Artprice: Hong Kong, with its bipolar market, has become the epicentre of the art market
According to Thierry Ehrmann, CEO and founder of Artprice, the company, which has made Hong Kong its Asia-wide base (covering mainland China and Hong Kong, Taiwan, South Korea, Singapore, Indonesia, Japan), has seen its strategy thoroughly vindicated at the expense of France.
In the wake of Art Basel HK, which has been a resounding success despite the global economic crisis, Hong Kong is now positioned as the key Asian hub for contemporary art.
With the emergence of a multitude of prestigious art fairs, coupled with a museum industry that is becoming a veritable war machine, Asia, with China leading the way, is becoming the focal point of the art market, easily outpacing the USA and the UK, which enjoyed 80% market share at the beginning of the 21st century.
The key figures for Asia in 2012/2013 are detailed by Artprice in its 2013 report on the Art Stage Singapore art market – a long-term Artprice partner in Singapore and Asia with Lorenzo Rudolf, the founder not only of Art Stage Singapore but also of Art Basel, Art Basel Miami and the SH Contemporary in Shanghai. Art Stage Singapore is the fruit of Rudolf's consummate knowledge of the global art market and especially of the Asian art market, with a level of mastery in the field achieved by no other European or American.
As Artprice and its Chinese partner Artron note, the art market is now bipolar, with around 50% of global auction revenues from contemporary art coming from China (Beijing and Hong Kong). This market share, coupled with the growth witnessed in 2013, has now made it impossible for the USA or the UK to regain the upper hand.
The best proof of this is Sotheby's which made 0.1% of its turnover in China in 2000, as against 29% now. Similarly, Christie's has grown from 2% in 2000 to a current total of 21%.
More contemporary artworks are now sold by these two auction houses in Hong Kong than in all their sales rooms worldwide, observes Artprice from its offices in Hong Kong.
France meanwhile has faded to the point where it has virtually disappeared off the radar screens of the contemporary art market with €29 billion in 2012, or the price of a single outstanding work …
Meanwhile, Asian auction houses, Artprice clients, are exploding. Ten years ago, just five auction houses exceeded turnovers of €5 million in London and New York. Today, there are 31 operating at this level, 70% of which are in Asia. Note that in the famous Top 500 Artprice ranking of most valuable contemporary artists, 199 are Chinese. In this same list, 200 of the artists aged under 40 are Chinese.
Given these figures, the long-term partnerships established by Artprice, particularly with Art Stage Singapore and Artron, the Chinese art market giant, have more than proved their worth.
Once ongoing negotiations (on intellectual data property rights) are concluded, Artprice will shortly announce its presence on several million screens broadcasting Chinese news, much as Bloomberg or Reuters do in the West. For the record, Artprice's collection of databases and its 27 million pages have been translated into Mandarin since 2008.
http://www.artprice.com (c)1987-2013 thierry Ehrmann
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