1.8 Million Tourists And Shoppers Made The Trip Last Year; Will This Year See Similar Figures?
Photo Courtesy Hong Kong Tourism Board
Hong Kong retailers, hoteliers and merchants of all shapes and sizes are getting ready for the second of two “Golden Weeks” which take place annually in China — the first celebrating Chinese New Year and the second beginning on National Day (Oct. 1) and continuing through the Mid-Autumn Festival (Oct. 3) until finally ending on the 8th. For Hong Kong’s luxury retailers, Golden Week has traditionally provided a much-needed boost to their sales, particularly as fall begins and the flow of foreign tourists slows down significantly.
For many mainlanders, however, Golden Week is a chance to hop over the border and do some serious shopping. As Hong Kong retailers aren’t saddled with the same high sales and luxury taxes as those in the mainland, shoppers from throughout China often take advantage of the timing of Golden Week to enjoy the cultural ambiance of Hong Kong while stocking up on expensive products that would — at home — cost up to double the price.
Today, the New York Times Globespotters blog gives a glimpse into the fun (and chaos) of Golden Week in Hong Kong, when millions of shoppers (many of whom have saved up throughout the year for their HK shopping spree) converge on this small but densely-packed city to queue up for hours and open their wallets:
European designer emporiums, jewelers and gold shops will all be packed, as mainland Chinese rush to buy goods that are both cheaper, and more likely authentic, than back home. (Unlike China, Hong Kong has no sales or luxury taxes.) For upscale shopping, avoid the crowds by trying department stores like Lane Crawford instead.
As far as the local government is concerned, you can’t have too many festivals. During this hectic period, there is also the Hong Kong International Arts and Antiques Fair from Oct. 3 to 6, and the Hong Kong International Jazz Festival from Oct. 1 to 15. Jazz and antiques aren’t big Chinese tourist draws, so they might be another way to escape from the maddening crowds.
In addition to these festivals and events, this year’s Golden Week will also coincide with Sotheby’s Autumn Auction of Contemporary Chinese and Asian Artwork, taking place on October 6 in Hong Kong. It’ll be a great opportunity for luxury buyers who have come over from the mainland to bid on some domestic contemporary artists and maybe take home a few Yue Minjuns, Zeng Fanzhis or Cai Guo-Qiangs in addition to the boatloads of Cartier, Louis Vuitton, Gucci and Rolexes they’re going to tote back over the border.
Posted in auction, Business, China, Culture, Economy, Luxury
Tagged China, chinese, chinese new year, commerce, golden week, HK, hong kong, Luxury, mainland china, mid-autumn festival, national day, october, shopper, shopping, tourism, travel, wealth
Songzhuang Cultural And Arts Festival, Taking Place From September 20 To October 12, Showcases Artwork From Artistic Districts Around The Country
This year's Songzhuang Cultural and Arts Festival follows the success of last year's exhibitions
Although many art enthusiasts are familiar with Beijing’s larger and more established art districts, such as Dashanzi (大山子) and Caochangdi (草场地), one of the Chinese art world’s best-kept secrets is that the country is home to a number of smaller, more exclusive art communities. Running until October 12, the Songzhuang Cultural and Arts Festival looks to showcase the work of artists from these art colonies — both large and small — and give art lovers a glimpse into the wide range of artwork currently being produced throughout China. Titled “Community! Community!” this festival puts a strong emphasis on the work of artists in distinctly non-mainstream art communities in ten art “zones”:
Artists from ten different art zones in Nanjing, Chengdu, Xi’an, Wuhan and Changsha. were invited to display their artworks. Each art district has a separate location at the festival, featuring recently created artworks by artists representing each community.
Thirteen large-scale art museums and galleries, such as the Songzhuang Art Museum, Sunshine International Art Museum, and the LDX Contemporary Art Center, provide exciting exhibits.
Posted in Uncategorized
Tagged ai weiwei, Art, art colony, art district, auction, caochangdi, CCA, CCP, China, contemporary art, contemporary chinese art, dashanzi, festival, october, PRC, songzhuan cultural and arts festival, songzhuang, sotheby's
Strong interest from Asian buyers expected to spark October sale in HK
As we reported recently, the Sotheby’s autumn auction of Asian art — which highlights important contemporary Chinese pieces — will take place in Hong Kong on October 6. With combined estimates at over $12 Million US (HK $98 Million), this sale is expected to be one of the year’s biggest and most-watched auctions. As we have noticed in recent sales — both in Hong Kong and elsewhere — one thing we can expect in this auction is a high proportion of domestic Chinese buyers in the room, and we can expect them to be motivated to buy. Today, in preparation for the upcoming auction season, Forbes published an article on the market for Chinese art, noting that it is becoming gradually more difficult for western collectors to buy a range of Chinese art because of the growing collector base within the country. Describing the increasing numbers of Chinese bidders at antiquities auctions, Sallie Brady writes, “there’s a new dynamic afoot that promises to drive up prices: Mainland Chinese are entering the market in ever greater numbers.”
So for collectors who are interested in making bids on lots in the upcoming Sotheby’s auction, what should they know before they go head-to-head with Chinese buyers? Aside from doing their research to stay up-to-date on recent developments and informed about the past work and possible future longevity of the historical artworks that are up for grabs, it pays to know which lots are the “all stars.” I have looked through the catalog, and here is my list of the “Top 10″ lots up for auction on October 6:
1.) Cai Guo-Qiang: Money Net No. 2 (2002)
Estimate: US$ 605,000-705,000 (HK$ 4,700,000-5,500,000)
Cai Guo-Qiang (born 1957, Quanzhou, Fujian Province) was educated in stage design at the Shanghai Drama Institute from 1981 to 1985. Gunpowder is his trademark medium, from drawings and paintings made by igniting carefully monitored explosions on paper and canvas to massive explosion events like Projects for Extraterrestrials. He is also known for sculptural installation works such as Borrowing Your Enemy’s Arrows (1998), a massive wooden boat riddled with arrows that recalls a legendary tactic of an ancient Chinese general. Cai has had many solo exhibitions, including Cai Guo-Qiang on the Roof: Transparent Monument at the Metropolitan Museum of Art (2006) and Cai Guo-Qiang: I Want to Believe at the Guggenheim Museum in New York (2008). He was awarded the International Golden Lion prize at the 48th Venice Biennale (1999), and curated the first China Pavilion at the 51st Venice Biennale (2005). He was the Chief Special Effects Designer for the 2008 Beijing Olympics’ creative team. Cai lives in Brooklyn.
Posted in Art, auction, China, Chinese Art, Culture, Investment, Museums
Tagged ai weiwei, Art, ash head, asia, asian art, auction, cai guo-qiang, cai guoqiang, China, chinese, chinese contemporary art, contemporary chinese art, east asia, feng zhengjie, hong kong, huang yongping, liu ye, mainland, october, sotheby's, wang qingsong, yue minjun, zeng fanzhi, zhang huan