Daily Archives: May 16, 2009

Sales Surprisingly Brisk At The HK 09 Art Festival

Organizers Looking To Make Annual HK Festival Asia’s Answer To Art Basel, Frieze As Local Collector Base Grows

The Hong Kong International Art Fair is rapidly becoming a major annual destination for art lovers, collectors, galleries, and museums

The Hong Kong International Art Fair is rapidly becoming a major annual destination for art lovers, collectors, galleries, and museums

Hong Kong’s large-scale HK 09 International Art Fair, which we profiled last week, is off to a successful start. As James Pomfret writes, the “burgeoning international art fair…aimed at tapping Asia’s growing pool of contemporary art collectors has shown positive signs of shrugging off the global economic downturn.”

New collectors from the mainland, as well as Western and other East Asian collectors, are taking to the festival’s auctions, held by Western and Asian auction houses, to snatch up works during one of the best buyers’ markets in recent history. As Pomfret goes on to indicate, the organizers of HK 09 are looking to establish the festival as Asia’s answer to the Western art fairs like Art Basel in Switzerland and Frieze in London:

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DeBeers Wooing Safe-Haven Investors – FT

Stock Fluctuations Lead Investors To Continue Searching For Diversity: Gold, Diamonds, Art, And Wine

Diamond and gold producers and contemporary art and wine auction houses are increasingly targeting Chinese investors and sovereign wealth funds

Diamond and gold producers and contemporary art and wine auction houses are increasingly targeting Chinese investors and sovereign wealth funds

Today’s Financial Times has a feature on investors who are turning to traditional hedges against stock market turbulence, and the way major diamond producers like DeBeers are ratcheting up their marketing and outreach efforts to get these people’s attention. Although diamonds fell mainly out of favor in recent years in many developed countries due to their sometimes controversial nature, diamond consortia have seen their fortunes turn around rapidly as they increased their foothold in emerging markets like Russia and China.

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