Asia Contemporary Art Market

Zao Wou-Ki: color, light and flamboyance of abstraction
Zao Wou-Ki is one of China's most celebrated artists. 200 works, including 129 oil paintings, were on show at the Chinese Academy of Art in Hangzhou which presented a major exhibition commemorating the centenary of Zao Wou-Ki (dead in 2013), from September 20, 2023 to February 20, 2024. The Jiushi Art Museum in Shanghai presented Zao Wou-Ki's “Echoes of Verses: The Poetic Palimpsests” from June 29 to October 13, 2024: over 80 etchings by the artist from the 1950s to the early 2000s, in connection with poets such as Henri Michaux, René Char and Claude Roy.
In France, from March 2 to May 26, 2024, the Franciscaines convent in Deauville hosted an exceptional monographic exhibition dedicated to the work of Zao Wou-Ki: “les allées d'un autre monde”. In 2018, the Musée d'Art Moderne de la Ville de Paris had already devoted a major exhibition to him, with some 40 works on show.
Before the opening up of China in the 80s, Zao Wou-Ki's art was not considered by the Chinese: too far from the traditional canons of Chinese painting. Zao Wou-Ki left China in 1948. In 1983, the Chinese Ministry of Culture organized the artist's first exhibition, at the National Museum in Beijing. Today, his works are part of Asian collections. And Zao Wou-Ki holds the record for the highest auction in the history of the Hong Kong market, with $65m for a monumental tryptique entitled “Juin-Octobre 1985”, sold in 2018 at Sotheby's. In the first half of 2021, the Hong Kong market was led by Jean-Michel Basquiat and Zao Wou-Ki, accumulating $192m, or 20% of half-year earnings between them, Artprice reported in 2024. It healined 'Zao Wou-Ki: from rejection to consecration'. Zao Wou-Ki is thus highly sought-after by Western and Chinese collectors, attracted by his works that mix East and West. “Zao Wou-ki had his own approach to Western abstraction. He found a unique style. His initial training in classical Chinese painting is fundamental”, said Joyce Chan, Asian art specialist at Christie's in Hong Kong. Guillaume Mallécot, at Sotheby's in Paris, declared in 2018 that Zao Wou-ki's price had doubled since 2010, particularly since his death.
When Zao Wou-Ki left China for Paris, he wanted to break away from traditional Chinese painting. Abstraction in Paris in the 50s was for him a very free form of painting. Nevertheless, after many years in France, he declared: “Who can understand the energy it took for me to listen to and assimilate lessons from Cézanne and Matisse, and then return to the heritage bequeathed to me by Tang and Song painting, which remains for me the most beautiful in the world? In 1971, he also rediscovered China ink on paper: “It remained an exercise in style, a kind of virtuoso demonstration of which I was wary,” he explained.
Today, Zao Wou-ki is not only recognized but honored by China. His most spectacular canvases are on show in Hong Kong. His reputation - worldwide - extends beyond China to the United States, which has begun to take an interest in his work. The Zao Wou-ki Foundation, chaired by Françoise Marquet-Zao, the artist's wife, protects and promotes the work of this immense artist.
Sources : Artprice 9/2024, Balises, 9/21, Les Echos 6/2018, others

An informed view of the Korean art market
As KIAF and Frieze Seoul will open on September 4, 2024, interview by Jung Lee, the head of Seoul-based Gana Art and the vice-chairman of Kiaf Seoul’s operating committee.
During the past few years of the art market boom, we have seen a lot of new collectors coming in. People talk about buying art much more openly. The new generation treats art as an asset class and an investment, such as the NFT fever previously, though they have, of course, slowed down their purchases.  Many of these younger collectors are in their early 30s to mid-40s. Some come from the I.T. sector. Others come from old families who own mid-sized rather than major companies. There are collectors who come from the finance world as well, and usually they are in their early 40s to early 50s. They may not come to the gallery or buy works as often as before, but their habits and interests are changing. For example, previously they looked for new, emerging local and international artists. But now, they look for more established artists who have greater recognition artistically and have a more stable market. I found them more serious and thoughtful about what they want. Korean contemporary art has been getting more exposure on the global stage in recent years. It could be just a trend. People from abroad may only be looking at Korean artists because there’s a fair, and Korea happens to be the current focus for those seeking new markets and the next Asian artists, similar to how things unfolded in Hong Kong, mainland China, and, at times, India. But having said that, there is interest in rediscovering Korean artists. I receive a lot of inquiries from overseas galleries or incubators asking about Modern artists.
Source : Artnet News 9/2/2024 and The Asia Pivot

What is Korean art today?
Seoul is becoming a major art hub, especially since the first Frieze art fair was held in the Korean capital. The influx of international galleries and Frieze Seoul have enabled the South Korean art market to reach KRW1,000 billion ($750.85 million) by 2022, according to figures from the Korean Ministry of Culture, Sports and Tourism. The Korean wave phenomenon has also propelled Korean culture into museums around the world in recent years. In 2024, the state allocated 4.7 billion Korean won ($3.4 million) to organise special exhibitions at major events to promote Korean art worldwide, including 1.7 billion Korean won ($1.2 million) for the 30th anniversary commemorative exhibition of the Korean pavilion at this year's Venice Biennale.
But what is Korean art? According to curator Juli Cho Bailer, Korean artists and collectors have always had a preference for painting. "This is easy to understand with the masters of dansaekhwa, such as Park Seo-Bo and Lee Ufan, who have influenced two generations of artists". However, contemporary artists are increasingly exploring multidisciplinary and digital practices. The emphasis on digital is inescapable in Korean society at large, as a world leader in technological innovation. Korean companies such as Samsung, LG and Hyundai are major supporters of the arts in the country. Some believe that this increased digitisation is leading to a greater homogenisation of art.
Kim Seong-Youn, executive director of the Busan Biennale organising committee, argues that the styles and subjects of Korean artists are closely aligned with global art trends. "Young artists increasingly prefer individualistic and pop creations to a deep commitment to social issues," he explains. Laurencina Farrant-Lee, Artistic Director of the SongEun Art and Cultural Foundation in Seoul, argues that the style and subject matter of South Korean art is distinctive: "The fusion of traditional Korean art and Western influences, catalysed during the post-war era, has propelled a very singular modern and contemporary art movement," she explains. While the South Korean art scene looks set to develop, it faces a number of challenges. Laurencina Farrant-Lee is concerned about the proliferation of "fast-fame" art, stressing "the need to encourage sustainable and meaningful artistic projects.
Source: The Art Newspaper, 19 June 2024

The dynamism of young ultra-contemporary Chinese artists
China is the world's second-largest art market, after the U.S. In 2023, it reported sales of $5 billion (according to Artprice). Despite the difficult economic climate in 2023, art market sales in China increased by 9% in quantity, although they fell in value.
Contemporary art was well represented in 2023. ‘Despite a drop in the number of works sold for between ten and one hundred million yuan at art auctions in China, the overall transaction rate increased and the number of works sold for close to one million yuan even exceeded expectations,’ said Artprice. According to a study published by Art Basel and UBS, the market owes its resilience to the new generation of collectors. However, as far as market performance in 2024 is concerned, there are multiple factors clouding the path to continued economic growth, not least the continuing challenges in the property sector. The economic environment for the Chinese art market in 2024 will remain unpredictable.
The market for ultra-contemporary Chinese artists (born after 1980) is particularly buoyant. Chen Fei (b. 1983) is one such ultra-contemporary artist whose reputation is growing. The Artron auction house has recorded no less than 14 works by Chen Fei sold for a total of over $5m. The artist exhibits in prestigious galleries abroad.
At the same time, a new generation of young, wealthy Chinese people are buying up many works by young artists, and are not hesitating to speculate. The German-Chinese artist Michael Ho (b. 1991) is one of these highly sought-after ultra-contemporary artists. The artist, of Chinese descent, grew up in Germany. He fuses the aesthetics of classical Chinese paintings with works based on pre-modern European canons.
As for Hong Kong, which is increasingly becoming a major artistic hub, the city's annual sales topped one and a half billion dollars in 2023, according to Artprice. With the lifting of measures against the COVID pandemic, a surge of energy has been reflected in spring sales. For Christies's, Hong Kong remains a stronghold. Its director recently announced the opening of 4,645m2 for the company in a new tower designed by the architect Zaha Hadid.
Sources: Artprice, Art Basel, Ubs Report, June 2024

Auction rankings for artists in 2022
The latest Hiscox Artist Top 100 (HAT 100) report by ArtTactic* looks at key trends in the contemporary art market and focuses on the most prominent artists of the last five years, analysing both the value and number of works sold at auction. The report finds that in 2022, a record 700 works by young contemporary artists (under 45) were auctioned within two years of their creation, compared with 279 in 2021.
In the ranking of auction sales of the top 100 artists in 2022, in millions of dollars, Asian artists were positioned as follows: No.2 Yayoi Kusama (Japan) 62,437,976, No.3 Yoshitomo Nara (Japan) 48,956,964, No.12 Mathew Wong (Canada) 17,450,952, No.24, Takashi Murakami (Japan) 9,142,058, No.28 Zao Wou-Ki 8,137,591 (France), No.35 Salman Toor (Pakistan) 7, 422,583, No.40 Christine Aj Tjoe (Philippines) 5,635,366, No.45 Liu Ye (China) 4,875,150, No.54 Zheng Fanzhi (China) 4,27,889, No.56 Huang Yuxing (China), No.69 Li Huayi (China) 3,695,155, No.89 Izumi Kato (Japan) 2,416, 881. Japanese artists achieved strong sales, as did the Franco-Chinese artist Zao Wou-Ki and the American-Pakistani artist Salman Toor.
*Top 100 artists by Hiscox, November 2023
https://www.hiscox.fr/courtage/sites/courtage/files/documents/top_100_artistes_hiscox_2023_fr.pdf

Zhang Daqian: the best-selling Asian artist at auction in 2023
According to Artnet Price Database, Chinese painter Zhang Daqian, who died in 1983, achieved a total sales value of $248 million at auction last year, an increase of almost 38% on the $180.6 million in 2022. Not only was he the best-selling Asian artist in 2023, but he also ranks second in the world after Pablo Picasso, whose total sales value amounted to $595.7 million. This result may come as a surprise to some, especially those who focus on contemporary art.
In recent years, the list of top-selling Asian artists has been dominated by living Japanese artists such as Yayoi Kusama (8th in 2023, $190 million) and Yoshitomo Nara (21st ", $88 million). But Chinese artists born in the late nineteenth or early twentieth century, who are perhaps less familiar to Western audiences, have long fetched high prices, and their works are sold not only in the major auction houses in Hong Kong, but also in local and regional sales in mainland China and parts of Asia.
Zhang Daqian's best-selling work in 2023 was "Pink Lotuses on Gold Screen" (1973), a projection of ink and colour on gold paper on a two-panel screen. It sold for HK$251.6 million ($32 million) at a Sotheby's Hong Kong sale in April 2023. Of the top 100 Zhang Daqian lots sold in 2023, almost half fetched over $1 million, including four that fetched eight figures. The least expensive work on this list, an ink-on-paper scroll entitled "Buddhist Monastery in the Mountains" (pre-March 1958), still sold for the handsome sum of $406,597.
Other names of Asian artists feature among the top 40 artists sold at auction worldwide in 2023. However, none of them is alive. The best-selling living Chinese artist in 2023 was Liu Ye, in 46th place, with a total sales value of $42.3 million.
Extracts. The full article was published on 21 February 2024, in The Asia Pivot, Artnet Pro’s biweekly members-only newsletter providing mission-critical analysis, insights, and exclusive intelligence on developments in Asia’s art markets. 

What to say about India Art Fair 2024 ?
"In the last six months/one year, the market has been on fire," says Roshini Vadehra of Vadehra Gallery, which sold most of its stand on the opening day of the 15th edition of India Art Fair, including two cabinets by Atul Dodiya for $80,000. 
Some see the Indian art market as an essentially national market that is growing stronger within the country, but cut off from global currents. Yet Fair 2024 offers grounds for optimism. Demand is such that the India Art Fair now has competition: Art Mumbai opened its doors last November. In the absence of sustained support from the State, the Indian art world is nourished by private initiatives. The Madras Art Weekend began in 2022 and the Jodhpur Art Week will be launched in November this year.
At the top end of the market, enthusiasm for modern masters such as M. F. Husain and F. N. Souza shows no sign of waning. Some believe that the rise in prices for these modern works has led buyers to turn to contemporary art, which has boosted this sector. "I've seen a renewed interest in mid-career artists," said Shireen Gandhy, owner of Chemould Prescott Road. By the end of the first day, Shireen Gandhy had sold 80% of her stand, including "A Prayer Unanswered" (2023-24) by Mithu Sen.
Christie's New York specialists who have organised auctions, have noticed new buying patterns. "We're seeing first-time buyers buying the top end of the market, rather than the smaller purchases we usually expect," said Nishad Avri. While the majority of galleries at the fair exhibited South Asian artists, some brought a mix of international works, such as Neugerriemschneider (Berlin), Galerie Isa (Mumbai), Marc Straus (New York) and Galleria Continua. By the end of the second day of the fair, Galleria Continua had sold several works by Chinese artist Ai Weiwei for around 300,000 euros (324,000 dollars).
Source : What Was Hot at the India Art Fair by Cleo Roberts-Komireddi, Artnet News, 2 February 2024

Art SG 2024 received record 45,300 visitors
The 2024 Art SG (Art Singapore) edition featured a line-up of 114 galleries from 33 countries and territories, down from 2023’s 164 exhibitors. However gallery directors noted the “higher energy” for the 2024 edition.
A Platform programme sited eye-catching large-scale art installations around the fair, and Malaysian textile artist Marcos Kueh’s Woven Billboards quickly became a totemic image of Art Singapore 2024. Presented by young Malaysian gallery The Back Room, the work was sold to an unnamed institution in Singapore with a price range of between $50,000 and $100,000. Asian artists were also in high demand: Lehmann Maupin sold works by South Korean artist Lee Bul for between US$200,000 and US$300,000, while Sundaram Tagore sold a range of works by Hiroshi Senju, Jane Lee, Miya Ando and Zheng Lu for a combined total of over US$1 million. Indonesian Gajah Gallery also saw its efforts to promote the late I Gusti Ayu Kadek Murniasih pay off. Her works along with those by Singaporean sculptor Han Sai Por and Filipino artist Leslie de Chavez at the booth, all found buyers. 
To Pauline Loeb from ArtFairMag, Art SCG 2024 was a quality fair still finding its audience. The overall quality was high. Diversity was also well represented with painting, sculpture, ceramics, videos and tapestries and more. But she concluded: « I really enjoyed my visit to Art SG but I am not certain about the fair’s commercial success for its exhibitors. I think it still needs to prove itself to the international audience and faces the challenge of evolving the habits of local collectors".
Sources: Straits Times 25 January 2024, Clement Yong, Art Fair Mag, Pauline Loeb, 24 January 2024

Optimism on the Asian art market
While the situation on the global art market is difficult, against a backdrop of geopolitical conflict, inflation and high interest rates, the situation on the Asian continent is somewhat different. Last year, sales in mainland China and Hong Kong were down 14% on the previous year, according to the latest Art Basel and UBS World Art Market Report. Although sales in the region were still 13% higher than in 2020, at $11.2 billion, this was the second lowest level since 2009. Nevertheless, Art Basel and UBS's 2023 Survey of Global Collection indicated that in the first half of 2023, collectors in mainland China had the highest average spend of all collectors, at $241,000. This figure was a significant increase on the previous two years.
South Korea remains a strong market, with strong international attendance at the second edition of Frieze Seoul. In November 2023, plans were announced for a new multi-million dollar art storage facility near Incheon International Airport in South Korea. The Korean company Arshexa, which developed the project, claims that the new art storage facility will be one of the largest in the world. However, Singapore's development as an art market could be hampered by a weak financial market and a high cost of living.
The second edition of the major international art fair ARTSG (Art Singapore) arrives in Singapore from 19 to 21 January 2024 and announces an exceptional list of 116 galleries from 33 countries and territories. Art Basel Hong Kong returns with a 2024 edition featuring no fewer than 243 leading international galleries and a dynamic programme inside and outside the Hong Kong Convention and Exhibition Centre (HKCEC) from 28 to 30 March 2024.
Sources: ArtNews, others, 2023, January 2024

The South Korea's ambitious plan to be a major Asia’s Art Hub
A new enormous multimillion-dollar art storage—with a total floor area of one million square feet—is now being built next to South Korea’s Incheon International Airport. The Korean company Arshexa - which developed the project - claims the new art storage facility will be one of the world’s biggest, consisting five stories including a basement and 138 rooms in various sizes. The construction is expected to start in April 2024 and the art storage is expected to be completed in 2026. The project will include the building of exhibition facilities for galleries, museums, art fairs, and food and beverage outlets. South Korea’s art market surpassed ₩1 trillion ($812 million) in 2022, a historic high, according to the Korea Art Market 2022 report published earlier this year. The growth was driven by the influx of new individual buyers, as well as an explosion of revenue share derived from the expansion of auctions and art fairs, most notably the successful launch of Frieze Seoul. Storage facilities are in demand in Asia among art professionals; cities such as Hong Kong, Singapore, and Beijing are already equipped with such spaces. 
Source : Artnet News, Vivienne Chow, 30 November 2023

What is happening with contemporary art in Japan
From 2 to 5 November 2023, Art Week Tokyo (AWT) in collaboration with Art Basel, will host its 3rd edition, bringing together some fifty galleries, museums, including the National Museum of Modern Art, Tokyo (MOMAT), and showrooms in the city.
For years, international gallery owners have been asking questions about the development of art in Japan. The Japanese archipelago certainly produces some great artists, but they do not have the impact on society that might be expected in this country. "Many forms of creation in Japan, from traditional art to manga, are well regarded and known. Contemporary art is its poor relation. It is not adorned with intellectual or craft prestige, for example. However, at Geidai, Tokyo's University of Fine Arts, young people are working well," says Clélia Zernik, professor of art philosophy at the Beaux-Arts de Paris and a keen observer of Japanese contemporary art.
"The economic gloom of the last thirty years has led the country to turn in on itself and cut itself off from the rest of the world, making it opaque," explains Clélia Zernik. As a result, contemporary art in Japan does not have the visibility it enjoys elsewhere. "The media devote little attention to it. Politicians give it no consideration. Local galleries do not publish their sales figures. The State does not grant any tax exemptions to boost the sector".
"Exhibitions tend to focus on pre-modern themes," laments Kenji Kajiya, an art historian at Tokyo University. Well-known Japanese artists do not produce works of a political nature. The young producer Kentaro Hayashida also observes a devitalised contemporary scene: "Of course the Japanese love beauty. They go to the Louvre like everyone else. But they don't understand the social or societal aspects of contemporary art", he laments. For the great artists, inspiration seems to come from elsewhere, due to a lack of inspiration in Japan: "The great artists Makoto Aida, Takashi Murakami, Yoshitomo Nara, all spent time abroad before breaking through in Japan", observes Clélia Zernik.
Japan does have its iconoclastic artists, often grouped together in collectives. The art scene in Japan can be very fragmented," notes AWT director Atsuko Ninagawa, "with museums keeping a distance from the gallery scene. Recently we have seen the emergence of new artist-run spaces and curatorial initiatives. These are undoubtedly the seeds of the art scene to come".
Sources: Le Figaro, Régis Arnaud, 26/10/2023, Art Basel