No one can deny art market is flourishing now, especially in this year. Further more, works of Chinese contemporary artist in stardom is selling across the globe for record-breaking amounts. Many forces from international and domestic have gone into the competition in the field of art fair and the reason of it is that they’ve penetrated art is a cultural industry produces money, rather than it is a cultural exchange activity.

AUCTION REPORT

With Sotheby’s and Christie’s concluding their major sales in London from June 18 through June 22, the world fine art markets for the first half of this year were actually closed. The sales revenues of the two auction companies in art for the first half of the year recorded to a total of $644 billion(henceforth all USD), which suggests that the top two auction companies in total sales world would exceed $1400 billion this year. What was most outstanding in the auction markets in the first half of this year was an impressive progress made by Christie’s. Since 2000, Christie's has outrun Sotheby’s several times in terms of sales turnover. For the first half of this year, they recorded $3.2 billion and $50 million sales, or $10 million higher than Sotheby’s. 258 works were sold at a million or higher at Christie's for the first half of this year, much higher than 189 works for the same period of the previous year. Breaking down into regions, their sales to the European continent, the United Kingdom and the Middle East increased 46%, amounting to 1.5 billion and $80 million, those to the United States rose 42% to $1.2 billion and $60 million, and those to Asia increased 29% to $19.5 million. On the other hand, Sotheby’s sales for the same period increased 45%, but in terms of number of works, they could sell only 38 thousand works, two thirds of Christie’s 57 thousands. Since 2000 when they suffered from financial difficulties, Sotheby’s began to diminish their auction business for low-priced works, and last year, they restructured this business sector. Thus, they have decided not to be engaged in sales of such items priced 5 thousand or lower as porcelains and furniture and instead, concentrate their efforts on high-profile paintings and other fine art works. In contrast, Christie’s insists on their business principle that they will handle the variety of items at every price level. It is estimated that they will continue to keep such a principle for the low-profile local markets accounting for 10-15% of their sales.

Results of Major Auctions

Another noteworthy phenomenon witnessed this year may be that the top two auction companies have advanced into Russia. As much of the current funds have been flowing from the international financial markets into the fine art markets, the richest people in Russia and such newly industrialized countries as China and India emerge as major collectors of fine art works. For this first half of this year, Sotheby’s recorded $170 million sales of Russian fine art works throughout the world; they established a branch in Moscow last May. For the same period, Christie's sold the Russian fine art works amounting to $69 million throughout the world; they are planning to open a branch in Russia in the end of this year.

Breaking Records Onwards

On the other hand, as the infrastructures are expected to continue to be expanded for 2008 Beijing Olympics and 2010 Shanghai EXPO, the so-called Chinese Fever keeps rising. Such a fever was reconfirmed at the fine art auctions for the first half of this year. For the latter half of this year, diverse Asian fine art works will be sold at the auctions. At May 27, in Christie’s Hong Kong sale ‘sian Contemporary art’ Yue Minzun’s Portrait of the Artist and His Friends as sold at the highest price among Chinese works or $2,662,400, which was 5 times as high as posted. And Zeng Fanzhi’s Mask Series 1996 No. 8 was taken for $1,643,200. Thus, these two works recorded ‘he highest auction records for the artists in the world’. South Korea’s most expensive work was Hong Kyong-taek’s Pencil 1 ($842,400), and Japan’s and India’s highest priced ones were Ryuki Yamamoto’s The War Is an Individual No. 2 ($374,400) and Atul Dodiya’s Vishal ($405,600), respectively.

At 18th September, Japanese and Korean Art sale at Christie’s New York will present an array of Japanese ceramics, paintings, lacquer ware, textiles, arms and armor as well as a group of modern Korean paintings and a selection of Korean works fo art from the collection of Robert Moore. This sale features two works by Lee Ufan, who is famous as a proponent of the Japanese avant-guard movement of the 1960s Monoha. With winds, a painting from 1987 (estimate $600-800 thousand) and From Line, 1980 (estimate $300-400 thousand) presented in the sale.

Sotheby’s New York will hold its fourth sale of Contemporary Art Asia: China Korea Japan on September 20th which will include approximately 280 lots and is estimated to bring $20/29.5 million. It will primarily feature works by seminal Chinese contemporary artists Yue Minjun, Chen Yifei, Zhang Xiaogang, Ai Weiwei, Zeng Fanzhi, Liu Ye, Fang Lijun and Lue Dan among many others including smaller offering of works from Japan and Korea. Yue Minjun’s Infanta(The Princess), 1997 which depicts the Infanta Dona Margarita of Velazquez’s reluctantly posing for the artist is estimated to sell for $1.8/2.5 million.

Phllips de Pury & Company will offer Howard and Patricia Farber’s collection of contemporary Chinese art. The collection is composed of forty-four works of painting, photography, and sculpture from 1986 to the present by artist including Cai Guoqiang, Chen Zhen, Fang Lijun, Geng Jianyi, Wang Guangyi, Wang Qingsong, Yang Shaobin, Xu Bing, Yue Minjun, Zeng Fanzhi, Zhang Peili, Zheng Guogu and others.

On October 1, Sale ‘Cutting Edge 1’is scheduled to be held at Artcurial of France to spotlight the Avant-Garde from the Middle East, India, Southeast Asia, China, Korea, Japan and Russia. Emerging names will feature alongside contemporary artists with an established international reputation, like Shadi Ghadirian, Rana Javadi, Shaban Adam, Fateh al Moudaress, Devrim Nejad, Lee Ufan, Kim Tchang Yeul, Takashi Murakami, Yayoi Kusama, Ilya Kabakov, Alexander Vinogradov and Qi Wenzhang.

Art Market in East Asia

Meanwhile, South Korea’s fine art markets have been growing fast owing to the current funds with other favorable conditions such as polices against real estate speculations, persistent lower interest rates and those financial institutions seeking for alternative investment opportunities. Taking advantage of such favorable conditions, 3 new auction companies have been established. So far, South Korea’s fine art markets have been dominated by nation’s top two auction companies; Even for the first half of this year, Seoul Auction recorded $4.63 billion sales, followed by K Auction who sold the works amounting to $3.35 billion. However, the nation’s fine art markets show signs of change. Auction M founded by Daegu MBC(a local broadcasting company) under an agreement with K Auction demonstrated their maverick power by recording $43 million sales at their first auction held last August 28, and D Auction established by Jeong Yeon-seok, CEO of a furniture importer called ‘Emporia’ showed a more impressive performance by selling $1.2 billion works at their first auction on September 4.

D Auction professes that they will concentrate on foreign works. On the other hand, Open Auction inaugurated by 200 fine artists and 100 collectors will open their first auction on November 1. Seoul Auction, nation’s largest fine art auction company, has announced that they will continue to lead nation’s fine art markets with a new type of auction called ‘Auction Show’. The show scheduled to be held for 5 days from September 12 through 16 will be a variety auction show consisting of diverse programs: 108th auction ceremony, charity auction, contemporary auction, on-line auction, etc. They estimate that the total sales will amount to $3.75~4.3 billion. British Sotheby’s, Japan’s Shinwa Art Auction and East Quest Auction, China’s Poly Auction and the like will participate in this auction show to preview future auction items or promote their private sales.

China where the fine art markets are growing remarkably rapidly, in the two years from 2005 to 2006, the seven major auction houses in Beijing(Guardian, Hanhai, Poly, Huachen, Council, Chengxuan and Rongbao) held 28 special auctions and made a total sale of $2.37 billion, with an average of $1.2 billion per year and 798.86 million per auction. There are 157 auction companies. As many as 100 auction companies recorded more than $798.86 million sales each last year. At spring auctions this year, 61 out of 64 artworks were auctioned at ‘Modern and Contemporary Paintings Evening Auction’ of Poly International Auction Co. bringing in the total sale to $33.11 million.

The two auctions of ‘Classic Fine Art-Special Sale of Oil Paintings and Sculptures(one)’and ‘Asia Contemporary-Special Sale of Oil Paintings and Sculptures(two)’held by Beijing Hanhai Art Auction Co., Ltd. in this Spring achieved total business volume of over $13.30 million yuan.

The scale of Japan’s fine art markets is still small. Last year, total sales generated by the country's top eight art auction houses were just under $150 million. In contrast, annual sales worldwide at the prestigious Christie’s auction houses hit $4.67 billion. Given their position in the world economy, their fine art markets have still to grow. Currently, about 140 galleries operated by brand department stores and 2,400 private galleries are competing with each other and such auction companies as Shinwa Art Auction, Mainichi, DNA, Augur Auction, fuelling Japan's the fine art markets.

ART FAIR REPORT

An art fair, established type of art market shows immediately taste of art dealers and what kind of art obtain an fast sale and fetch a good price. In this Fall and Winter, five major Asian art fairs who keep on focusing on promoting Asian art and presenting the image of Asia will scrambling to grasp, attract and thrill art shoppers.

ACAF NY

ACAF NY, the first annual Asian Contemporary Art Fair in New York, will be held from November 8th through November 12th 2007 at Pier 92 in Manhattan. The Fair will feature 80 exhibitors from more than 10 countries, including China, Korea and India along with guest-curated special exhibition and lecture series led by renowned curators, dealer and scholars. ACAF NY is supported by Asian Artworks, Inc. and the founder Cristal Kim. Thomas Arnold, independent curator and currently Director of Mary Boone Gallery in New York is the director of the Fair. ACAF expect more than 25,000 visitors and its affirmative outcome of their purpose, introducing dealers of contemporary Asian Art to a continuously growing base of collectors in New York.

One of the very significant aspects of ACAF NY is the special exhibition and educational program. The main components, the special exhibition and the lecture panel series, will create an opportunity to deepen knowledge of Asian art and to complement the environment of discovery that should always be present at an art fair. ACAF NY Special Exhibition is curated by Eric Shiner and Lilly Wei. In the first decade of the 21st-century, the idea of ‘Asia’ has become increasingly amorphous: is it a continent, a mindset, a physical body, a conceptual identity? Today, the contemporary art of any region is as informed by its neighbors, near or far, as it is by local traditions and histories. For the inaugural Asian Contemporary Art Fair, the work of 27 artists whose work explores this diverse ‘idea of Asia’ will how many artists are beyond-and often times deconstructing and decoding-the stereotypical Asia favor of that is more complex and inclusive. Exhibition will thus make visitors question their own perceptions of what Asia is, and urge them to “de-Orientalize” the notion of Asia, viewing it not only as a place, but as a truly global philosophy that infects, informs and encourages artistic production around the world. The special exhibition will add some balance between a well-organized special exhibition and the less structured collage of exhibitors spaces.

In May, the Director and representatives of ACAF NY toured Asia to promote the new Asian Contemporary Art Fair in New York. Seoul, Beijing, Shanghai, Tokyo, Taipei, and Hong Kong were among the cities visited. The purpose of the trip was to explain to art professionals and the media the concept of the fair, its timeliness and importance, and answer questions from galleries about participating at ACAF NY. The first stop was Tokyo. The director, Thomas Arnold, and Advisory Committee chairperson, Yumi Nozoe, spoke about the importance of this being the first and only fair to focus on Asian art. They laid out for Japanese gallerists the vision for the fair and stressed the importance of diversity and high-quality of the artwork exhibited. Later the ACAF NY staff attended galleries and an event at the Mori Museum.

The Beijing event was hosted by the Today Art Museum and Wang Lifen, the executive producer of Chinese Central Television, introduced and moderated the event for a full room.Afterward, the representatives were given an elegant celebratory dinner that was attended by some of China’s famous artists including Yue Minjun, Yang Shaobin, and Lu Hao.

The ACAF NY staff visited the famed 798 art district and visited some of the galleries and curators who have helped to create international visibility for Chinese artists.The Shanghai event was held at the Shanghai Art Museum in the rooftop restaurant Karen’s 5. Artists and dealers alike attended with many questions about the specifics of participating in the fair. Conversation was lively and drew immediate interest from attendees. The director and representatives again took time to visit many galleries in Shanghai some of whom opened their doors to them after hours. Finally, in Seoul, ACAF NY gave an elegant luncheon for many of Korea’s galleries and press. Richard Vine, editor of Art in America, and Thalia Vrachopoulos curator of Tenri Institute each spoke of the importance of the Fair, its potential long-term effects on Asian contemporary art in the international market, and its impact on Korean galleries and artists.

ShContemporary

ShContemporary received much attention for it's strong directing team composed with the fair director, Lorenzo A. Rudolf who was a director of Art Basel from 1991 to 2000, the artistic director Pierre Huber who is a worldwide-known art dealer and the organizer Bologna Fiere spa. From 6 to 9th September, it will be held at Shanghai Exhibition Center and includes 125 invited galleries from around the world will participate. Exhibiting galleries will show a well balanced overview of contemporary creativity, with a special focus on Asian contemporary art. Featuring galleries from the entire Asian region includes over 50 countries, from the Middle East to the Pacific islands.

The curator-selected sales exhibitions “Best of Artists” presents artists of all ages, representing all generations and trends in Asian artistic scenes including Ai Weiwei, Chen Shaoxiong, Chen Zhen, Fang Lijun, Gu Dexin, Lu Hao, Song Dong and others from China, Zarina Hashmi, Jitish Kallat, Sudarshan Shetty from India, Tatsuo Miyajima, Yoshitomo Nara from Japan and Rikrit Tiravanija from Thailand.

“Best of Discovery” is a photograph and inventory of the creation by a new generation of Asian artists from China, India, Japan, Korea, Taiwan, Afghanistan, Pakistan and Russia.

Art Beijing

One of the most huge art fair in China, Art Beijing 2007 will take place in the new hall of National Agricultural Exhibition Center with 20,000 square meters area, on September 20 to 23th, 2007. The theme of Art Beijing 2007 is still ‘Art Un-Forbidden’ which best emphasizes the main content of contemporary art and further involves experimental and leading-edge art creations different from the ?ure academic exhibition’slike Art Beijing 2006. As the members Art Committee have agreed that China is now the greatest concern to the countries of Asian Art and is as well as Asia's platform, the Asian galleries will be two-thirds and the others will be European galleries. Galleries take apart in participation, including Arario Beijing, Lin&Keng Gallery, Main Trend Gallery, Dimensions Art Center, Pekin Fine Arts, Aura Gallery, Red Gate Gallery, Pyo Gallery Hanmo Art Gallery and so on. Mr. Dong Mengyang, the director of Art Beijing 2007, revealed in the interview that Chinese contemporary art is definitely the core and the long-term goals of Art Beijing. Although now Art Beijing 2007 just focuses on ‘Contemporary Art’ not long after Art Beijing will be introduced to a series of art projects, such as the ancient art, design art, Chinese water and ink, photographic and videos. In the thematic exhibition, “Youth Art Zoon” the audience will be able to communicate with the artists in person. The main topic of “Art Economic Forum” will be ‘the development strategy of art foundation’. The speakers will analyze and forecast the development of art foundations in China and Asia. In addition, “Artist Cinema” will reserve in the exhibition area. The basic character of Art Beijing is ‘beyond’. Art Beijing 2007 will beyond Art Beijing 2006 in both of academic value and commercial value.

ARTSingapore

Held from 4 to 8 October 2007, ARTSingapore 2007 will occupy 5,000 square metres at Level 4 Hall 404 in Suntec Singapore. The fair will feature artworks from 86 galleries from 14 countries, with over $20 million worth of art pieces on display and for sale. Over its seven-year run, ARTSingapore, Southeast Asia’s biggest contemporary art fair, has established a reputation as a cutting-edge contemporary Asian art fair. ARTSingapore 2007 offers an impressive array of art pieces from galleries across the region, including Australia, India, Korea, Singapore and Taiwan, as well as art pieces owned by private collectors. Some of the big names expected this year include: Affandi, Ananta Mandal, Andy Warhol, Anthony Lister, Arie Smit, Chua Ek Kay, Eric Chan, Farhad Hussain, Feng Zengjie, Fernando Botero, Guo Jin, Justin Lee, Lee Yong Deok, Liu Ye, Ngugen Xuan Manh, Prajakta Potnis, Ruan Xiao Jie, Shibu Natesan, Sigma Polke, Sobodh Gupta, Srihadi, Tang Zhigang, Soedarsono, Yayoi Kusama, Yue Min Jun, Zao Wouki, Zhang Xiao Gang, Zheng Delong, and Zhou Chunya.

“The art industry in Asia is growing rapidly, due to the rising wealth in the region, as well as the increasing appreciation for the visual arts among the affluent in Asia and globally. Leveraging on this trend, ARTSingapore 2007 is our biggest show ever in terms of both size and scope. Through ARTSingapore 2007, we aim to boost the visual arts market in the region with our optimal combination of the best modern art and exciting new talents from galleries and collectors all over Asia and the world,”says Chen Shen Po, organiser of ARTSingapore 2007.

The event also offers a series of art talks by industry experts to provide art aficionados with more opportunities to interact and network with each other. Topics such as how to invest in art, the trends to look out for, as well as dialogues with prominent artists and art collectors, will allow visitors to gain some insights into the art industry, as well as fine-tune their own art collection and investment strategies. One of the highlights of ARTSingapore 2007 is Special event of Singapore-based Parvathi Nayar, a visual artist from India best known for her paintings and drawings which focus on the notion of fragmentary perspectives. Nayar will be displaying her works in a specially created booth and will be present at the show.

Shanghai Art Fair

Shanghai Art Fair 2007, the 11th edition of the event scheduled to run from 15th thru. 19th Nov. has recently publicized the general organizing plan. The total exhibition space reaches 22,000 sqm which consists of three main halls. Hall 1 and Hall 3, established with 215 booths, are set up only for art galleries from home and abroad. The art committee has selected about 140 galleries out of 300 applicants, and the confirmed art galleries are coming from 14 countries all over the world include United States, Germany, France, Spain, Italy, Holland, Russia, Israel, Korea, Japan, India, Indonesia, Australia and Uruguay. For instance, ShanghART Gallery, Peninsula Art Centre, 1001 Art Gallery from China, Mordern Art Gallery, Chuan Cheng Art Center, Expol-Sources Gallery from Taiwan, Keumsan Gallery, Dong San Bang Gallery, Gallery Han from Korea, Kitai Gallery, Nichido Contemporary Art, Zeit-foto Salon from Japan and many others will participate. After ten year’s development, Shanghai Art Fair transfers into a professional focus event from the former public one which concentrates on popularizing art collection.

Besides, before the main fair opens, the organizing committee has curated

“Shanghai Art Fair International Contemporary Art Exhibition” which will taking place in the venue of Shanghai Exhibition Center as series exhibition to warm up the art market. The new exhibition, an extension of Shanghai Art Fair brand emphasis on internationalization and specialization headed by Shanghai International Cultural Communication Association, co-organized by Shanghai Art Fair Organization Committee, Eastern Shanghai International Culture Film & Television Group and Bologna Exhibition Group in order to build up a distinguished platform for contemporary arts in the local art market. All the participating art galleries recruited by the Bologna Exhibition Group are by invitations only. Shanghai Art Fair Contemporary 2007 will be the ‘new stage of contemporary arts’ in the city. In the 4-day duration of Shanghai Art Fair International Contemporary Art Exhibition 2007, the first two days are for art professionals while the following two days are for the public.

Editorial Department