Asia’s Art Market Expanding

October 10th, 2011 by admin Leave a reply »

Finally it seems that Asia’s art market has recovered, along with the rest of the world’s art market that was suffering from the recessional issues.  It is Beijing and Hong Kong that is now really enjoying a comeback.  Although it is true that the art market did suffer somewhat, this was relatively minimal compared to other markets that really took their toll during the recession.  However, on this matter there would be disagreement from the European Fine Art Foundation which claimed that indeed the global financial crisis was very influential vis-à-vis the global art market.

According to Artability Art & Collection consultant, Zhan Xuhua, “the credit crunch really affected the art dealing industry.”  He pointed out that consumers even managed to get some famous paintings at discount prices in auctions in 2008-09.  This was paramount throughout the world, from Europe to America as well as Asia (specifically China).

Increased Demand for Art Today

Clearly, one only needs to look at prices of artwork to see how far the market has come.  Art is definitely a luxury once more (fewer sales; higher prices) and the fact that there are way more sales taking places also shows that there is no longer a concern that the global art market is going through a recession these days.

Art as Investment

People often purchase art as an investment.  They will choose to buy a piece of artwork to enjoy, but also as an alternative investment to stocks and bonds, etc.  As well, it is often a “safe bet” as it were as like gold, it gives back a steady return and can gain value over time.  Just last year, the Chinese art market did so well that it became an international runner in top art markets.  During 2010, revenues for fine art auctions totaled $3bn (US), higher than the figure for America for the same time frame.

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