Asia Contemporary Art Market




Over the last few decades, Asia has seen the emergence of a thriving art scene that was relatively unknown in Europe. Asian contemporary art, long absent from the international art market, has developed in conjunction with these countries' economic growth. Understanding the main components of the art scene in East and South-East Asia informs us about the history, influences and development of these countries, and sheds light on their integration into the global culture towards which we are moving.



Lee Bae

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

Michael Ho

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


Matthew Wong

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

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

Marcos Kueh

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

Marina Bay Sands, Singapore

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

New art storage, Seoul, courtesy Arshexa

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

Kazuyuki Takezaki, untitled, 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

Tao Lengyue, Plum Blossoms

Sotheby’s’ Flop Sale in Hong Kong
Leading Chinese collectors Wang Wei and Liu Yiqian had assembled 40 works of art from their collection for a sale at Sotheby's Hong Kong on 5 October 2023. This sale, entitled "A Long Journey", was widely described by the media as a failure, with a quarter of the lots going unsold. It should be remembered that Hong Kong retains competitive advantages over mainland China, due to the absence of import and export duties and VAT. However, 2023 has proved to be a difficult year for the international art trade, with major auction houses such as Christie's and Sotheby's recording a significant drop in turnover compared with 2022. The Chinese art market was in no better shape. After a significant drop in turnover in 2022, spring sales in 2023 remained moderate in Hong Kong, despite the return of buyers from mainland China and Southeast Asia. The exhibition 'A long Journey' did not escape these downward market trends, and the unfavourable timing was exacerbated by the continuing uncertainty surrounding the Chinese economy. In Sotheby's autumn sales, the sale of the Leshantang collection served as a counter-example - with only 5 lots unsold - and almost all the works sold exceeding their highest estimates, for a total of $27.6 million. The sale featured 40 lots of Chinese art, including paintings and calligraphy collected over nearly half a century by Taiwanese collector Tsai I-Ming. It shows that Chinese buyers still have a strong appetite for art when it comes to the 'collecting effect'.
Source: Mutual Art, 10 October 2023

Park Seo-Bo, Ecriture, 2014

A Keen Interest in Korean Artists
International art dealers continue to expand in Seoul, but more than that, galleries want to make Korean artists known all over the world, Vivienne Chow noted. In contrast to the times when international galleries flocked to Hong Kong about a decade ago in order to present their international artists, galleries establishing outposts in Seoul have emphasized their connections with the Korean art world as well as an interest in Korean art, both established and emerging.
Ropac, for example, has been working with Lee Bul for many years and has shown her work in its European galleries many times. He is also adding further Korean artists to its roster, including Korean-Canadian artist Zadie Xa; she will have her first solo with the gallery in Paris in March next year. Korean artist Heemin Chung has joined the gallery; she will present a show at their London space in 2024. White Cube, on the other hand, is working with Park Seo-Bo on a major solo exhibition in autumn 2024 at the gallery’s upcoming New York space on Madison Avenue. Whitestone’s Park noted that the gallery’s founder, Yukio Shiraishi, has a longstanding interest in Korean artists. He showed artists such as Kim Tschang Yeul and Lee Ufan alongside Japanese post-war artists at the inaugural exhibition of Whitestone Art Foundation’s Karuizawa New Art Museum in 2012. To young Portuguese dealer Sequeira, bringing Korean artists to Europe is also in the pipeline. The gallery currently operates an artist residency program in its Braga site and Sequeira hopes to bring Korean artists to Portugal for this program.
Source: Artnet News, 5 September 2023


Questions to Art Advisor Gladys Lin About the State of the Asian Art Market
Artnet News (Vivienne Chow) asked questions to Art Advisor Gladys Lin about the state of the Asian Art Market. Gladys Lin Projects is an independent art advisory service focusing in international contemporary art as well as Asian modern and contemporary art. She is based in Taipei.

How the art market in Asia feels now. Some are playing at the very high end, speculating on things, Gladys Lin said. There’s still a lot of potential. But the truth is, there are a lot of uncertainties in Asia now, from the economy to geopolitical conflicts. Asian clients, at least the ones I work with, are becoming more cautious. Some have been collecting for a while. They do their homework, especially those who have come to realize that some art in the ultra-contemporary category does not have a very long life span.

What do the top-line auction numbers not tell us about what’s going on in the market in Asia? The top-line auction numbers reveal about 5 percent of our market—95 percent of the artists are missing. Yayoi Kusama, Yoshitomo Nara, and artists of similar caliber seem to be the only ones you see.

What region are you paying more attention to this year than last
New York. It’s still truly the cultural melting pot. The gallery program in New York is very different from the rest of the world, and galleries are confident in their exhibition programs. Asian artists are also getting more exposure in New York. In Asia, I’m looking at what’s going on in Hong Kong. Despite the recent changes and the news, Hong Kong is still the best place to see international art, compared with Seoul or Japan. I’m also interested in Hong Kong-based artists.
Source: Artnet News, Vivienne Chow, August 2023


Hong Kong's art scene is back on track
"Hong Kong is back on the map," enthused Arthur de Villepin at the last Art Basel HK in March 2023. "You get the impression that anything is possible; the buzz is at its peak. It's almost too fast". Arthur de Villepin opened an art gallery with his father, Dominique (the former French Prime Minister), in the middle of the pandemic, in March 2020. Today, in his three-storey gallery on Hollywood Road, he is exhibiting the great German visual artist Anselm Kiefer. The exhibition, entitled 'Anselm Kiefer: Golden Age', is inspired by mythology, particularly Greek mythology. Mountain ranges emerge from fields of gleaming gold leaf. The Villepin family has also always had close ties with the Franco-Chinese artist Zao Wou-Ki, whose work has been exhibited at the Villepin gallery. Anselm Kiefer also had another exhibition at the Gagosian HK gallery in 2023.
Hong Kong's art scene has developed extraordinarily over the past decade, from a handful of galleries to become a leading international arts centre in Asia. This reputation was confirmed in 2018 with the creation of H Queen's, a purpose-built vertical art space in Central, a building that brings together world-class galleries such as David Zwirner, Tang Contemporary Art, Hauser and Wirth, Pace Gallery, Whitestone Gallery. The Opera Gallery, founded by Frenchman Gilles Dyan, is also located on Queens' Road, with a direct opening onto the street. Galleries such as Gagosian, Perrotin and Lehmann Maupin have already had a presence in Hong Kong for some ten years. From Anselm Kieffer and Katharina Grosse to Yayoi Kusama, Zao Wou-ki and Gao Xingjian, all these galleries exhibit contemporary Asian artists as well as the world's leading names in contemporary art. The latter were very enthusiastic about the results of Art Basel Hong Kong, which attracted 86,000 visitors from 21 to 25 March. Hong Kong totalled more than $1.16 billion at auction in 2022, behind Beijing ($2.01 billion), according to analysis company Artprice. 
Recently opened in November 2021, the M+ Museum in Kowloon showcases works by the world's best contemporary artists in a wide variety of mediums, from visual arts to design to architecture. The museum is very large, well designed, with sporadic magnificent views over the city of Hong Kong. It should have an impact on opening up contemporary art to the younger generation in Asia. We are already seeing a growing number of young Asian collectors at auction. Gallery owner Sadie Coles said: "M+ is a revelation - an exceptional new museum that raises the bar in terms of architecture and curatorial rigour."
Hong Kong's representative at the 60th Venice Biennale in 2024 will be Trevor Yeung, M+ Museum and the Hong Kong Arts Development Council (HKADC) have announced. Born in 1988 in Dongguan, China, Trevor Yeung grew up in Hong Kong. The exhibition will be curated by M+'s Assistant Curator, Visual Arts.
Ma Padioleau, August 2023


Blum & Poe's booth

Tokyo Gendai off to a promising start
The first Tokyo Gendai art fair (7 - 9 July 2023) is off to a promising start. But Japan still has a long way to go to compete on the world stage. Japan used to be one of the world's biggest art-buying nations, but it came to a halt when its economic bubble burst in the early 1990s. Since then, Japanese buying activity has dried up, with collectors making mainly lower-value purchases, splurging only on conservative blue-chip Impressionist and modern art or traditional Japanese art and ceremonial objects.
Today, a new generation of collectors is emerging on the contemporary art market. Collecting has become fashionable among a group of wealthy young entrepreneurs during the period of lockdown. Bids from Japan have increased at the three main international auction houses, and Japanese dealers have announced a 28% increase in sales between 2019 and 2022, with local buyers accounting for 81% of the value. With no major international contemporary art fairs in the country, Tokyo Gendai is well placed to meet this growing demand. "At this fair, we have foreign visitors, which is huge. This is not the case at Art Fair Tokyo," said Moyu Honda of Kosaku Kanechika.
For Takeo Obayashi, a Japanese building owner and art collector, "there are a lot of collectors in Japan, but unfortunately they haven't seen many of the great artists whose works are showcased in museums around the world. So sometimes these new Japanese collectors buy strange works by artists who are only recognised in Asia," he explains. Wahei Aoyama, founder of the A Lighthouse gallery in Tokyo, sees Tokyo Gendai's debut as a "step in the right direction", but notes that there are still limits to what the Japanese public finds acceptable in terms of contemporary art. "There's still a long way to go in terms of the type of work galleries can show. Many people see Tokyo Gendai as an improvement on Art Fair Tokyo, but if you want to be an Art Basel, you have to step it up a gear," he said.
Source : Artnet News, 7 July 2023

Egamu Etsi

Focus on 10 ultra-contemporary artists from Asia
In the article referenced below, Artsy presents a dossier on 10 ultra-contemporary artists from Asia. In recent years, the art market has become increasingly interested in artists from Asia and its diaspora. As the art world has become increasingly globalised in terms of scope and accessibility, a number of emerging artists from this diaspora have become genuine market successes thanks to a number of high-profile commissions and exhibitions on the international scene.
In this issue, Artsy highlights two groups of ultra-contemporary artists (born after 1974) who illustrate this market dynamic. First, we present five artists who have been described as "new sure values". These are Chris Huen Sin Kan (HK), Raghav Babbar (India), Yukimasa Ida (Japan), Roby Dwi Antono (Indonesia) and Anna Park (South Korea). The second section presents more 'emerging' names in the auction world: Yuan Fang (New York), Mandy El-Sayegh (Malaysia), Egami Etsu (Japan), Kitti Narod (Thailand), Suanjaya Kencut (Indonesia). This last group of artists achieves five-figure sums at auction, and has fashionable practices that meet strong demand from collectors.,
May 1, 2023

Yayoi Kusama

"More than 86,000 visitors walked along the halls of the international contemporary art fair, which returned to its pre-pandemic scale with sales of more than $98 million reported by Art Basel, twice as high as 2019," reports Le Figaro on 29 March 2023. Among the works sold, one of the famous pumpkins by Japanese artist Yayoi Kusama for $3.5 million. "Asia is the fastest growing art market in the world," Angelle Siyang-Le, director of Art Basel Hong Kong, told AFP.  Hong Kong totalled more than $1.16 billion at auction in 2022, behind Beijing ($2.01 billion), according to analyst company Artprice. But personal freedoms have been severely curtailed in the financial centre since Beijing imposed its tough national security law after the 2019 pro-democracy protests.  One of the advantages of the Chinese metropolis is that there are no customs duties, value-added taxes or inheritance taxes on works of art. Hong Kong is "the new Eldorado", notes Artprice in its latest study: Christie's achieved 8% of its global turnover on works of art there in 2022, Sotheby's 12% and Phillips 13%. "The average price of a work of art is still higher than anywhere else on earth: $280,000," says Ehrmann.
Le Figaro 29 March 2023

The Journal des Arts of March 1, 2023 reviews the 14th edition of India Art Fair which took place from February 9 to 12, 2023 in New Delhi. "For its 14th edition, the India Art Fair (IAF) brought together more than 70 galleries, most of them Indian, as well as a dozen private institutions at the NSIC (exhibition park located in the south of the capital). The limited number of international galleries (Continua, Marc Straus, Aicon and Grosvenor, among others) contrasts with the visibility of Western sponsors, led by BMW and Apple, both of which have developed artistic projects in partnership with the fair. It should be noted, however, that several Indian galleries have gone international via the Art Basel and Frieze fairs (Chemould Prescott Road, Experimenter, Nature Morte, and Vadehra) and the opening of branches (DAG in New York).
The presence of women artists was particularly notable: alongside Shilpa Gupta (Continua, Vadehra), Nalini Malani (Vadehra) and Reena Saini Kallat (Nature Morte), who are already well known in the West, emerging talents such as Sumakshi Singh (Exhibit 320), Tanya Goel (Nature Morte) and Anne Samat (Marc Straus).
Overall, most prices were between 5,000 and 75,000 euros: Art District XIII sold a painting by Smitha GS for 8,000 euros, Nature Morte a work by Reena Saini Kallat for 22,000 euros, and Chemould Prescott Road a sculpture by N. S. Harsha for 62,000 euros. This market segment accounts for the largest share of transactions. Prices are significantly higher for contemporary stars such as Subodh Gupta and Anish Kapoor: 100,000, although there are wide variations in price depending on the period and genre of the work.  Jaya Asokan, director of India Art Fair, confirms that the majority of the fair's turnover is made up of sales of contemporary art (in volume and value). Modern art remains the preserve of the auction houses. Textile works were prominent on many of the fair's stands, the result of a re-reading of Indian heritage by various contemporary artists. The Experimenter gallery (Calcutta, Bombay) was particularly prominent with textile works by Lakshmi Madhavan, Kallol Datta and Kanishka Raja.
According to the fifteen or so galleries consulted, sales were satisfactory and in line with the commercial dynamic launched in 2022.
Source :  India Art Fair, une Foire Régionale, par Rémy Jarry, correspondant à Bangkok - Le Journal des Arts, 1/3/2023

Alvin Ong

Singapore has long played second fiddle to Hong Kong in the Asian art market. Today, a new art fair, Art SG, has just opened its doors in Singapore on 6 January 2023. Its aim is to strengthen its growing influence on the changing art scene on the Asian continent. Singapore's role as an international art market centre did not seem to stand a chance against Hong Kong in 2011, when Art Basel announced the acquisition of ArtHK. The time may have come today for Singapore. "You could say that [Art Stage] was too early. Historically, Singapore’s distance from China and its collectors was seen as a disadvantage; now it is regarded as the only neutral territory in Asia,”explained Magnus Renfrew, co-founder of Art SG. According to Renfrew, the geopolitical context has improved Singapore's prospects. Singapore's cultural scene is more mature than Hong Kong's in 2007, with the Singapore Art Museum and the vast National Gallery Singapore just two of its respected and much-visited institutions. According to the new director of Art SG, Shuyin Yang, galleries are regaining momentum since the pandemic and are focusing on two areas: Gillman Barracks and the Tanjong Pagar area around the Singapore Art Museum. In August 2022, Sotheby's held its first modern and contemporary art auction in Singapore, citing a "growing collector base in the region", for a total of S$24.4 million (about US$18 million), with more sales planned this year. "It's bittersweet that so many people have left China for Singapore, but it has become a real hub," says Rachel Lehmann, co-founder of Lehmann Maupin Gallery, which is present at Art SG. The gallery's stand features works by British-Malaysian artist Mandy El-Sayegh, Vietnamese-American Tammy Nguyen and South Korean artist Lee Bul. The Thaddaeus Ropac gallery is also presenting works by Mandy El-Sayegh, Alvaro Barrington and Oliver Beer. More than 150 galleries are represented. Many of them are international, such as Gagosian, White Cube and David Zwirner, but there are also local heavyweights such as Yavuz Gallery and STPI. Art SG also has another section called 'Reframe', with 8 galleries presenting digital art in many forms.
Source : Financial Times, Melanie Gerlis, 5 January 2023

The 8th edition of the Asian contemporary art fair Asia Now closed its doors in Paris on 23 October 2022. This year, the fair received no less than 27,000 visitors, 9,500 of whom were already present on the day of the preview. 78 galleries were represented, 250 artists were exhibited, from 26 Asian countries. Many galleries sold the majority of their works on display, some even reaching six-figure sums. There were big names like Takashi Murakami or Ai Weiwei, but also many young talents. Since its inception in 2015, Asia Now has introduced a number of visual artists who have since entered the international scene and some have even represented their countries at Biennales, such as Venice.
This year, Asia Now chose a prestigious venue, the Monnaie de Paris. This new, larger venue was able to accommodate an ever-increasing number of galleries. Its location was no less attractive: in the historic heart of Paris, on the banks of the Seine, opposite the Pinault Collection and the Louvre. Renowned galleries represented at Asia Now were also exhibiting simultaneously at Paris +/Art Basel, at the Grand Palais Ephémère, such as Almine Rech, Nathalie Obadia, Perrotin and also Yeo Workshop, Yavuz, Jeanne Bucher Jaeger, De Sarthe, Frank Elbaz, Lee-Bauwens, Galerie LJ, Michael Janssen and Louis & Sack.
The 8th edition of Asia Now highlighted contemporary ceramics. Amongst the artists that stood out were the Singaporean ceramist Jason Lim and the Korean artist Sangwoo Kim. Among the other talents, too numerous to name, were Singaporean painters Jane Lee and Alving Ong, Chinese artist Lin Guocheng, Korean artist Chae sung pil, and French-Chinese artist Fu Site.
Alexandra Fain, director and founder of Asia Now commented: “Asia NOW PARIS aims to shine a light on contemporary art across Asia – the broader geography, the artists, galleries, institutions, and collectors - to provide a European hub where they can participate in a more global conversation during Paris Art Week. Our continuing efforts to focus on various regions, generations, and now practices across art communities in Asia position Asia NOW as the leading contemporary art fair dedicated to pan-Asian artists and projects, and Asian diasporas.”

ShanghArt Gallery

"In 2016, Xi Jinping's campaign propelled Chinese culture to the forefront - encouraging the development of "red tourism" through the preservation of historical heritage and encouraging the population - forced to forget its 5,000 years of history during the Cultural Revolution - to (re)discover its own culture. The celebration of traditional culture has particularly affected the native Chinese generation Z and millennials. These younger generations are developing a deep interest in their country's historical culture and forging emotional connections with its aesthetics. The revitalization of craftsmanship in Jingdezhen, the world's cradle of porcelain, landscape painting, and technology in the service of tradition, all point to a trend that marks the desire of a new generation to be recognized and to shine in China, and a form of disinterest in being exhibited internationally. However, international contemporary art - whether by established or emerging artists - occupies the first place among young Chinese collectors. "From a more Western culture, they are familiar with the global art world and are starting to collect from an international perspective. These are some of the findings established by Caroline Boudehen in her book entitled "Le boom de l'art contemporain en Chine", published in October 2022 by Editions de l'Aube. The author is a freelance journalist, specialised in contemporary art. She lived in Shanghai between 2015 and 2021 where, fascinated by the artists and galleries she discovered, immersed herself in contemporary Chinese art then in full development.

Chu Teh-Chun

The influence of Chinese artists living in France
The famous artists Yan Pei-Ming, Sanyu, Chu Teh-Chun or Zao Wou-Ki, who settled in France in the last century, have benefited from the enthusiasm of buyers and collectors around the world in recent years. No wonder there are several major exhibitions dedicated to them in 2021, in France or in Hong Kong. An unprecedented exhibition on the life and work of Yan Pei-Ming, entitled “Yan Pei-Ming - In the name of the father”, was in fact presented at the Unterlinden Museum in Colmar, from May 19 to September 6, 2021. Through portraits and self-portraits, the exhibition questionned the artist's relationship with his origins - from Mao to the father figure - while including “international landscapes” and those of Shanghai. The Thaddaeus Ropac gallery in Paris Aldo presented “Self-portraits” by Yan Pei-Ming, from May 19 to July 31, 2021. Created during the recent months, these self-portraits and still lifes in the exhibition was a witness of the feelings of constraint and of lonelines
s by the artist during the lockdown. The Hôtel de Caumont-Centre d'Art, in Aix en Provence, presented from May 19 to October 10, 2021, “It never gets night”, an exhibition of 90 works by Zao Wou-Ki, from 1935 to 2009. The exhibition, organized with the Zao Wou-Ki Foundation, wanted to identify one of the artist's main themes of creation: the invention of new pictorial spaces built from a work on color and the representation of light. In Hong Kong, the Alisan Fine Arts gallery presented for the fifth time an exhibition by Chu Teh-Chun, as part of the French May Arts Festival, from May 13 to July 31, 2021. The exhibition included  17 works by the artist who showcase his most iconic abstract compositions and calligraphy.
The influence of Chinese artists living in France, June 2021




Each year, Artprice draws up an international report on the contemporary art market, as seen through the prism of auction sales. This report is based on an analysis of sales results registered for artists classified as “contemporary” according to their year of birth: here, those born after 1945.This report contains original rankings, such as the Top 500 contemporary artists according to turnover

Artprice Art Market in  2023  

Artprice The Ultra Contemporary Art Market in 2022

Artprice 2021 Art market report (March 2022)

Ranking of the greatest Contemporary Asian Artists in 2020/2021

Artprice Report. TOP 1,000 contemporary artists at auction (2000-2019)

Artprice The Contemporary Art Market 2019 Top 500 Contemporary Artists 

Artprice The Contemporary Art Market 2018 Top 500 Contemporary Artists

Artprice The Contemporary Art Market 2017 Top 500 Contemporary Artists 

Artprice The Contemporary World Art Market July 2015-June 2016




HURUN ART LIST 2023  Ranking of the Top 100 of Chinese artists
Hurun Report - Info - Hurun China Art List 2023

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Female artists still under-represented in the contemporary art world (June 2018)

Artprice Report. 20 Years of contemporary art at auction (2000-2020). « No Man’s Land ». Another step towards gender parity.
According to Amy Cappellazzo, former Director of Post-War & Contemporary Art at Christie’s, the marketplace « has been improving steadily for women at a faster pace over the past five years than over the past 50 years ».