Contemporary Chinese Artist Assures Place Among Top Contemporary Artists, Selling For $685,694
Yue Minjun's "Untitled" (2005) brought in nearly $200,000 more than its top estimate. Image © Phillips de Pury & Company
Tentative signs of optimism are starting to show in the contemporary art world, which has not been spared by the economic downturn. Although recent auctions of Chinese and other Asian art have indicated that this region’s contemporary art remains popular among local collectors — who snapped up artwork at recent Ravenel auctions and festivals like HK09 — many predominantly Western art auctions have recently been met by restrained bidding. At last week’s Phillips de Pury & Company Contemporary Art auction in London, however, sometimes frenzied bidding has allowed major auction houses to breathe a slight sigh of relief. 30 of the auction’s 39 pieces sold, bringing in $8,451,540, just shy of the target of 8,692,240. Compared to some other recent sales, this is a huge success, and indicates that buyers are finally getting back into the game as prices have adjusted somewhat and created excellent buying opportunities.
Among the pieces by Koons, Warhol, Ruscha and others, one piece in particular surprised some observers — “Untitled” (2005) by contemporary Chinese artist Yue Minjun. The painting by Yue, who has become one of the world’s top 10-selling contemporary artists over the course of the last 10 years, brought in $196,959 more than its highest estimate, proving that even in tough economic times, historical artists and good quality art will always attract bidders. As Artinfo writes on the sale:
Posted in Art, auction, Business, China, Chinese Art, Culture, Investment
Tagged Art, artinfo, asia, auction, China, contemporary art, contemporary chinese art, hk09, koons, phillips de pury & company, ravenel, ruscha, warhol, yue minjun, zeng fanzhi, zhang xiaogang
Number of Travelers Increasing More Rapidly In China And Other Emerging Economies; Carriers Taking Localized Approaches To Woo Passengers
The number of Chinese air travelers has grown exponentially in the last 10 years. Graphic © Brand Channel
Although the air travel industry has reported grim figures over the last year — with Asia-Pacific airlines taking the biggest hit overall — industry insiders report continued growth in the Chinese market, particularly from business travelers. To reach this lucrative group, airlines have taken unique approaches to branding and service in the Mainland, with carriers like Finnair and Emirates, along with domestic carriers, reaching out to Chinese travelers through culturally-relevant approaches.
Brand Channel recently posted a feature that looked into what successful airlines are doing correctly in the Chinese market (and the reasons why others are failing to make a connection with Chinese consumers). As the article points out, outreach can range from simple changes like ensuring crewmembers can speak Mandarin, English, and regional dialects to more dedicated personal services that Chinese consumers may find more important than their non-Chinese counterparts. With more Chinese passengers flying domestically as well as overseas, this type of article is essential reading for airlines — or any other companies — which are looking for proven techniques for attracting Chinese customers.
Posted in Business, China, Culture, Luxury
Tagged airlines, asia, Business, carriers, China, emirates, finnair, travel
Blending Of Art And Luxury Becoming More Common As Commercial Tie-Ins Prove Lucrative For Luxury Brands And Artists Alike
Will the Hermes-obsessed Chinese artist Zeng Fanzhi become the first in China to take part in a domestic luxury-art partnership?
Today, Art Market Monitor, by way of Newsweek magazine, looks into the phenomenon of art-luxury commercial tie-ins, which have existed in some form for decades but are becoming more common as well as more commercially viable. We have discussed the art-luxury tie-in before, in our profile of Hong Kong’s “A Passion For Creation” art/product exhibition, organized by Louis Vuitton. But the articles in AMM and Newsweek point out some interesting nuances about the art/luxury collaboration.
AMM summarizes the article very concisely as one in which the writer “wonders about Vacheron’s new line of $367,000 watches inspired by African and Oceanic masks, Ikepod’s Jeff Koons watches and Louis Vuitton’s association with just about everyone else. (Okay, just Richard Prince and Takashi Murakami.)” But building on some of the observations in our articles about the melding of art and luxury, and how much of these partnerships can be boiled down to market necessity (as many luxury and art buyers may continue scaling back amid the ongoing slow economy), Newsweek’s Nick Foulkes expertly breaks down how the separate spheres inhabited by the arts and luxury brands are, rather than being entirely separate, have a symbiotic, Venn diagrammatic relationship.
Posted in Art, Business, China, Chinese Art, Culture, Fashion, Investment, Luxury
Tagged Art, chanel, ferrari, frank gehry, gucci, hermes, hong kong, louis vuitton, Luxury, LVMH, maserati, mondrian, prada, range rover, rem koolhaas, seoul, yves saint laurent, zaha hadid, zeng fanzhi
Ongoing Negotiations Over Acquisition of French Brand Pierre Cardin Shows Chinese Luxury Brands Have Sights Set On Rapid Growth
Pierre Cardin has become one of the most recognizable and coveted foreign brands in China since entering the market in 1978. Photo (c) CRI English
Mixed signals surround the rumored takeover of the Pierre Cardin brand by two Chinese groups, which would — if true — illustrate the speed with which Chinese companies hope to attain global reach and influence. Early reports appeared to suggest that an acquisition of only Cardin’s China operations was imminent, but statements by the brand’s China director, Fang Fang, insinuated that the company was open to the idea of a wholesale takeover of its global assets. Although Pierre Cardin himself has denied these rumors, the story is making waves in the Chinese and global business press.
As one of the first western brands to enter the Chinese market after the government initiated its “opening and reform” policies in the late 1970s, Pierre Cardin carries significant brand equity in China, a point which gives this story extra importance in the grand scheme of Chinese luxury branding. As the AFP pointed out today, the acquisition of the Pierre Cardin brand by a Chinese company would be, in the mainland at least, considered a point of pride:
Posted in Business, China, Culture, Fashion, Investment, Luxury
Tagged beijing, branding, brands, China, chinese, Fashion, Luxury, pierre cardin