High Proportion Of New Chinese Collectors Boosting Sales As Economic Mood Remains Relatively Tepid In More Mature Markets
Next week, Sotheby’s will hold one of the most anticipated auctions of the season, its autumn auction of contemporary Chinese and other Asian art, in Hong Kong. For this closely-watched sale, the location is no coincidence. According to recent stories in the New York Times, Wall Street Journal, Bloomberg, The Economist and dozens of art blogs, mainland Chinese buyers have rapidly become one of the fastest-growing buyer and collector groups in the world. Considering art collection was virtually nonexistent for much of the last 60 years in China (and probably significantly longer than that), many newly wealthy Chinese are taking advantage of the readjustment in prices of pretty much anything up for grabs at auction to bring home everything from Chinese antiquities to contemporary art by living artists.
Whether they are doing this more for personal reasons (decorating their house while holding on to something of great financial value which is expected to grow along with the Chinese yuan) or for patriotic reasons remains to be known. My assumption is that there is a little bit of both involved.
In the run-up to the October 6 auction in Hong Kong, a spate of auctions of Chinese art have taken place over the past few weeks, with Chinese bidders going far beyond the estimates and shocking many observers. The new Chinese collector has, in many ways, signaled his arrival by the manner in which he’s seemed completely impervious to either the global economic slowdown or auction trends, and is quickly building a reputation as willing to spend, brash, motivated and savvy.
This week, on Economist.com, the Chinese collector’s knack for repatriating Chinese art is examined, with the writer concluding that auctions — as a buyer’s game — are all about who brings the money and who’s willing to spend it. At recent auctions (and, I would have to assume, future auctions) many of these individuals are mainland Chinese:
Anyone who believes the art market has been felled by the financial crisis should have been in New York earlier this month for the seasonal auctions of Chinese bronzes, furniture and ceramics. The salerooms at Sotheby’s and Christie’s were overflowing with bidders, more than three-quarters of them from Hong Kong, mainland China and Taiwan. Extra Mandarin-speakers, all of them fluent and young, had been taken on specially to handle additional telephone bidding from Asia.