Artmarket.com: Frieze London in the context of Hong Kong's rapid growth and other art market changes observed by Artprice

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PARIS, Oct. 13, 2022 /PRNewswire/ — After the UK posted an general art public sale turnover up 26% for the first semester of 2022 (its finest begin to the 12 months in three years), London is internet hosting Frieze and Frieze Masters. Alongside these festivals (open to the public from 12 to 16 October in Regent’s Park) there’ll of course be a number of status gross sales in the metropolis. Long the capital of the world’s art market, London stays the second greatest market on the planet. But confronted with the penalties of Brexit, the rise of Hong Kong, and the digitalization of art, London can not take its place with no consideration.

 

Fine Art public sale turnover – London vs. Hong Kong

Fine Art auction turnover – London vs. Hong Kong

 

In the 18th century, London saw the birth of the major auction houses Christie’s, Sotheby’s, Phillips, and Bonhams” recollects thierry Ehrmann, CEO of Artmarket.com and Founder of Artprice. “In the 20th century, New York became the nerve center of an increasingly globalized art market that become substantially more fluid with the arrival of telecommunications, and then later, the Internet. Today, you have masterpieces selling at top prices in Hong Kong, you have Paris hoping to take advantage of the fallout from Brexit, and you have a whole section of the art market heading into Web3 which will further intensify the market’s decentralization“.

As international competitors grows and multiplies, London can rely on a rock strong repute for gross sales of Old Masters, Modern art, and Post-War art; but it surely should additionally assert itself as a middle of trade and innovation for Ultra-Contemporary art. Fueling and fueled by huge worth hikes (and the NFT revolution), this section has turn into the major driving drive of the international art market, and Hong Kong’s growth has totally captured this phenomenon.

 

A community of Frieze-branded festivals

In the art world, a synergy usually emerges from a combination of types and eras, therefore, for instance, the incursions of Jeff Koons, Takashi Murakami or Anish Kapoor at the Palace of Versailles. This sort of combine additionally partly explains why galleries prefer to current younger artists alongside the most well-known and acknowledged names of twentieth century art, whose estates they characterize. Frieze additionally performs this card by collectively organizing a good devoted to Contemporary Art and one other devoted to Old Masters, placing modern creation into an art-historical perspective. Some prestigious galleries, together with Continua, Kamel Mennour, and Skarstedt, truly desire to focus extra on the ‘previous’ than on the ‘current’, whereas one would have anticipated the reverse.

The Frieze Group has additionally acknowledged the benefits of geographical diversification in the premium art market, following in the footsteps of main public sale homes. Launched in the early 2000s in the heart of the English capital, Frieze was subsequently exported to the USA; first to New York in 2016, then to Los Angeles in 2019. This 12 months, it has been replicated in Asia with the first version of Frieze Seoul, and can now declare to be the most critical competitor to the MCH group. The latter organizes the prestigious Art Basel festivals in Basel, Miami, Hong Kong, and, very quickly, in France, with Paris+ (from 20 to 23 October 2022) at the Grand-Palais Éphémère.

 

London neck and neck with Hong Kong

In 2021 Hong Kong ($1.7 billion) was not far behind London ($1.9 billion) in phrases of Fine Art public sale turnover. But if we glance particularly at the Contemporary Art section (artists born after 1945), the comparability is favorable to Hong Kong ($700 million vs. $432 million in London). Asian consumers are driving the costs of Contemporary works quicker than wherever else in the world. Indeed… with simply 2,160 Contemporary heaps (a 3rd of London’s 6,500), Hong Kong’s art public sale market posted by far the highest common worth for Contemporary artworks on the planet: $325,000 in 2021.

2021 public sale turnover by interval of creation, London vs. Hong Kong

2021 auction turnover by period of creation, London vs. Hong Kong

 

The main public sale homes admire the vitality flowing by way of China’s “Special Administrative Region”, and they’re more and more preferring it to that of the English capital for some of the most emblematic signatures of the twentieth and twenty first centuries like Jean-Michel Basquiat, Gerhard Richter, and Adrian Ghenie. Indeed the main public sale homes’ technique of alternatively providing works by the most trendy artists in New York, London, and Hong Kong is having a defining impression on the relative successes of America, Europe, and Asia on the international art public sale market.

This technique is extraordinarily clear in the Ultra-Contemporary section (artists below 40) the place works by the market’s new superstars – Matthew Wong (1984-2019), Avery Singer (1987) Aboudia Diarrassouba (1983) Amoako Boafo (1984), and so on. – are supplied in all three cities, eliciting bids that always exceed the public sale homes’ already audacious estimates. 

The United States and the UK lead the dance in the West

In this context, Phillips is more and more counting on this dynamic to incentivize its gross sales of Contemporary and Post-War art which, together with watchmaking, jewellery and design, have turn into its specialties. In parallel, Phillips has lately introduced a partnership with Yongle to host gross sales in Hong Kong and Beijing, underscoring the huge attraction of the Chinese art market. Already in 2021, Phillips partnered with Poly Auction to arrange 4 periods that totaled $176 million.

 

As the art market reconfigures…

For the time being, London retains an plain place in the triumvirate that dominates the international art market. The UK capital even appears to have discovered its manner again to growth, though its public sale turnover totals are nonetheless a lot decrease than in 2008 or 2014. Moreover, whereas London outbid Hong Kong in H1 2022, that won’t have been the case if China had not imposed a drastic zero-covid coverage in H1. The Hong Kong market will most definitely decide up once more in the second half of this 12 months.

Meanwhile… only a week after Frieze London, Paris might be internet hosting the prestigious Paris+ by Art Basel truthful. So much of questions and expectations encompass this primary version of Paris+ (which replaces the FIAC).

As regards the digitalization of art and the art market, issues are transferring quickly with the deployment of Christie’s 3.0: nft.christies.com.

London could possibly draw on its lengthy historical past and robust repute for Fine Art gross sales. But it can not ignore the vitality that’s right now emanating from the Ultra-Contemporary and art-NFT market.

Images:

[https://imgpublic.artprice.com/img/wp/sites/11/2022/10/Image1-Auction-Turnover-London-vs-Hong-Kong.png]

[https://imgpublic.artprice.com/img/wp/sites/11/2022/10/Image2-Auction-Turnover-by-Period-London-vs-Hong-Kong.png]

 

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