It’s no secret that 2024 will be a challenging year for the global art market. Asia is not immune. Across the continent, people described sentiment as slightly subdued due to high interest rates, inflation and geopolitical tensions. Despite the market downturn, the region has remained resilient and there are many reasons to remain optimistic.
January got off to a slow start, but March’s excitement was high at Art Basel Hong Kong, which remains the region’s most important fair. Shanghai’s annual art season also caused a stir last month. The representation of Asian artists in global art fairs and institutions in the West has also increased. This year, there are fantastic museum exhibitions and biennials taking place across Asia.
In Southeast Asia, activity in Bangkok stands out. The success of the Bangkok Art Biennale also led to the opening of collector Marisa Chearavanont’s Bangkok Kunsthalle, a new private institution that took over an abandoned printing factory. In his first exhibition, Thai artist Korakrit Arunanondchai bares Brutalist spaces and replaces them with a cinematic yellow haze. Like the fog that shrouds this space, the fog of uncertainty that shrouds this area, but there are still beams of light that penetrate. the following, art news Taking stock of the most important hubs in Asia: Mainland China, Hong Kong, Japan, South Korea and India.
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Mainland China closes wallets
Photo credit: Frank Rumpenhorst/dpa/Photo Alliance via Getty I
High net worth individuals (HNWI) from mainland China were the largest consumers of art and antiques last year, according to Art Basel 2024 and the UBS Global Collection Art Survey. They also spent the most in the first half of 2024, with a median of $97,000, more than double that of other regions. However, the ongoing crisis in China’s real estate market and economic slowdown means many Chinese collectors are tightening their wallets, especially with summer being a low point.
Chinese consumer confidence fell sharply in July, almost hitting a record low, according to investment bank Nomura. Gallerists also noticed a significant drop in sales. “This spring, China’s economy encountered difficulties. After Art Basel in Hong Kong, sales became obviously difficult, and many customers said they encountered financial difficulties.” A Shanghai gallery owner who did not want to be named said frankly. Hong Kong auction houses have also seen a drop in spending by mainland Chinese collectors.
Some I believe the market is readjusting. “Shanghai Art Week in November has given us new hope and the atmosphere is clear. Sales at [ART021] Mathieu Borysevicz, founder of Shanghai BANK Gallery, said:.
Jonathan Crockett, chairman of Phillips Asia, noted that mainland Chinese buying activity increased among sales in Hong Kong in November, providing “a glimmer of hope that China’s economy is rising again.”
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Major auction houses set up headquarters in Hong Kong
Photo credit: Stefan Ruiz
Major auction houses have settled in Hong Kong and opened new headquarters one after another, marking the maturity of the market. Following the opening of Phillips in the West Kowloon Cultural District in 2023, Christie’s opened in the Zaha Hadid Architects-designed Henderson Land Building and Sotheby’s opened retail space in the nearby Land Chater luxury shopping mall . Meanwhile, Bonhams has taken up residence in an office building in Admiralty.
Previously, the city’s marquee auctions were only held in the spring and autumn, but now the homes will host shows and auctions year-round. While this provides collectors with more opportunities, some believe it may take time to adjust to a more intensive sales calendar.
Despite the excitement of the openings, homes are still struggling and buyers are more cautious than in years past. Data from research organization ArtTactic shows that in the first six months of 2024, Hong Kong art evening auction sales fell by 40% compared with the same period last year, to the lowest level since 2017.
“The middle market is doing well, but it’s difficult to sell large items worth $5 million and above,” said an Asian auction house expert who declined to be named. “It’s going to be hard to find high-value properties for next spring sales.”
Like many others, art consultant Yuki Terase, founding partner of Art Intelligence Global (AIG), affirms Hong Kong’s growing importance. However, she also believes that if quality works don’t come to the market, collectors will turn to New York auctions instead. “As the market recalibrates, it is important to persist in bringing high-quality productions and strong programming to Asia to maintain the region’s position relative to the world,” she said. -
Japan expo breaks the mold
Photo credit: Moriya Yuki/ACK provided
It’s not often that an art fair wins over collectors, journalists and gallerists, but the Kyoto Art Cooperation (ACK) has managed to do just that. Now in its fourth edition, ACK brings a breath of fresh air to the crowded field of cookie-cutter art fairs.
“People have become tired of exhibitions and have become more picky. They are looking for more uniqueness. The host city must also have other attractions, and Kyoto has that,” said Tokutaro Yamauchi, director of Kyoto Shibunkaku.
The historic city’s massive fair follows a unique format, with Japanese galleries hosting foreign ones, allowing for cross-cultural dialogue and unexpected discoveries. The exhibitions scattered among the city’s ancient temples are another attraction.
After ACK, many visitors headed to Tokyo Art Week, a city-wide event organized by Japan Contemporary Art Platform partners Art Basel. Last year’s show attracted more than 43,000 visitors, and this year’s numbers are even higher, with even more VIPs flying to the city.
The second Tokyo Hyundai held in the summer also attracted a large audience. The organizers of the show have announced that it will be held in September next year, hoping that the cooler autumn weather will attract more international visitors.
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Polarized views in South Korea
Image source: Kiaf provided by Seoul 2024
Seoul comes alive in September as collectors from across Asia attend Frieze Seoul and the Korea International Art Fair (KIAF). This year marks the launch of the government-led Korea Art Festival (KAF), which links the two art fairs with other major arts events in South Korea such as the Busan Biennale and the Gwangju Biennale. In addition to the large number of collectors flying in to attend the fair, the number of curators and museum groups has increased significantly this year.
Despite the upbeat atmosphere, gallerists said sales at Frieze Seoul and KIAF were modest. Some believe interest in the city as an arts center is waning. Frieze Seoul has slightly fewer foreign galleries, with the total number of exhibitors falling from 121 in 2023 to 117 this year. “In this country, I don’t think we’ll ever do as well as Art Basel in Hong Kong,” said one international gallerist, who asked not to be named.Collectors have mixed opinions. Some are excited about the city’s prospects as an arts hub, while others are less enthusiastic. “Korea is one of the most overvalued new markets in Asia,” said Belgian collector Alain Servais, who described the art he saw at art fairs as relatively conservative.
On the other hand, Korean institutions put on some impressive shows. For example, the Leeum Art Museum hosts a mesmerizing solo exhibition by Korean-American artist Anicka Yi. Highlights include her signature glowing kelp pods and bizarre multi-tentacled mechanical sculptures. Meanwhile, the National Museum of Modern and Contemporary Art (MMCA) is giving a much-needed platform to overlooked regional talent in the comprehensive exhibition “Connecting Bodies: Women Artists in Asia,” which highlights diverse aspects of the work of female artists working in Asia. kind of thematic similarity since the 1960s.
Overall, Seoul’s art scene remains vibrant. Young Korean collector Noh Jae-myung also launched a new independent fair, Art OnO, in April, which was well-attended and included international exhibitors such as Mariane Ibrahim Gallery , the gallery has offices in Chicago, Paris and Mexico City.
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Indian market attracts global attention
Photo credit: LN Tallur
As the economy continues to gain momentum, the Indian art scene is in the throes of a renaissance. Art consumption in the subcontinent has grown rapidly since the COVID-19 pandemic. According to the UBS Collector Survey, India’s wealth has grown significantly, up 41% from last year to $954 billion, with 31 new billionaires added throughout the year to 200. The purchasing power of the Indian diaspora is also on the rise.
In February, the 15th edition of the India Art Fair (IAF) saw steady sales, an increase in exhibitors, and a reported 30% increase in VIP day attendance. Meanwhile, the second edition of the Mumbai Art Fair, held last month, was also buzzing with activity. (The IAF announced plans to hold a rival fair in Mumbai in 2025, but canceled those plans after the success of the Mumbai Arts Festival.)
More and more private institutions are popping up across the country. Collector Sangita Jindal and her daughter Tarini Jindal Handa opened Hampi Art Lab in Karnataka in February. The sinuous terracotta building, located near the ruins of the ancient city of Hampi, a UNESCO World Heritage Site, will host an ambitious program of exhibitions and artist residencies.
Last month, Jaipur Center for the Arts (JCA) also opened at the historic City Palace. The space is the brainchild of Maharaja Padmanabh Singh, a scion of the Jaipur royal family, and Noel Kadar, an expert on contemporary art, with the aim of transforming the picturesque Pink City into an important art center in the country.
Kadar said the idea for the JCA has been years in the making. “We all believe now is the right time,” she said, referring to growing interest in contemporary art across the country. “The international community is also ready to engage with India in a way that it was not prepared for before.”
