HONG KONG ART GALLERY ASIAN ART MARKET
Unnamed sources from several local art galleries in Hong Kong have mentioned that business is difficult and they are considering their options for next year. Particularly affected are new and themed galleries. Hong Kong currently has over eighty galleries.
One gallery manager disclosed to Art Radar that it is increasingly difficult to get people to come to exhibition openings and that people are not buying artwork despite the fact that many artists have dropped their prices.
One source disclosed that they are considering giving up their space and working through art fairs and by appointment only. The source said that fifty percent of their sales are made over the Internet to regular collectors with an established relationship with the gallery.
A long-established dealer has said that 2010 has been the worst year for sales since opening the gallery over 15 years ago.
The difficulties are not just because of reduced demand for artwork. Money from mainland China has caused property prices ro rise sharply in the last two years in Hong Kong, driving up rents.
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- Mid auction season Hong Kong art market update: Sotheby’s sale round-up – November 2010 – read about the record-breaking sales made at this year’s auction series
- Artnet chooses Hong Kong as debut venue for new venture – Art Radar scoop interview – October 2010 – art price database and online art auction company has chosen the year 2010 to branch out into a brand new venture: art dealing
- Fad or innovation? First ever entirely online art fair to launch next year – September 2010 – we publish a press release announcing the details of this new fair concept
- Is Hong Kong a cultural desert? How can you become a better collector? Answers revealed at Asia Art Forum – June 2010 – collecting secrets from Dr. Oei Hong Djien; history of fine art in Hong Kong by Valerie Doran