For many years now industry and services looked to China, the art world is no exception to this. It was only last week that we witnessed Art Basel’s first show in Hong Kong along with several other fringe events. This shift is nothing new, but the show takes Hong Kong and indeed China in the right direction to becoming a regional art hub.
Hong Kong’s access to the growing wealth of Chinese collectors combines with a highly developed infrastructure to facilitate trade that few locations in Asia can match. It’s a recipe that saw the city already rise to become the world’s third-largest art auction market after New York and London.
This is brilliant news for Western galleries and artists looking to expand into new markets. Hong Kong is already teeming with high end, branded Galleries from Hanart TZ and Schoneni. It’s even home to the AAF (Asian Art Fair)
It isn’t all good news though, despite Chinas’ growing economy and an every increasing Chinese middle class. Art sales have slowed considerably compared to 2013 with sales down some 50% on this time last year. In fact art sales in the U.K. and U.S.A actually far exceeded that of China, but there is still time for a come back. It was after all two Chinese artists who topped the 2012 best sellers list.
Even here at the gallery it is a Chinese artist ‘Xue Wang’ who’s work is consistently popular and sells well at increasingly good prices.
Xue Wang – The 41st Wink.
Framed dimensions 20″ x 27″. Original Oil on Board, priced at £1,500.
Own Art available over 18 months. No deposit, followed by instalments of just £83.33 per month.
This shift in the art world and the art market is by no means a bad thing, new markets offer new opportunities to all; galleries, artists and consumers who are now able to access a much larger volume of works, ideas and fresh techniques.
With more events to come out of China this year and major auction houses Christie’s & Sotheby’s hosting their ‘Post-War and Contemporary’ exhibts this should give investors another peak into the health of 2013’s market.
Timothy Hon Hung Lee – ‘I’ll Never be your Roman Candle’
Framed dimensions 22″ x 28″. Original Artwork: Ink on Rice paper, priced at £1,750.
Own Art available over 18 months. No deposit, followed by instalments of just £97.22 per month.
For more information contact the gallery
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