Topic Archives: Recession

A recent Deloitte and ArtTactic study concludes that the wealthy are allocating more funds into art, driving up art prices to record levels. What is driving this trend and is it sustainable, or even true?

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While the Eurozone crisis and rumors of a property bubble burst may have slowed the art market in the fall of 2011, Chinese art auctions still hit record sales for the year past.

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ArtTactic’s November 2011 report indicates that the outlook on the Chinese art market remains positive, despite weak sales in Sotheby’s and Christie’s 2011 autumn auctions.

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Art market analysts ArtTactic have released a report stating that while overall confidence in the global art market has dropped, the outlook for high-priced works stays positive.

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INDIAN CONTEMPORARY ART MARKET OUTLOOK CEO of on-line Indian auction house Saffronart explains that the collector base for Indian art is changing Dinesh Vazirani is the CEO and Co-Founder of Saffronart, the world’s largest online auction house for fine art … Continue reading →

THE POWER STRUCTURES OF THE ART WORLD What a difference a year makes. Last month, ArtReview magazine released its annual list of the one hundred most powerful people in art (see list here). ArtReview’s introduction to the list outlines that … Continue reading →

ART LENDING INDUSTRY: ARTTACTIC PODCAST REVIEW On October 13th, ArtTactic published there latest edition of the ongoing podcast series dedicated to art market topics. The new podcast titled “Art Lending Industry“ is an interview with Andrew Rose, the president of … Continue reading →

ASIAN ART MARKET TRENDS Usually, to be a part of the bubbling Asian art market scene, buyers need to associate themselves with industry leaders Christie’s and Sotheby’s for lack of other options. In South East Asia, however, there’s a new … Continue reading →

THAI ARTIST SHOW REVIEW Alvaro Rodriguez Fominaya, as new curator for the well-regarded Hong Kong non-profit Para/Site art space, explained his mission for the space in January 2009 to Claire Morin for Time Out: “I want to refocus Para/Site … … Continue reading →

JAPANESE ART COLLECTOR  A Japanese psychiatrist, Ryutaro Takahashi, has become one of the most important collectors of Japanese contemporary art, having amassed a collection of over 1,500 pieces since 1997. And, in an inspiring story we can all take heart from … Continue reading →

HONG KONG ART FAIR “What do you think of the art fair this year?” Advisors, fair visitors, writers and artists graciously suffered our question ‘du jour’ for the duration of the much-anticipated second edition of Art HK. Tipped to be … Continue reading →

CHINESE ART MARKET Art galleries are hooking up with hotels, art projects are on hold, and artists are printing fine art onto silk scarves. Just about everyone in the art world is compromising in the economic downturn, reports Wang Jie … Continue reading →

SHANGHAI ART FAIR The Financial Times reports that Lorenzo Rudolf, one of the founders of ShContemporary, the Shanghai fair, has resigned as director after the event’s Italian owners ignored his advice to cancel this year’s event. The fair is going … Continue reading →

CHINESE ART PRICES The current state of Chinese art prices was discussed  before members of the Foreign Correspondent’s Club of China who had gathered at the Ullens Center for Contemporary Art (UCCA) to hear a dialogue between UCCA director Jerome … Continue reading →

AUCTION HOUSE NEWS SPRING 2009 Reuters reports that Sothebys sold US$223 million worth of artwork in its 2008 spring sale but this year expects to sell only one-third as much in what Kevin Ching, Chief Executive Office for Asia calls … Continue reading →

ART FAIR RUSSIA According to a Bloomberg report by John Varoli, one of Russia’s biggest contemporary art fairs Art Moscow has been postponed from May 14th until September 2009  to tap a crowd headed for a larger exhibition, as falling oil … Continue reading →

RUSSIAN ART COLLECTOR Varoli reports on Bloomberg that Leonid Mikhelson is sponsoring a display of 30 works by 20th-century Russian master artist Kuzma Petrov-Vodkin, many of which are well known to the public. Billionaire Leonid Mikhelson’s company OAO Novatek is … Continue reading →

INDIAN ART GALLERY Bodhi art gallery, the sole Indian art gallery that had branches in three international cities, has shut shop in New York and will soon close down in Berlin too. Remaining quite tight-lipped, Sharmistha Ray from Bodhi art … Continue reading →

KOREAN ART ‘Art Market in Doldrums as Auction Bids Plunge’ shouts the title of a story in Chosun. The Korean art market is reeling from the economic crisis, with the highest bid prices at domestic art auctions plunging 38.2 percent … Continue reading →

CONTEMPORARY ART PRICES Sotheby’s will hold its Contemporary Art sales in London on 5-6 February 2009 , the first set since the November round when the financial crisis triggered weaker demand, slower bidding and lower prices across the art market.  As markets … Continue reading →

ART MARKET DUBAI A spate of new gallery openings mostly in the city’s financial hub – the Dubai International Financial Centre - goes ahead despite the recent turmoil amongst financial institutions reports the Nation. The global turmoil certainly hasn’t affected the number … Continue reading →

The New York Times reports: Reflecting the recent nose dive in confidence in the art and antiquities markets, the International Asian Art Fair held each spring in Manhattan has been canceled. The event’s organizers said the current economic slump was … Continue reading →

ART AUCTIONS CHINA This weekend marked the end of the auction season on the  Chinese mainland and, while spectacular success was had in antiques and antiquity sale categories, contemporary Chinese art shared little of the success…save for Poly Auctions, says Katie … Continue reading →

    IRANIAN ART The New York Times has written a useful summary survey about art from Iran, the market for it over the last two years and what has been happening in recent auctions. Artists worked in relative obscurity … Continue reading →

EMERGING CHINESE ARTIST HONG KONG AUCTION Christie’s Asian Contemporary Art sale on 1 December was surprisingly encouraging for the art market, at least the Asian contemporary art market, although perhaps not too much should be read into that just yet. … Continue reading →