Global Art Market
Tricks to bagging bargains (and a Warhol) at Sydney’s biggest art fair
Two million-dollar paintings and early pre-pop works by Andy Warhol will head to Australia’s largest annual salesroom this week, in a test of the resilience of the art market amid rising recession anxiety.
Regarded as part trade fair, part cultural smorgasbord, Sydney Contemporary opens on Thursday with works by 500 artists represented by 96 galleries, including a growing overseas contingent from Singapore, Indonesia, New Zealand, and Japan.
All eyes will be on the show’s two big-ticket items: a late-career work by Emily Kame Kngwarreye, an eminent Indigenous artist of the late 20th century, to be sold by Utopia Art Gallery, and a monumental waterfall painting by leading contemporary Japanese artist, Hiroshi Senju, available through Paddington’s Justin Miller Art. Each is for sale for $1 million.
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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/
