The 11th edition of Art Basel Hong Kong opened its doors earlier this week, with a steady stream of eager collectors descending on the fair, which this year features 242 galleries from 40 countries and territories. Waiting in line to get in were two young Asian collectors, including Youngho Kuk, a South Korean fashion designer, he said. Art Newspaper that, armed with a budget of between 30,000 and 70,000 dollars, he wanted to buy some “art installations”.
Other young Asian art buyers were also on hand for the VIP preview, including Ruby Huang, a Hong Kong collector who works in finance. Huang was looking at a work by Cuban painter Michel Pérez Pollo, available at Mai 36 Galerie, and added that he has “a good relationship with many galleries in Art Basel Hong Kong.”
These young collectors reflect the trend of the growing market in Asia. According to the eighth year Global Art Market ReportUBS/Art Basel published earlier this month that “significant numbers of new, young and ambitious collectors are entering the market, especially in China, with events such as art fairs forming a business avenue for dealers and gallerists.”
Printed by Dinh Q. Le The Two Widows (2024), featuring Jacqueline Kennedy Onassis and Madame Ngo Dinh Nhu, sold for €65,000 at 10 Chancery Lane Gallery © artist; Courtesy of 10 Chancery Lane Gallery
This influx of new collectors is bolstering the Asian scene, with China — including mainland China and Hong Kong — making the UK the second largest art market (19%).
Compared to 17%, even in the midst of a general economic slowdown. “Activity picked up as post-lockdown buyers snapped up inventory from delayed auctions and Hong Kong’s major fairs and exhibitions returned to full-scale programming. Sales in China increased by an astonishing 9% to $12.2 billion for the year,” noted the report, written by Clare McAndrew.
Hong Kong and Shanghai gallerist Pearl Lam tells Art Newspaper: “Buying art is very fashionable in China now. Once here everyone played golf; now they buy art. We have to turn this fashion into a passion [for such collectors]. It’s true that the younger collectors in China have more income, which means that they can also influence what their parents buy.’ The gallery sold several paintings by artists Maggi Hambling, Jana Benitez and Antony Micallef, with prices ranging from $25,000 to $180,000.
Other galleries also hope to connect with new buyers. New York’s YveYANG gallery is showing a series of works by Brooklyn-based artist Huidi Xiang, all of which are priced under $10,000. “We look forward to meeting our clients from Asia as we have been active in and participated in the region’s leading art fairs for the past seven years,” says a gallery spokesperson. “In addition, we hope to connect with new collectors looking for younger, distinctive artists, and welcome new collectors who resonate with Millennial artists like Huidi, whose work speaks to contemporary values so important to today’s society.”
New York’s YveYANG Gallery, which exhibits works by Brooklyn-based artist Huidi Xiang priced under $10,000, hopes to attract new collectors. Courtesy of the artist
On the other hand, Joan Zhang, Shanghai collector and founder of the ASE Foundation, also emphasized that Art Basel Hong Kong is an essential stop on the calendar of the fair. “I go to Art Basel [in June] but they can find younger artists here”, he says.
Chinese collectors born after 1980 are mostly buying works priced between $50,000 and $1 million, “without paying particular attention to the artist’s age, nationality or background,” says Shana Wu, an art consultant who researches the Chinese art market. “They are also very open to all mediums and formats, from sculpture and two-dimensional works to other installations.”
These young Chinese collectors often work in finance and technology, compared to previous generations whose careers focused more on real estate and medicine, says Wu: “Some of these young collectors are also opening private museums, but on a more ‘economic’ scale. “.
Participating retailers want to point out that the fair is the main gateway to the wider Asian market. “Art Basel is a great brand. We come here because we know many Asian collectors; it’s a great way to say we’re here,” says Anne-Claudie Coric of Galerie Templon in Paris. “We bring works at a lower price point than at Art Basel. Art fairs are not about selling on the spot, but about creating relationships and showing our program.’
At the end of the VIP preview, Coric’s gallery sold three works by Japanese artist Chiharu Shiota (€80,000-110,000), a work by American artist Jules Olitski ($85,000) and two works by Indian artist Jitish Kallat (€). 15,000-45,000 euros).
During the fair, several traders said that they were experiencing “moderate sales”, but, given the warm economic environment, they were still better than expected. “The market feels strong, it feels alive, but people are more selective and take more time to make decisions,” said Mathieu Borysevicz, founder of Shanghai’s BANK gallery.
The real estate sector, which has been a mainstay of mainland China’s economy, has slumped over the past three years, reversing previous bubbles, reflecting demographic decline and severe oversupply. China’s draconian zero-Covid policies hit the domestic economy further, bringing it to a near standstill in 2022. Last year’s rebound slowed slightly, growing by 3% in 2022, down from 8.4% in 2021, according to official statistics.
However, big tickets were still sold at the fair by big blue-chip galleries such as Hauser & Wirth, who sold a mixed media piece by Mark Bradford. May the Lord be the first in the car… and the last to leave (2023) $3.5 million and a painting by Ed Clark Tribute to the Spring Fields (2009), it was purchased by a foundation in mainland China for $1.1 million. Gallery’s sale of a Philip Guston work to a private Asian collection for $8.5 million (the desire, 1978) also reflects the tastes that are spreading in the region. A work by Willem de Kooning (Untitled III1986) also sold for $9 million.
It is clear that there is still a hunger for Yayoi Kusama’s art; London’s Victoria Miro gallery sold three works by the Japanese artist for a total of $11 million, including one of his famous Infinity Mirror Rooms (Where does the light in my heart go?2016) together with the piece Infinity-Networks OPXAA (2010).
Gallery Lehmann Maupin has announced a series of sales to Asian buyers, selling several works by Korean artist Kim Yun Shin to various South Korean collectors. “We have seen particularly strong demand for works by Asian artists in our program, with works by Kim Yun Shin, Do Ho Suh, Lee Bul and Mandy El-Sayegh selling well. After all, China remains the world’s second largest art market, and this week is an indication that it’s not slowing down anytime soon,” says gallery co-founder David Maupin. Other gallery sales included Lee Bulls Lost CXCIV (2024, $190,000) and a painting by David Salle Tree of Life, Split (2024, $124,000).
Regional and local galleries also reported early sales. Hong Kong’s 10 Chancery Lane Gallery sold a print by Vietnamese artist Dinh Q. Lê, The Two Widows (2024), Jacqueline Kennedy Onassis with Madame Ngo Dinh Nhu, de facto first lady of Vietnam at the same time, for 65,000 euros.
At Shanghai’s Linseed Gallery, a post-apocalyptic miniature by newcomer British-Singaporean artist Kara Chin sold to a Chinese institution for $20,000. Prices for the series, which includes many ceramic tile works, range from $4,000 to $25,000.
Katie de Tilly, director of 10 Chancery Lane, says: “I am confident that Hong Kong will come back as strongly as it has in the past. It attracts regional and international settlers in so many sectors, and I believe this will continue as the markets improve.”
