ART HK Commissions ArtTactic For New Contemporary Art Market Reports

Art Basel Parent Company, MCH Group, Bought 60 Percent Stake In ART HK ArtTactic's new reports are available for HK$550 (US$71) Running this weekend from May 26-29, this year's Hong Kong International Art Fair (ART HK11) looks to be bigger and better than ever, with 260 galleries from 38 countries set to showcase the largest display of contemporary art ever seen in Hong Kong. With interest in the Hong Kong art scene increasing among mainland China's budding art aficionados and new collectors -- many of whom will also take part in this weekend's Christie's Hong Kong spring auctions -- as well as art lovers from around the world, and the backing of Art Basel's parent company, MCH Group (which purchased a 60 percent stake in the fair), expect to see record crowds at this year's event. With more international blue-chip dealers also signing on to take part in ART HK, many observers now marvel that such a young event (the inaugural fair took place in 2008) in a city occasionally referred to as something of a "cultural wasteland" can attract so much attention. However, as the FT pointed out last week, with China's domestic art collector market coming seemingly out of nowhere to become one of the world's most important, auction houses and art dealers alike have been quick to chase the trail of money eastward: It is little wonder that the world’s leading modern and contemporary art dealers are looking east. A flurry of reports published this spring charts the meteoric rise of China’s domestic market. TEFAF’s “The Global Art Market in 2010”, for instance, recorded that sales of art and antiques in China more than doubled in value from 2009 to 2010 and that China had now overtaken the UK to become the world’s second largest art market after the US with a global share of 23 per cent. Add to that the projected rise in the number of Chinese billionaires – 20 per cent by 2014 – and the fact that for the first time the Asia-Pacific region now has as many rich people as in Europe, and the shift in power between west and east seems seismic. Even if one treats the statistics supplied by Chinese auction houses with due scepticism, it is clear that Asia is in the ascendancy. Catering to the VIP-led rise in collecting in China is now becoming an important part of any auction house or art fair's regional strategy, and this year's ART HK will be no different. For the first time, ART HK commissioned the London-based art market research organization ArtTactic (previously on Jing Daily) to develop reports on the Chinese and Western contemporary art market in time for this year's fair. Designed to provide a broad but comprehensive view of the current art market, ArtTactic's reports for ART HK include topics like the history of the art market, confidence analysis, short- and long-term trends, detailed analysis of the dealer and auction sectors, price analysis and an overview of emerging and established artists. Indicating the importance of new Asian collectors in general and new Chinese collectors specifically, the ArtTactic reports include a dedicated section on tips for collectors, including advice on understanding the art market, researching opportunities, transacting with key market shareholders and how to protect and enhance investments. Reflecting the demographic to which ArtTactic and ART HK hope to appeal, the reports will be available at the ART HK VIP lounge during the event, but can also be purchased online for HK$550 (US$71) each. ART HK 11 May 26-29, 2011 Hong Kong Convention and Exhibition Centre 1 Expo Drive, Wanchai, Hong Kong Event Website

ART HK Commissions ArtTactic For New Contemporary Art Market Reports

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Published May 23, 2011

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ART HK Commissions ArtTactic For New Contemporary Art Market Reports