Art History: BVA 312 - 14/10/2019 (Annotation for Essay 3)
(Art Basel, 2019)
Art Market Talk| The Art Market Now: A Contemporary Assessment.
*Tomorrow
Talking about the art market not only in London, New York, where the art hegeminy are dominated at.
Over the last 5 or 10 years the art market in Asia has seems to be the frontier. Galleries from US, Europe and even Japan opening galleries in China (Beijing). Later shifted to Hong Kong, Singapore and now all about Shanghai. It’s almost a foregone conclusion that asia is where the next generation of art collectors will be.
Claire: 2019 art report.
2018 the market rose six percent to 67.4 billion in two years of increasing sales. (Not as high as 2017). Between US and China.
Last year top sales country was US. Doubled the global average of 12%, (Under 20 Billions). Wealth of middle and upper class, cultural institution and expertise. A lot of Asian buyers buy from New York (Increases sales). Most of the sales in Europe are bought from Asians or American (US) despite the Brexit going on.
Sales
China, most interesting thing to examine over the pass 10 years.
2000 – Hardly registered
2006 – took over France becoming the top three (Continue for the next 10 years).
2008 the US was nearly four times the size of the Chinese art market. Them they are equalized in 2011 (Slightly ahead). 10 years amount increases a lot, more than double.
Art Fairs sales.
Asia: use of art fair as a form of purchasing. 73% and 85% in Hong Kong or Singapore uses art fair. Growing method in Asia.
Millennials are very dominant group in the art market. Over 90% bought works online for over a million dollars.
Economic impact.
China: 2005 many westerners bought Chinese art; local people started to get interested in it. 2008/2009 you can feel that obviously there are more opportunities, Chinese collectors. 2012 Has a more obvious impact, then 2013 has a consolidating year. ** Beijing, Shanghai more obvious. Now, more young people, second generation millionaires are more involve in it. Sotheby 2006 introduces Chinese contemporary art, strong sale focus on contemporary art works. 6 to 7 years ago, theres an obvious need in non-Chinese art work/artifect.
India:
2005 all time high
Post 2008 (Economic crisis)
2009, 2010 its still low in sales. But 2010 onwards more genuine sellers and buyers. People wanted to learn more. 2012 change drastically, India Art Fair and Kochi.
Article: The Asian Century is set to begin (Romel & Reed, 2019)
The Financial Times tallied the data, and found that Asian economies, as defined by the UN trade and development body Unctad, will be larger than the rest of the world combined in 2020, for the first time since the 19th century. The Asian century, the numbers show, begins next year.
Asia’s recent surge, which began with Japan’s postwar economic surge, represents a return to a historical norm. Asia dominated the world economy for most of human history until the 19th century.
In the 19th century, Asia was transformed from the world’s manufacturing center into classic underdeveloped economies exporting agricultural commodities (The book on contemporary art issue discussed the relationship between first and third world country; Economic driven and Agriculture driven)
The west’s two-century epoch as global powerhouse is at an end!! (argues Kishore Mahbubani)
** Asia have been lifted out of poverty and many Asian economies have graduated to middle-income or advanced economic status, according to world bank definition.
Art Basel. (2019, March 18). Art Market Talk| The Art MArket Now: A contemporary assessment . Retrieved from YouTube : https://www.youtube.com/watch?v=LalFrwAZhIU
Romel, V., & Reed, J. (2019, March 26 ). The Asian century is set to begin . Retrieved from Financial Times : https://www.ft.com/content/520cb6f6-2958-11e9-a5ab-ff8ef2b976c7
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