Western Art in the Hong Kon g Art Market Chai Lok Lam, Sharon (53028631) Kung Yuen Yan (53030927) Law Kam Ho Richard Charles (53030964) Leung Man Ching (52598513) Wong Suet Yu (53035892)
Content • Introduction (Sharon) definition of Western Art, the scope of o ur study, a brief timeline • Key players in the sale of Western Art in HK Art Market, and the Popularity of Wes tern Art (Judy and Christy) • Comparison of Western Art sales in Asian cities (Yulia) • Discussion: Using the sale of Andy Warhol ’s works in HK as a Case study (Richard)
Defining Western Art…… The concept of the “West” • Initial scope: European culture • American culture was later counted in the category of Western art with its clo se cultural connection with the Europe an culture. • Some conceptual extensions to Austral ian and New Zealand cultures.
Aims of our presentation • A study on recent development of Weste rn art in Hong Kong art market. • Analyse the influence of different players in Hong Kong art market in shaping the m arket trend and popularity of Western art in the society. • Give some suggestions on sustaining the s ales of Western Art in Hong Kong art mark et with reference to other Asian cities.
Hong Kong as an international art hu b • Geographical advantage – Located in the heart of Asia – Gateway to China
• Business-friendly environment – Tax-free – English as the official language for contracts (a network of international investors)
Timeline: Western art in Hong Kong Art Market(2004-2013) 2005 • Hong Kong Museum of Art launched the exhibition “Impr essionism – Treasures from the National Collection of Fran ce” 2008 • The first Hong Kong International Art Fair (ART HK) was hel d • Seoul Auction became the first auction house to sell West ern art in Hong Kong 2010 • Edouard Malingue Gallery, Ben Brown Fine Arts and Sothe by’s Hong Kong held Picasso exhibition sales
2011 • One of the long-established International galleries, Gagosi an Gallery, set its branch in Hong Kong 2012 • Sotheby’s Hong Kong launched its Hong Kong Gallery • Hong Kong Museum of Art launched the first Western cont emporary art exhibition “Andy Warhol: 15 Minutes Eternal” i n the decade • Sotheby’s Hong Kong hosted its inaugural sale of Western c ontemporary paintings “Boundless: Contemporary Art” • White Cube Gallery set its Hong Kong branch 2013 • The first edition of Art Basel show took place in Hong Kong
Prominent Western Artists in Hong Kon g Art Market • Modern artists Pablo Picasso (1881-1973)
• Contemporary arti sts – Andy Warhol (1928-1987) – Roy Lichtenstein (1923-199 7)
– Fernando Botero (1932- no w)
Still life with stretcher, mirror, bowl of fruit, Post-War & Co ntemporary Art, 1972, Seoul Auction Hong Kong
– Damien Hirst (1965- now) Flying Eagles, oil on canvas, 2008, Fernando Botero, ART HK11
Market Trend • Modern art (1860-1945) and Contemporary art (1946- present) • Brand-conscious, highly specific • “Third Wave” brought by Chinese buyers • Narrowing price differential between Asian and Western art • Developing stage (begin with the recent emergence of interna tional galleries and art fairs) Hong Kong gallery priced 13 Picassos ranging from $3 to $16 million in Nove mber, 2010 Sotheby’s Hong Kong set the price of Zhang Xiaogang’s 1992 painting ‘Cha pter of a New Century- Birth of the People’s Republic of China II’ at $6.7 milli on in October, 2010
What are the involvements of the following actors in HK art market that influence th e market of Western Art?
Galleries Auction houses Museums in Hong Kong Media Art fairs / shows / expos Artists
Galleries
More and more international galleries establishe in Hong Kong because… • Hong Kong is the gateway to mainland China • growing potential as a market for contemporary internat ional art • the fast-growing wealth of mainland Chinese, some of w hom are investing heavily in art • “Hong Kong is a place where all Asia feels at home and with many bridges to the west” -----Art Basel director Marc Spiegler
Ben Brown • Established in Hong Kong: 2009 • 2010: Ben Brown Fine Arts opened its Picasso show Featuring 13 paintings spanning seven de cades of Pablo Picasso's career • strong focus on German photography, Italia n painting and major market trends • Offering Western Contemporary Art directly t o the Asian market
Edouard Malingue • Established in Hong Kong: September, 2010 with an exhibition featuring 17 paintings a nd a notebook containing 23 sketches by Picasso • Others’ artists : Fernand Leger, Joan Miro, Claude Monet , Camille Pissarro and Alberto Giacometti • All the works exhibited came from private collections
Gagosian gallery • Established in Hong Kong: January 2011 • Inaugural exhibition of Damien Hirst Demand for western art is growing in A sia
White Cube • Established in Hong Kong: 2012 • The first of White Cube’s galleries to be l ocated outside of the U.K. • Damien Hirst Entomology Cabinets and Paintings, Sc alpel Blade Paintings and Colour Charts (21st February- 4th May 2013)
Other international art galleries set up in Hong Kong… • Acquavella • Lehmann Maupin • Galerie Perrotin
Establishment of international art galleries in Hong Kong
International art galleries • Profession • Specialisation • Reputation
A Sign showing the rising trend of western art market ☆
• • •
To cultivate Asian art collectors enrich lackluster art scene To open up the western art market in Hong Kong
Auction Houses
• Great influence in the world's art market Enjoy the growth of the m ainland Chinese market and attention from Europ e and America
• Hong Kong: the world's 4th biggest art auction market Generated US$796 milli on in 2011
Seoul Auction • Selling exhibition of Impressionist and Modern art • 27th – 29th November, 2010 • bringing 2 Picasso’s works (priced between US$7 million and US$10 million)
Est-Ouest Auctions • 2010 Autumn sale • Selling the two Picasso sketches, each estimated at between HK$1.5 million and HK$2 million • offered alongside Henri Fantin Latour's Bouquet de Fleurs (estimated to be worth between HK$6 million and HK$9 million)
Sotheby’s Inaugural selling exhibition of Impressionist and modern art 26th November, 2010 - 21 paintings on show - 7 of them are Pablo Picasso’s - Including works by Claude Monet, Pierre-Auguste Renoir, Marc Chagall, Edgar Degas
According to 2008 Artprice trend… some of them are within the Top10 ranking based on auction revenue.
• First time to offer this category here • In the form of a selling exhibition rather than an auction • To test the market response • A way to tap into a new market • Bring a new vision to Hong Kong art m arket
Boundless: Contemporary Art • 3rd December, 2012 • Inaugural sale of Asian and Western c ontemporary art in Asia • Featured more than 80 works, includin g some big Western names such as Ro y Lichtenstein, Fernando Botero and An dy Warhol • Expected to fetch between HK$47 milli on and HK$68 million
• Mix Asian and Western artists within a b road estimate range (from $4,000 to $600,000 on average) • To test the reaction of the Hong Kong market
Christie’s 2010 autumn sale • 2 Western paintings due to be offered i n the Old Master and 19th Century art s ale in New York in January are on displ ay • View of Mestre by Italian master Canal etto • Master of Hounds by French painter Je an-Leon Gerome
• A first step by both Sotheby’s and Chris tie’s in their aim of working hard on the ground to initiate amateur collectors in to the history of Western art
Museums
Hong Kong Museum of Art 16th December, 2012 to 31st March, 2013
• Jointly organised with the Andy Warhol Museum
Hong Kong Heritage Museum PICASSO – Masterpieces from Musée National Picasso, Paris 19th May, 2012 – 22nd July, 2012 • Jointly organised by the Hong Kong Heritage Museum and the Musée National Picasso, Paris Major partner of Le French May: The Hong Kong Jockey Club Charities Trust
The status of Hong Kong in the global art market has been rising
An influx of Western art aimed at Asian buyers
Western contemporary art is becom ing more visible in Hong Kong‌ Andy Warhol Pablo Picasso Among the 10 most sought-after and most expensive artists for the seventh year running Art Market Trend 2010 by Artprice
Museums in Hong Kong • Further establish
taste
• Influence the market
HOW? • Make selections • Validate the commercial sector’s decision • Promotion • Collection • Provide information
Media
Media • Related Media to introduce Western art in Hong Kong Art Market: Newspaper 1.
South China Morning Post
Magazine 2.
ARTMAP & Arts Plus (a.m. post)
3.
Paroles Magazine
4.
Pipeline
5.
Asian Art News
6.
CULTaMAP
7.
PS Magazine
8.
Delta Zhi
Online media 9.
Inmediahk: http://www.inmediahk.net/
10. ArtAsiaPacific: http://artasiapacific.com/ 11. 101arts: http://www.101arts.net/
Newspaper: SCMP Reviews of SCMP: promote Western art throu gh the introducing art eve nts e.g Ingenious Iceland: 20th-Ce ntury Icelandic paintings from t he Anthony J. Hardy Collectio n (University Museum and Art Gallery-HKU: 11 September 201 3 - 24 November 2013) http://www.scmp.com/lifestyle/artsculture/article/1347420/review-ingenious-iceland
Insights from SCMP: - introduce art events to the public (middle class public) - positive on Hong Kong’s role as an art hub Describes Art Basel in Hong Kong as “phenomenal”: “With good publicity, strong sales and high attendance, the exhibition-cum-fair has all the ingredients for a signature event in Asia .” “Art Basel Hong Kong has successfully reinf orced the city's cultural and artistic image. http://www.scmp.com/comment/insight”
opinion/article/1250955/hong-kong-secures-its-role-arts-hub
Magazine: PS Magazine Article from the PS Maga zine: introduces Picasso’s cont ribution through the pers pective of art history and mentioned the display of his artwork Parade at IFC hall in 2004 http://www.para-site.org.hk/zh-hant/publications/psmagazine/shi-jue-yi-shu-ji-wen-hua-1
• IFC Mall in 2004: Picasso’s famous stage curtain Parade brought to Hong Kong and on display at IFC mall for the 1st time • At least 2 million people ap preciated this well-known work
1/11/2004 Sing Tao Daily
Magazine: Paroles Magazine Highlights by the magazin e: introduces the exhibition “ PICASSO – Masterpieces fr om Musée National Picass o, Paris” (Hong Kong Heritage Museum: 19 May 2012 – 22 July2012)
Le French May: one of the major art festiv als in Hong Kong http://www.alliancefrancaise.org.hk/sites/default/files/flash /Paroles233/book.swf
Magazine: CULTaMAP Student’s review
CULTaMAP: Introduces Western artw orks to readers e.g Frida Kahlo(1907-54)’ s work “Borderline betwe en Mexico and USA”
Jaspar Lau’s comment http://www.cultamap.com/cultamap/CultamapFeb2011.p df
Magazine: Delta Zhi • Exhibition highlighted by Del ta Zhi: Discussed Andy Warhol’s influe nce and pop art through intro ducing “Andy Warhol: 15 Minu tes Eternal” (Hong Kong Museum of Ar t: 16 December 2012 - 31 March 2013)
http://issuu.com/prismcreation/docs/deltazhi_22_web/47?e=0
Online media: 101arts • Art news by 101arts: introduces Western a rt events e.g “Made in Britain: C ontemporary Art from t he British Council Colle ction 1980–2010” (Hong Kong Heritage Museu m: 30 June 2011 - 9 October 2011)
Online media: ArtAsiaPacific • promotes Damien Hirst’s installation art: “Entomolo gy Cabinets and Paintings, S calpel Blade Paintings and Colour Charts” at White C
ube in 2013
http://artasiapacific.com/Magazine/WebExclusives/EntomologyCabin etsAndPaintingsScalpelBladePaintingsAndColourChartsDamienHirst
Art fairs / events / shows / expos
Art fairs / events / shows / expos • Hong Kong ArtWalk • Fotanian Open Studios • Asian Contemporary Art Show • Fine Art Asia • HK Art Basel (Hong Kong International Art Fair) • Affordable Art Fair • LINK-Artfair Hong Kong • Hong Kong Gallery Week + other hotel art fairs…
Hong Kong ArtWalk • Hong Kong’s biggest annual charity art even t • Started in 2001 • increasing number of galleries: - 2004: 30 - 2010: 65 - 2013: 70 (from SCMP and ArtWalk’s website) • Examples of participating Western galleries: Edouard Malingue Gallery, Art Statements, V oxfire Gallery, Above Second, etc.
Hong Kong Gallery Week • Extension of Hong Kong ArtWalk – art galle ries and spaces in the entire Hong Kong • 2013: first year • Examples of participating Western gallerie s: Edouard Malingue Gallery, Art Statements , Voxfire Gallery, Above Second, etc.
Fotanian Open Studios • Major annual art event for artists who own art s tudios in Fotan • Started in 2002 • Increasing number of participating studios: - 2007: 28 - 2010: 59 - 2013: 88 (information from Fotanian Open Studios’s website)
• Examples of participating Western art studios: Peter Sakievich, Atelier Agüeybanà, etc.
HK Art Basel (Hong Kong International Art Fair) • Hong Kong International Art Fair: 2008 – 2012 • Purchased by MCH Swiss Exhibition (Basel) Ltd. The first HK Art Basel started in 2013 to replace Hong Ko ng International Art Fair • The number of participating global galleries: - 2008: 266 - 2011: 260 - 2013: 245 (information from SCMP, ARTHK and Art Basel’s website)
• Exhibiting galleries come from 35 countries including Asi a, North America, Latin America, Europe and Africa
“More importantly, the sales were as impr essive. Some big names reportedly fetche d up to US$2 million apiece.” from SCMP, “Hong Kong secures its role as arts hub”
LINK-Artfair Hong Kong •An annual international contemporary Art Show •2013: first year in Hong Kong •Supported by the Italian Consulate of Hong Kong and Macao, Italian Cultural Institute and Italian Chamber of Commerce in Hong Kong & Macao promote Italian art •Over 50 exhibitors from different countries •Participating global galleries:
Hardcore Art Contemporary Space, Theca Gallery, Giò Art Gallery, M & D Art, A rtespressione, Spazio Akka, EF Arte, Deodato Arte, Studio Atos Facincani, etc.
Affordable Art Fair • 1999: Founded in London • 2013: 1st time in Hong Kong • International galleries: 83 (from Affordable Art Fair’s website)
• Western galleries: Bicha Gallery, Bleach Box, Able Fine Art Ny G allery, Fiumano Fine Art, Linda Blackstone Ga llery, Manifold Editions, Manyung Gallery Gro up, etc.
Artists
Nelson Cabán • Western contemporary artist from Puerto Rico • Has studios in New York and Hong Kong • his paintings Change and Hope collected by Barack Obama • studied art and art history at Cooper Union (U SA), Estudio 13 (Spain), and RBC (Japan)
• honing the craft of traditional Eastern and Weste rn techniques and mediums • His participation in HK art market: His exhibition “Full Blown 80s” in Voxfire Gallery Hong Kong ArtWalk2013 • Has a studio Atelier Agüeybanà in Fotan Fotanian Open Studios • Sell his artworks in HK galleries and his official we bsite
Michaël Borremans and David Zwirner Gallery Michaël Borremans • Belgian painter and filmmaker • studied at the Colle ge of Arts and Scien ces Saint Luke) in Gh ent Michaël Borremans, The Modification(2001)
• David Zwirner Gallery: a contemporary art gallery in New York a nd London, owned by David Zwirner • ArtBasel Hong Kong Sales Report from Art Market Monitor: David Zwirner sold Michaël Borremans’s “ The Modification” at around $500,000 → Sales of Western Art in Hong Kong is not uncommon
The popularity of Western Art in HK art market
The popularity of Western Art in HK art market • The understanding and acknowledge of the public about Western art Impressionism : Artists and Their Treasures from the Models National Collection Masterpieces from of France the Centre (Hong Kong Museum Pompidou, Paris of Art) (Hong Kong Museum of Art)
PICASSO – Masterpieces from Musée National Picasso, Paris (Hong Kong Heritage Museum)
Over 280,000 visitors in 2005
Over 295,000 visitors in 2012
Over 160,000 visitors in 2006
Source: 24/7/2012 Hong Kong Economic Times
The popularity of Western Art in HK art market • Increasing numb er of western gall eries in HK e.g Gagosian Gall ery, Sundaram Tag ore Gallery, Edouar d Malingue Gallery , etc. http://www.investhk.gov.hk/zhcn/files/2012/03/en_sector_ci_art.pdf
The popularity of Western Art in HK art market “Hong Kong has the added bonus of being the world’s th ird largest art market after N ew York and London, the ma rket is rapidly expanding and becoming increasingly sophi sticated.” - Nick Simunovic, Managing Director, Gagosian Gallery http://www.investhk.gov.hk/zhcn/files/2012/03/en_sector_ci_art.pdf
The popularity of Western Art in HK art market "The awareness, demand and interest for Western art is fast growing. Collectors i n Hong Kong are increasingly enthusiastic and pro-active in branching out of th eir collecting domains, in which Impressionist and Modern Art is one of the prime collecting areas. Local, regional and international collectors congregate in the city to look for the best art objects, providing us the key to broaden our client b ase. The strength and outlook of the Hong Kong art market is impressive for our gallery business. We see many business opportunities here in the long run“ - Edouard Malingue, Founder and Director, Edouard Malingue Gallery
http://www.info.gov.h k/gia/general/201009 /27/P201009270165.ht m
The popularity of Western Art in HK art market “Western art fairs are looking Ea st as more major fairs are makin g their way to Hong Kong and t he mainland.” - SCMP “Globalisation is something we have to embrace. Asia is a very important market [and] Hong K ong is one of the principal drive rs of the market.” - Nazy Vassegh, Chief Executive, Mast erpiece Fair
http://www.scmp.com/news/hongkong/article/1267483/rise-hong-kong-popart-fair
The popularity of Western Art in HK art market • Examples of new art fairs and eve nts in 2013: - Affordable Art Fair - LINK-Artfair Hong Kong - Hong Kong Gallery Week - Hong Kong Art Gallery Week
The popularity of Western Art in HK art market • All these data suggest there is a growi ng popularity of Western Art in the HK art market. • But more likely the events are catere d to up-and-coming rich Chinese buy ers, as well as other Asian buyers who come to HK to shop for art.
Richard Law
Case study
Things to consider… Who set the trend? (demand) What was the response? Who were the target buyers? What role did each player (the Museu
m, media, auction houses…) play? What can be reflected/deduced from
this?
Investigation: The making of the Pop Art taste (demand) in Hong Kong
The Warhol fever The Hong Kong Museum of Art held th
e exhibition “Andy Warhol: 15 Minutes Eternal”
showcased more than 400 artworks fro
m the Andy Warhol Museum. Spanning the period from the 1950s to the 1980s
Media coverage  The exhibition has been covered in mo
st major local media, from SCMP to Tim eOut.  The exhibition has also been reported
on other international news media.
Media coverage
Media coverage Interestingly, an article from ArtInfo me
ntions Beijing’s censorship of Warhol’s Mao portraits
Another Warhol exhibition Meanwhile in Osage… Osage Kwun Tong organised "Hello It's
Me, Goodbye: Andy Warhol's Cinema“
“Andy Warhol’s Cinema” spotlights the
videos shot by Warhol, including “Empi re”, “Sleep,” and “Chelsea Girls”.
Auction sales The exhibition created the demand for
Warhol’s works (taste). According to Jing Daily, a Chinese lux
ury magazine, the Warhol touring exhi bition created a demand of his works. (demand) In response, Sotheby’s and Christie’s b
oth organised sales in Hong Kong. (sup ply)
note: the pop art trend probably influenced the then coming Affordable Art Fair (another outlet f or supply of pop art works?) – might also be related to the Roy Lichtenstein effect from Britain at t hat period?
Auction sales  Who are the buyers?
"Ten One Dollar Bills" (1962) by Andy Warhol.
“From Warhol, With Love”
http://www.sothebys.com/en/auctions/2 Andy Warhol's early works for sale in H ong Kong:
http://www.youtube.com/watch?v=9n3Q Christie’s sale
http://www.christies.com/sales/hong-kon
Things to consider… Who set the trend? (demand) What was the response? Who were the target buyers? What role did each player (the Museu
m, media, auction houses…) play? What can be reflected/deduced from
this?
Summary & Insights As seen from this Warhol fever… The HK Museum of Art to some extent cre
ated the taste/demand of Warhol’s Pop A rt (trendsetter) The main target buyers are rich Chinese c
ollectors
For the major auction houses, Hong Kong
acts as a base to reach out to Chinese pot ential clients
Comparison of the Western art sales in Hong Kong, Shanghai and Taipei
Things to consider: Government policies Art education Infrastructure of Art market
Government policies Expenditure on culture and art Affects the popularisation of art Tax Affects the investment on the art market Censorship Limits artistic freedom of expression and trading opportunities
Expenditure on Cu lture: HK Hong Kong • In 2012-2013, total go vernment expenditur e: $440 billion • According to the Ho me Affairs Bureau, th e Government alloc ates $3.09 billion on c ulture and the arts 0.07%
Expenditure on Culture: Taiwan Taiwan
• The government spent 1.4% budget on culture development
Expenditure on Culture: Shanghai Shanghai • In 2013, the total gover nment expenditure: $17 05 billion • Expenditure on culture: $13.4 billion 0.007%
From these figures‌ We can see Taiwan leads HK and Shang hai in terms of investment in arts and cult ural development → creates a more favourable environme nt for art trade (demand)
Tax rate Tax
Hong Kong (%)
Taipei (%)
Shanghai (%)
Import tax
--
--
6%
Income tax
Proportional Tax maximum 16.5%
Progressive tax rate, maximum 40%
Proportional Tax maximum 33%
Value added tax
--
5%
17%**
Maximun tax paid
16.5%
45%
56%
**In China, according to the Tariff Implementation Plan, art products are considered as luxury goods
• Picasso’s painting Chinese Wanda Group purchased “Two Childre n” for US$28.16 million (1.72 billion RMB)at a Sot heby’s auction in New Y ork • It is estimated the tax is around 40 million RMB
When compared with China and Taiwan ’s tax policies… We can see that art trading in HK is less c ostly → less regulations contributed to HK’s co mpetitiveness as an art hub in internati onal art trade
Censorship in China
http://www.youtube.com/watch?v=nR
From the video clip‌ • Wang Chunchen, curator of China Pa vilion in Venice Biennale 2013, gave m any examples of what a Chinese artist cannot paint e.g. Political events, Falun Gong Practic es, Political leaders
• “Andy Warhol: 15 Minutes External” exhibition was h eld in The Power Station o f Art in Shanghai from Ap ril 29 to July 28 with free e ntry
• BUT: Chairman Mao’s Po rtraits are forbidden to b e shown • A staff member told CN N that government auth orities would have consi dered the works "too pol itical“ • A “disrespectful treatme nt of the Chairman’s fac e”
Censorship issue in China… Makes HK a neutral trading ground for so me “politically hot” artworks → no censorship issue makes HK a good place for art trade with China (the ne w wealth) without the political trouble s
However‌ The level of Education in Art among HK ge neral public remains low → unfavourable to developing a sustainab le and thriving domestic art trade envir onment
Art education
ďƒ˜ Public interest in art ďƒ˜ The domestic demand of Western Art i n the local art market
Art education in HONG KONG • According to a research conducted by Th e Hong Kong Feduration of Youth Groups on 500 teeagers • 30% interviewees : art is useless • Over 70% : Cannot name any local artists Teenages are deprived of art knowledge Low interest in art
Art education in Taiwan • According to the Ministry of Culture of Taiwan • The number of people working in the cultural and creative sector increased from 16,000 in 2011 to 210,000 in 2012 • The expenditure on cultural education has be en risen 10.4% in 2012 A rapidly expanding art scene Government support
Art education in Shanghai Four problems of art educ ation in China (2009) 1. Lack of the skillful and professional art schools 2. Moralisation 3. Mechanisation 4. Marginalisation
**Things to consider: How to arouse the HK public’s interest in art? How to promote art education among lo cal schoolchildren and teenagers?
Infrastructure of Art market Exhibition venues Gallery Museums Art fairs Biennales
Hong Kong: West K owloon Cultural Dis trict • One of the largest cultural projects in the w orld • The Xiqu Centre, M+, Freespace and Arts Pa vilion aim to develop as the first batch of fa cilities in 2016 • Intends to be a contemporary art space → a much-needed and long-waited cultural f acility for HK
Taipei Artist Village & Treasure Hill Artis t Village • Mission-A Home for A rtistic Nomads, Cultur al Interchange • Functions - Artwork e xhibition, Convergen ce area for artists
Via P.P.T. x AIR Taipei 2013 #3
• P.P.T. = Presence Pre ssure Temptation • Platform for the inter national artistis and taiwan artists
Shanghai: 50 Moganshan Road • A contemporary art district in Shanghai, China • Houses a thriving community of more than a hundred artists whose studios are open to the public
Exhibition and museum attendance figur es
Visitor figures 2012
Visitor figures 2011
Visitor figures 2012
Visitor figures 2011
Major Museum, Art Fair and Bien nals
**Western contemporary art is becoming more visible in Hong Kong But we lack of support from the public – as seen from the low attendence rate of the museum and exhibition What can be done to improve the situati on?
Prospect of Wester art Sales in Hong kong
Current Chinese taste has changed… • “They(Chinese collectors) travel oversea s increasingly frequently, high-end Chine se collectors’ tastes are gradually chan ging. As a result, the Chinese art market will eventually become international.” -Eric Chang, the international director of Asian 20th- cen tury and contemporary art at Christie’s Hong Kong
• "The Chinese mainland buyers have on ly just started buying impressionist work s so there is a lot of potential for this to go a lot further than it already has,“ -Ken Yeh, chairman of Christie's Asia in Hong K ong
Christie’s first mainland Chinese aucti on • Pablo Picasso entitl ed Homme Assis (Se ated Man) sold for 9 .6 million RMB • A synthetic polymer and silkscreen ink by Andy Warhol sold fo r 4 milion RMB
Meanwhile in Hong Kong… • Local interest in Western art still nascent despite its increased visibility in the market • Many prominent galleries came to HK, such as White Cube and Gagosian Gallery • The May 2011 ART HK become the most important art fair in Asia
• Sotheby's Hong Kong aims at attractin g younger collectors, by offering a co mbination of Asian and Western conte mporary works that "you can live with“ Public interest of western art
• The Museum of Art hosted a large War hol exhibition last December and the Heritage Museum hosted a Picasso ex hibition last May. Symbolic capital of the western art works
To sum up… • As China becomes richer, it is inevitable i nternational art sales will shift to China • Hong Kong should maintain and uphold i ts advantages in trading (taxation, privat e ownership protection, legal rights, etc.) to keep its status as an entrepôt • In the long run, the government should i mprove public’s interest and literacy in ar t to train more art talents and collectors (to draw up demand)
The end Thank you!
Discussion Q1. Do you think Western Art is popular in Ho ng Kong? Is there a domestic demand f or it? Q2. What are some effective ways to promo te literacy in Western Art in HK?