Global Art Market
The generational divide shaping the global art market
Change is afoot in the art world. Auction houses are registering a 30 per cent increase in new buying clients, while the normalisation of online bids has fostered a democratisation of the industry. Asia is continuing to flourish, with Japan – the go-to destination for HNW travellers in recent years – tipped for a resurgence on the world stage. Then, there is the great wealth transfer – a hot topic in economics which has filtered through to this passion investment market. Baby Boomer collectors are making way for Gen Z, and the landscape needs to keep up.
This year, amid global economic and geopolitical uncertainty, the desire for stability could drive a trend towards an even more rational buyer’s market. With interest rate reductions expected but not yet in place, buyers may approach art purchases with greater caution and consideration. This could result in a softer start to the year, but it also presents an opportunity for collectors to acquire artworks at potentially lower price levels.
Read more: https://spearswms.com/luxury/art-culture/the-generational-divide-shaping-the-global-art-market/
Artmarket.com, an Art Market global player with a strong emphasis on data, databases, and AI technology, reports numerous achievements including state recognition, innovative partnerships, and the successful implementation of a Standardized Market Place for art transactions. The company, which is geared towards a sustainable and tech-forward future, engages a large member base and is recognized for its eco-responsible initiatives.
Read more: https://www.tipranks.com/news/company-announcements/artmarket-com-innovating-the-global-art-market
Global Art Market
Christie’s CEO on hopes for new Asia HQ in Hong Kong, and its place in global art market
The usually smooth back and forth between auctioneer and bidder had an unexpected hitch during the sale of the top lot in Christie’s evening sale in Hong Kong on September 26.
Xin Li, deputy chairman at Christie’s, indicated to veteran auctioneer Adrien Meyer that her client on the phone wanted to place a bid for Vincent van Gogh’s Les Canots Amarrés (1887).
Instead of just adding a standard increment to the last bid, which was already at around HK$200 million (US$25.7 million), she hesitated and then blurted: “26 million!” Her client, it
“You can either buy clothes or buy pictures.” (Gertrude Stein)
The air will be filled with a different kind of buzz in Seoul this week as it hosts the third annual international art fair, Frieze Seoul. Over 110 leading art galleries worldwide will assemble for four days at the COEX Convention and Exhibition Center in Gangnam to showcase various works of contemporary art to guests and collectors. There promises to be no shortage of side events taking place throughout the city in coordination with the exhibit. Attendance this year is expected to be similar to the past two years at about 70,000 participants, which is larger than Frieze Los Angeles (roughly 35,000) and Frieze New York (roughly 25,000) combined but still slightly smaller than Art Basel Hong Kong or Frieze London (each at about 85,000). The event is part of a broader trend that suggests South Korea is emerging as a tour de force in the art world.
Read more: https://keia.org/the-peninsula/south-koreas-emergence-as-a-hub-in-the-global-art-market/
