artnet launches new awards series, on the occasion of the opening of Shanghai’s Fosun Foundation building.
On 7 November 2016, Fosun Foundation celebrated the opening of its new spaces with a gala that included the launch of the new arnet Awards, as well as the official presentation of the fourth edition of the Global Chinese Art Auction Market Report.
Shanghai’s new art space: Fosun Foundation
Fosun Foundation is located in the Bund Finance Center and presents 4,000 square metres of exhibition space co-designed by British design firm Foster + Partners and creative director Heatherwick Studio. Fosun Foundation will host a variety of events, such as art exhibitions, fashion shows, conferences, performances and summits, in partnership with leading art organisations from around the world. The Fosun Group also owns 3500 square metres of studio space in Liberty 28 given to the New York downtown culture committee as an artist residencies project in support of varied art related events.
Fosun Group has invited one of Japan’s foremost sculptors and installation artists, Tatsuo Miyajima, to create an innovative public installation piece at the new venue, entitled Counter Sky Garden. Composed of 300 numbered LED lights, the work encourages audience’s participation by allowing them to control each light switch independently.
As part of its public programming, the Fosun Foundation has also invited other international leading artists to produce public art projects, including Julian Opie, Leandro Erlich, Felice Varini, and many established Chinese contemporary artists. Collaborations with other international institutions such as the Centre Georges Pompidou, Musée Picasso and Victoria and Albert Museum will also be amongst Fosun Foundation’s future highlights. As Jenny Wang, president of the Fosun Foundation states,
The Fosun Foundation will be a cultural and art center that demonstrates the integration of tradition and modernity not only to Shanghai, but also to the rest of the world.
The new artnet Awards
The grand opening of Fosun Foundation’s new venue in Shanghai was celebrated on 7 November 2016 with a gala that also presented the inaugural arnet Awards and the fourth edition of the Global Chinese Art Auction Market Report, published with China Association of Auctioneers (CAA).
A leading source for the international art market, artnet was founded in 1989 to bring more transparency to the art world and ensure easy access to latest market news and information. In 2015, it launched artnet News China specialised in delivering news and expert commentary on the Chinese art world.
The artnet Awards was established to present a newly “objective method” of highlighting artistic achievement, by analysing market information. The artnet Awards evaluate not just an artist’s exhibition history and media exposure, but also their commercial impact and importance on the market through “rigorous quantitative analysis” based on “big data and computer algorithms”, as artnet explains in the press release.
artnet has the most comprehensive database of art prices and index reports in the world, and the YIS Foundation’s art science team has contributed greatly with data collection and organisation. The Awards use professional financial analysis methods, in order to provide a fair opportunity for every artist to compete. arnet maintains that “Though art is subjective, presenting objective data results with minimized deviation can produce powerful insights and reveal new talent.” Quoted by artnet in the press release, Jessica Zhang, Director of Greater China at artnet and Publisher of artnet News China, says of the Awards:
This is the first art award that is based on data. It is a bold experiment to establish a new evaluation system, which truthfully and systematically reflects the choices made by the industry. We hope that this award could help people learn more about the art market and encourage the pioneers and innovators of the market to continue boosting the healthy development of art market.
Talking to artnet New, Melissa Chiu, Director of the Hirshhorn Museum and Sculpture Garden in Washington DC, and former Director of the Asia Society in New York, says of the awards:
[The awards are] an acknowledgment that the art world is not just the market but a a complex set of valuation and recognition,” says “After 40 years, we’re looking at an art world in China that is becoming much more nuanced in its ability to think about art and artists. It’s also more complicated today, which is a good thing.
The Awards feature Artists of the Year for artists born after 1970 and Millennial Artists for those born after 1980, as well as one category to celebrate a Gallery of the Year. All candidates are artists born or residing in the greater China region, and have been evaluated using a variety of factors, such as their exhibition record, presence in private and public collections, media coverage, and auction records from the artnet Price Database. For the millennials, in order to compensate for the lack of sales records and evaluation systems for emerging artists, artnet invited over 20 collectors to participate in a poll and give scores to the artists selected by a model based on objective data collected from professional institutions like art museums.
The Gallery of the Year award is based on data collected from those galleries who represent the top 50 artists in the world, and the result is based on the ratio of how many top 50 artists they represent.
The inaugural awards went to:
Artists of the Year Award
Millennial Artists Award
Gallery of the Year Award
Global Chinese Art Auction Market Report 2015
The fourth edition of the Global Chinese Art Auction Market Report was published on 24 August 2016. Analysing the latest data on the auction market in China (up to 2015), the report listed among its key findings that the total sales value in mainland China continued to decline in 2015 (USD4.4 billion, or down 19 percent from 2014), reaching under its 2012 low. The number of auction houses in China also decreased, with 274 in total (18 fewer than in 2014). While the lower to middle end of the market (CNY500k-1million) decreased considerably in volume, the ultra high-end (with prices above CNY50 million) increased almost 200 percent. At the same time, the lowest priced lots (below CNY500k) reached almost 96.6 percent of the market – the highest in five years.
The market share of Fine Chinese Paintings and Calligraphy in mainland China has declined to its lowest level in six years, both in terms of value (62 percent) and volume (43 percent), led by the continued market correction of the Modern and Contemporary Chinese Painting and Calligraphy sectors. Meanwhile, the overseas market for Chinese art reached a historic high in 2015, with an increase in demand and totalling USD2.6 billion in sales, reaching a size more than half that of mainland China for the first time. North America saw a 70 percent increase in the supply of Chinese art, with a high sell-through rate of 61 percent, making it the largest market for Chinese art overseas in terms of volume.
C. A. Xuan Mai Ardia
- 11th Benesse Prize announces shortlist at Singapore Biennale 2016 – November 2016 – the Benesse Prize is for the first time presented in Asia and will award an outstanding artist at the 2016 Singapore Biennale
- Christie’s Shanghai contemporary art auctions take a downturn – round-up – October 2016 – Christie’s Shanghai opens Autumn sales with two auctions
- Photo Gallery: John Moores Painting Prize China 2014 winner Zheng Haozhong at CFCCA, Manchester – July 2016 – as part of CFCCA’s ongoing collaboration with the John Moores Painting Prize China edition, the exhibition surveys the 2014 winner’s oeuvre
- Chinese real estate mogul Dai Zhikang sets his sights on art – June 2016 – the founder and chairman of Zendai Group singles out culture as a major new driving force of the mainland economy
- ArtTactic Global Art Market Outlook 2016 – China, India and Southeast Asia – February 2016 – positive-to-neutral market conditions forecasted for India and Southeast Asia in 2016, while outlook for China is uncertain
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