CHINESE CONTEMPORARY ART MARKET
ART HK 11 has joined forces with ArtTactic to publish two art market reports, one focussing on the Chinese art market and the other on the US and European markets. The reports show, perhaps unsurprisingly, that Chinese market growth will exceed that of other top markets over the next six months.
CONFIDENCE IN CHINESE CONTEMPORARY ART MARKET REACHES NEW HIGH, DRIVEN BY CHINESE COLLECTORS
75% of art experts believe Chinese contemporary art market will continue to grow over next six months, greatly exceeding US and European counterparts
Hong Kong, 23 May 2011 — ART HK, Asia’s leading international art fair, and ArtTactic, an independent art market research company, announce today the publication of two art market reports: China Contemporary Art Market Report 2011 and US & Europe Contemporary Art Market Report 2011. According to the reports, confidence in the Chinese contemporary art market greatly exceeds confidence in its US and European counterparts, with 75% of art industry experts believing that the Chinese market will continue to grow over the next six months. This is compared to 36% of art experts indicating the same for the US and European contemporary art markets.
According to the China Contemporary Art Market Report 2011, the Chinese contemporary art market has become the fastest-growing contemporary art market in the world. Citing a confidence indicator reading of 81, the report reveals that the Chinese contemporary art market has moved into first place in terms of market confidence, 21% above the US and European market confidence indicators and 34% above the Indian market indicator.
“ China and its contemporary art market have gone through a remarkable transformation in the last five years. The boom we are witnessing in China is not a result of people turning into passionate collectors overnight, but rather the acceleration of new investment-oriented money flowing into the art market,” stated Anders Petterson, Founder and Managing Director of ArtTactic Ltd. “This bull market is fuelled by China’s and Asia’s growing wealth.”
According to the reports, 88% of experts interviewed have a positive outlook for the Chinese primary market over the next six months, compared with 78% of experts citing the same for the US and European primary art markets. A primary art market is comprised of artwork coming to market for the first time at a gallery or art exhibition.
“The growth of ART HK is a clear sign of the health of the primary market in Asia . With more than 260 galleries from 38 countries featuring in ART HK 11, up from 155 galleries last year, the fair is poised to become the international gateway to the Chinese and Asian primary markets, as well as an important platform for Chinese collectors to engage with Western contemporary art,” commented Magnus Renfrew, ART HK’s Fair Director.
The China Contemporary Art Market Report 2011 also reveals that 71% of experts polled believe that Taiwanese collectors currently have the largest impact on the Chinese contemporary art market. Mainland Chinese collectors are featured in the top five, ahead of US and Indonesian collectors, driving a new trend of growing interest in mainland Chinese contemporary art.
Last year saw the Chinese contemporary art auction market overtaking its international rivals, as China moved up to become the second largest art market in the world, surpassing the UK . The total auction sales value (all categories) for Christie’s and Sotheby’s Hong Kong rose by 122 percent, from US$658 million in 2009 to US$1.46 billion in 2010. This trend was even more prominent amongst the two largest mainland Chinese auction houses, which saw a total auction sales increase from US$638 million in 2009 to US$2.23 billion in 2010.
According to the ArtTactic China Contemporary Art Market Report 2011, the institutional market is rapidly growing, with the Chinese government stepping up investment in cultural infrastructure to establish the nation as a leading global cultural hub. As of 2009, there were 3,020 museums in China , including 328 private museums (source: The Art Newspaper). Approximately 100 museums are added each year. While the Chinese government has been slow to establish modern and contemporary art museums, China ’s contemporary art infrastructure is likely to develop significantly over the next 10 years.