Interest Of New Collectors, Government Support Growing As More Museums Mount Large-Scale Exhibitions Of Work By Top Artists
Wang Guangyi's work seems to be (finally) accepted and promoted by the Chinese government's cultural elites
Recently, we translated a speech presented at the first-ever conference of Chinese collectors of contemporary Chinese art delivered in Beijing by influential art critic Li Xianting. In this speech, Li called on Chinese collectors to get busy buying, preserving and presenting top-quality works of contemporary Chinese art in order to ensure younger generations in the country will be able to view and understand their artistic heritage. Li called art collecting “a form of cultural creation,” the responsibility for which lies in the hands of the country’s new generation of art collectors. From Li’s speech:
We can’t expect the government to establish, from top to bottom, an art museum system in such a short amount of time, not least because the construction of the “hardware” is so difficult, but what’s harder is [assembling] the artwork itself, because up until now the collection in the government’s museum of contemporary art has been really poor, and not only because in the past three decades the important works of Chinese contemporary art have flowed overseas. Can the government spend the money to collect contemporary art? Aside from lack of funds, the hardest thing is that within a considerable amount of time, could the government possibly recognize the value of a contemporary art value system?
Whether by coincidence or by design, a news item in China’s Global Times today announced a spate of high-profile museum exhibitions of two of China’s top contemporary artists, Zhang Xiaogang and Wang Guangyi. Although as recently as last month Li Xianting decried the Chinese government’s slow movement on arts education and investment in cultural capital, these two exhibitions seem to indicate that development is beginning in earnest. From the article:
While the recent inclusion of a selection of contemporary Chinese artworks in exhibitions held at state-run museums across the country has been considered by many as a sign that Chinese contemporary art has been officially embraced by the government, others in the art world are calling for more to be done to recognize the genre.
Posted in Art, auction, China, Chinese Art, Culture, Investment, Museums
Tagged Art, art collection, beijing, CCP, China, contemporary art, contemporary chinese art, CPC, government, guangdong, guangdong art museum, li xianting, national art museum, political pop, wang guangyi, zhang xiaogang
Breakneck Development Of Luxury And Cultural Sectors In Last 20 Years Indicates That Chinese Luxury Consumers Will Be A Huge Global Force For Foreseeable Future
By 2020, China will be a global financial powerhouse -- but what will luxury consumers be buying by then, once they've made their first "big" purchases?
Over the last few weeks, as the ongoing global economic woes further put China, and its relative insulation from the worldwide crisis, in the spotlight as a luxury and business “success story” we have seen a much stronger focus on the Chinese consumer. Observers look to Chinese consumption as one of the keys to a faster global recovery, and luxury watchers see news like store openings in China, auction results, and even stories of wealthy Chinese tossing their wealth around freely as signs that the Chinese upper-middle and upper class are spending again. Today, an article in Wealth Bulletin hints that luxury executives who are worried that the Chinese market is not solid enough to invest their full faith into that consumer class can breathe a tentative sigh, as they cite the Julius Baer Luxury Brands Fund’s 27% rise in Euro terms, versus a 17% rise in the MSCI World:
Julius Baer said in a report today it predicts profit margins will remain in double digit territory for many luxury companies, despite the global economic slowdown.
These bullish findings indicate that the global wealthy are still buying luxury goods, which is, in some ways, unsurprising — but this has to be qualified by looking into how these numbers have risen. Although the Julius Baer index notes a rise, it does not break down the demographics of who is buying high-priced luxury goods. Based on other data, it seems that the influence of emerging wealthy consumers from places like China and, to a lesser extent, the Middle East and India, who are bolstering the luxury market.
Posted in Art, auction, Automobile, Business, China, Chinese Art, Culture, Economy, Investment, Luxury
Tagged Art, art collection, auction, China, crisis, financial crisis, gold, guardian, Investment, Luxury, poly