pacific market because of its colonial history). With recent Spring auction results now in, the Indian market seems to be the one to watch. Stay tuned.
Tags:American art market, art market, auction market, British art market, China, Chinese art market, Chinese contemporary art, Dutch art market, French art market, global art market, History of art market, Indian art market, International art market, investing in art, investing in fine art, Italian art market, Lauren Gentile, Specullector, Swiss art market, tax benefits
Posted in American art market, art market, auction market, British art market, China, Chinese art market, Chinese contemporary art, Dutch art market, French art market, global art market, History of art market, Indian art market, International art market, investing in art, investing in fine art, Italian art market, Lauren Gentile, Specullector, Swiss art market, tax benefits | Leave a Comment »
April 15, 2007
What’s the buzz in the art market these days? Contemporary work coming out of China, that’s what. The trend, though, has been in the works for years, as artists in China have been stretching their wings for several decades in an effort to re-work a long history of artistic and symbolic representation.
From 1949 to the 1970s, Chinese art resembled Soviet style Socialist-Realism, producing a void in creativity and worldy influence. As art schools reopened in the 1970s and Western thought and art trends flooded the Chinese cultural landscape, artists rediscovered their creative voices and established an avant-garde style that brought with it experimentation in the forms of mixed media and performance art. With the 1989 exhibition “China/Avant-Garde” at the China National Gallery in Beijing, the stage was set for the international art market to take notice, as the show gathered much press for the repeated closure of the space by authorities.
As the 1990s raged on with outcries and protests by artists, the tone of Chinese art turned towards the contemptuous and scornful, mirroring the political landscape of the time. While the nation moved towards a market economy, artists mellowed, becoming more open to experimentation in all mediums.
International shows at the Asia Society in 1998 and 2004, as well as the Venice Biennale of 1999 showcased work coming out of China that mimiced and went beyond Western trends, displaying true mastery and talent by an entire group of never before seen artists.
Chinese contemporary art can most closely fit into three distinct categories. The first is the Political Pop style that is characterized by bold colors and sharp lines, collage effects and commentary on a variety of international political concerns. Second, the Cynical Realist style often shows the human figure in pain or shock. The third style, Gaudy Art, resembles Western patterns of kitsch, a response to the growing international (and particularly Western) consumer culture and its mirrored effects on the Chinese culture.
While the art is heavily influenced by Western movements, the Chinese work has its own distinct and unique character that is dynamic and fresh, exciting and intriguing. While some of the work may seem to merely mimic Western style, some artists truly understand the combination of technique and flair required to make it in the international market, inspiring curators and collectors alike to take part in the international craze.
“Protein Series #7″ Li Jian Ping, 2006.
Tags:Asia Society, China, Chinese art market, Chinese contemporary art, contemporary collectors, investing in fine art, Lauren Gentile, Specullector
Posted in Asia Society, China, Chinese art market, Chinese contemporary art, contemporary collectors, investing in fine art, Lauren Gentile, Specullector | 1 Comment »
