Young Artists in Asia – Market Analysis
The replacement of old resources by new ones became increasingly noticeable as the contemporary art category was short of items for auction and the market saw shortages of funds. Meanwhile, the art market was constantly seeking new areas for growth, with the changing focus of contemporary art auctions from best-selling, highest-priced artists to young ones. Therefore, the appreciation of young artists this year was an indisputable fact. Though already a hot spot back in 2012 for a new round of art collecting, young artists were not as hot as they are today. Since auction houses and exhibition platforms are actively making promotional efforts and old resources continue to be in short supply over the latest two years, this year has become crucial for a boom in the young artists market. New and old collectors rushed to collect works by young artists, either for their investment value or for admiration.
No matter what reasons, it shows the rigid demand for young artists’ artworks. According to official data on Art Beijing – an art fair targeting the primary market – more than 1,000 works of art were sold in 2014. The turnover rate was 25% higher than that for the previous year, 96% of the exhibitors saw deals closed, more than 50 foreign works were sold, and participating galleries sold exceptionally well, many of which saw works sold out. On the auction market, in autumn 2014, works by young artists were highlighted for the first time at Sotheby’s Hong Kong’s evening auctions. Shortly afterwards, Poly Internartional Auctions Co. Ltd held auctions primarily of artworks by post-1970 and -1980 young artists, including Modern and Contemporary Arts-Stellardemia, Artron Poly New Power and Chinese New Painting evening sale at which all of the 40 items were sold. Not only the artworks created by artists who were born after 1970 (such as Wang Guangle, Chou Xiaofei and Liu Wei) had a good performance but artists who were born after 1980 (Hao Liang, Zhou Song and Peng Si) were recognized as well. At the auction preview, collectors who wanted to buy this kind of artworks said the valuation was reasonable and the pricing was not very high. Zhou Song’s artwork Dream sold for $325,100 by China Guardian Auctions Co. Ltd., showed consistency with forecast before auction, and was appreciated as 149%.
Annual Global Art Market Report 2014 by Artprice & Artron will be online March 3, 2014