Jing Daily’s Top Posts For The Week#
In case you missed them the first time around, here are some of Jing Daily’s top posts for the week of March 22-26:
Jing Daily Exclusive Interview With Filmmaker Jia Zhangke (Part 2)
Last week, we posted
Part One#
of our interview, in which Jia Zhangke discussed key developments in film production in China, his personal experiences as a young director in Beijing in the mid-’90s and support of young directors there today, and the difference between being an “underground” director and one who operates within China’s state film system.
In
Part Two#
, Jia discusses his film production company, XStream, and some of the upcoming projects he is currently involved in — both as a director and producer.
ArtTactic’s New Chinese Art Market Report: Highlights#
Last December, art market analysts ArtTactic released a survey that indicated confidence in the Chinese art market, which had taken a hit in the wake of the global economic crisis, showed signs of recovery over the course of 2009. From February 2009 to November 2009, ArtTactic’s confidence indicator for the Chinese art market rose from 16 to 57, reflecting more positive than negative sentiment.
Additionally, 70% of respondents said they expect the Chinese art market to recover within two years.As Jing Daily wrote at that time, the findings of ArtTactic’s survey, along with other recent developments, hint that buyer confidence, comparatively affordable pricing, and decreased output by blue-chip Chinese contemporary artists would lead to a brisk rise in prices this year.
Chanel Unveils Accessories With “Chinese Elements” To Commemorate Shanghai Expo#
The Chinese-language luxury portal Luxee posted several photos this week of Chanel’s recently unveiled collection of accessories that feature “Chinese Elements,” which the luxury house designed to commemorate the opening of the Shanghai World Expo on May 1. This limited-edition collection, which includes bracelets, necklaces, handbags and earrings, will debut at Chanel’s five mainland boutiques this May.
LVMH To Partner With French Pavilion At Shanghai Expo#
The luxury powerhouse LVMH Moët Hennessy • Louis Vuitton S.A.understands where its obligations lie. The company, which owns brands as diverse as Tag Heuer, Dior, Louis Vuitton and Chinese baijiu maker Wenjun last year reported that Chinese consumers had surpassed the Japanese and Americans tobecome the world’s top buyers of Louis Vuitton apparel and handbags and Hennessy cognac. Amid one of the worst economic environments in recent history, Chinese consumers in a growing number of cities both large and (comparatively) small have become the “go to” customers for LVMH Moët Hennissy’s stable of brands.
However, as Jing Daily recently noted, the LVMH group can’t afford to rest on its laurels in the China market. Chinese consumers are far more educated on brand quality and image than most give them credit for, and in top-tier cities like Shanghai and Beijing, luxury consumers — who are younger and more likely to purchase luxury goods on a regular basis than their counterparts in North America and Japan — may jump ship as more “common” luxury brands like Louis Vuitton and Gucci expand into second-tier markets.
Upcoming Hong Kong Auctions Set To Attract New Collectors
Recently, Jing Daily profiled the upcoming Sotheby’s auction of Contemporary Asian Art, set to be held on April 5 in Hong Kong. As we wrote at that time, the series of auctions Sotheby’s has planned at the beginning of next month seem to be tailor-made for the growing ranks of mainland Chinese “New Collectors,” with diamonds, contemporary and traditional art, and watches up for grabs.
A shift we’ve seen developing in the past year is a strong preoccupation with asset diversification on the part of many wealthy mainland Chinese, and the resulting deluge of investors turning to “portable wealth” in the form of Chinese art, antiques and jewelry — objects with a strong cultural resonance as well as strong investment and appreciation value — has made waves in the global auction market.