Tag Archives: gilbert & george

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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Louis Vuitton Meets Art In Hong Kong – The Trend Continues

Hong Kong Becoming The Meeting Place For Art And Luxury

Louis Vuitton x Stephen Sprouse

Louis Vuitton x Stephen Sprouse

In the ongoing economic downturn, major luxury companies are getting more creative in their branding and marketing approaches, even in luxury-happy East Asia. With luxury sales projected to see their first recession in recent memory this year, with some figures expecting a decline of 7% in 2009, luxury companies are looking to emerging markets like China and India, which have vast consumer bases and plenty of newly-monied potential buyers who, unlike many of their counterparts in the developed world, are new to the luxury market and still willing and eager to part with cash. As Guo Zuli, director of the World Luxury Research Center, said in a recent interview, Chinese buyers are still very new to luxury products — therefore, they are not expected to display the same level of “luxury fatigue” of western or Japanese buyers in 2009. Luxury marketers see that potential already, and if they’re smart they will turn their attention to growing this revenue stream as western demand falters — since western demand will stay relatively weak in the near and possibly the long term.

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