Tag Archives: taiwan

Taiwan’s Auction Power Expanding Rapidly

Taiwan’s Ravenel Art Group Is Rapidly Becoming A Leader Among Asian Auction Houses

Included in Ravenel's December HK auction: Contemporary Chinese artist Feng Zhengjie's, "Chinese Portrait Series No. 2" (2008)

Included in Ravenel's December HK auction: Contemporary Chinese artist Feng Zhengjie's, "Chinese Portrait Series No. 2" (2008)

Hong Kong has been the center of attention in the art world over recently, with everyone still talking about the city’s successful HK 09 Art Festival, which took place last month. Alongside the exhibitions of artwork from around the world, the stage was been set for a number of exciting auctions of contemporary Chinese and Western art to take place, both from established houses and newer, Asian auction houses.

Taiwan’s Ravenel Art Group, a relative newcomer, held a major preview of its upcoming Taipei auction in Hong Kong on May 23-24, highlighting the auction house’s focus on a number of high-profile contemporary Chinese artists. Coming later this week, Ravenel’s auction of contemporary Chinese and Southeast Asian art has all eyes on Taipei. A Chinese auction house selling in China to a bidding base that is expected to be primarily Chinese is nothing if not a significant move in the contemporary art world. As we have written often in the past, the “New Chinese Collector” is a mysterious buyer base, one whose art-buying habits are not yet quantified.

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Chinese High-End Consumers Reluctant To “Trade Down”

Those With A Taste For Luxury Goods In Emerging Markets Less Willing To Cut Back, HK Study Finds

While China has not remained unscathed by the global economic crisis, its luxury consumer market shows resilience in consumer confidence and willingness to shell out

While China has not remained unscathed by the global economic crisis, its luxury consumer market shows resilience in consumer confidence and willingness to shell out

One of the more surprising features of the global economic downturn, to some commentators, has been the relative health of the Asian consumer market throughout the crisis. Although developed markets like Japan and Korea have certainly been hit hard — as their high-tech and automotive export markets have declined substantially — emerging markets like Greater China and, to a lesser extent, India, where income gaps are still quite large and wealthy consumers have developed a taste for luxury goods are doing comparatively well.

This is not to say China hasn’t been hit by the slowdown — it has, as low-tech manufacturers and mass producers have, in many parts of the country, been forced to shut down or lay off thousands of workers. However, we are seeing that the specific class of Chinese luxury consumer is continuing to spend through the global recession, perhaps as a sort of badge of wealth, perhaps because these consumers just want to keep buying. There are plenty of theories why Chinese luxury consumers, unlike those in Japan and North America, aren’t waiting to buy their next handbag or car — however, one Hong Kong study in particular caught my eye:

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