BIZCHINA> Top Biz News
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BIZCHINA> Top Biz News
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China's art market: cold or maybe hibernating?
(The New York Times)
Updated: 2009-03-20 18:08 A new studio designed by Zeng Fanzhi is a vivid testament to the riches reaped by China's hottest contemporary artists. The high-ceilinged 2,200-square-foot space is adorned with European and Chinese antiques, museum-quality floors, a small gym and a traditional landscape garden that Zeng said contains authentic Ming and Qing dynasty relics. Hanging on the walls are his massive canvases, which not so long ago could easily fetch $1 million apiece. But just as he and dozens of other artists in Beijing and Shanghai put the finishing touches on lavish studios that proclaim their success, the market for Chinese contemporary art has entered a downward spiral.
A global financial crisis has wiped out vast amounts of personal wealth, prompting a plunge in art prices. Suddenly bereft of visitors, galleries are laying off staff members, and the collectors who patronized them now worry that their art investments may prove a colossal folly. "It's been a long, cold winter," said Zoe Butt, director of international programs at Long March Space, which is closing two of its three Beijing galleries. "The era of Chinese contemporary art commanding such high prices is over." Auctions, perhaps the most popular barometer of the recent craze for Chinese contemporary art, have also been hard hit. Sotheby's autumn auction of Chinese contemporary art in October was dismal by comparison with the October 2007 result, with some works going unsold. Experts say the contracting market is also putting the squeeze on major collectors, many of whom had been hoping to unload high-priced works in 2009.
Globally, the recent rise in Chinese artists' fortunes was unparalleled. Only one Chinese artist — Zao Wouki, a traditional painter who lives in France — ranked among the Top 10 best-selling living artists in 2004, according to Artprice.com, which tracks auction sales. (He ranked ninth.) But by 2007, five of the 10 best-selling living artists at auction were Chinese-born, led by Zhang Xiaogang, who trailed only Gerhard Richter and Damien Hirst. That year, Zhang's auction sales totaled $56 million, according to Artprice.com. Many collectors were seduced by the numbers. "For people who got into the market three years ago, I feel sorry for them," said Fabien Fryns, who runs F2 Gallery in Beijing. (For more biz stories, please visit Industries)
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