It may be of some surprise that Asian artists have outperformed their Western counterparts in “first time auction results” during the height of the art market boom. According to ArtPrice’s 2008/2009 contemporary art market report, buyers are giving Asian artists new to the auction market stronger backing than new Western artists.
This support is evident in the high proportion of Asian artists achieving the top hammer prices: 64% of the “top 50 best hammer price for new auctioned artists in 2008” were given to Asian artists predominantly from China, Japan and Korea.
Of the top 10 best first-timer hammer prices, half were given to Chinese artists born between 1949 and the early 1960s. The top price of Euro 347,510 was given for a work by the artist You Jindong (b 1949) known for his works created with gunpowder.
Out of the three main Asian countries (China-24, Korea-4, Japan-3) represented in the list, Chinese artists’ prices have had the most dramatic reduction from the high point in 2008. Although times are different now, the price correction within the contemporary Chinese art market has significantly lowered the price barriers for collectors. It is considerably more economical to purchase “new auction artists” in 2009.
In recent Sotheby’s auction in Hong Kong on October 6th, the average price for a Chinese “new auction artists” was drastically lower at USD 12,000 compared to USD 130,000 during the previous year. In addition to Chinese contemporary art, the price barriers for contemporary Japanese and Korean art remains accessible in the current market.
Related Information and Posts:
- Contemporary art market Asia now bigger than US for first time says Artprice – November 2009
- Liquidity propels prices, Chinese Political Pop is back – Sothebys Contemporary Asian Art Auction 2009 Hong Kong – October 2009
- Outlook for Chinese art market – interview Larry Warsh – Arttactic podcast – May 2009