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 November 29 - December 3:
Christie’s Rejoices As Chinese Collectors Break Records At Hong Kong Art, Wine, Jewelry Auctions
Emerging Chinese and other Asian collectors have, over the past two years, been instrumental in Hong Kong’s rise on the auction stage, as the city has become one of the world’s top three wine markets and a crucial hub for international auction houses.
Although most observers expected these sales — with their top-quality wines, works by sought-after Chinese artists like Zeng Fanzhi and Zao Wou-ki, and rare jewels like the 14.23 carat “Perfect Pink” diamond — to do well, the grand totals likely even surprised some at Christie’s. All told, this weekend’s art and wine auctions brought in a total of HK$592.7 million (US$76.3 million), with the wine auctions accounting for US$10.3 million. (Well over the pre-sale estimate of $8 million.) Today’s jewelry auction added another HK$612.6 million (US$78.9 million) to Christie’s haul for the week. But among all of the results that have come out over the past few days, several individual highlights certainly stand out.
When (And How) Will China Create A World-Class Brand?
Although international luxury brands are plagued with challenges in mainland China, from uneven consumer education and poor buyer loyalty to 0ften low profit margins, the sheer size and potential for growth makes this market — projected to become the largest in the world by 2015 — impossible to ignore. But for upstart Chinese luxury brands, long accustomed to, but never comfortable with, playing second fiddle to dominant foreign competitors like Louis Vuitton or Gucci, the market is even more difficult. While industry figures like Zhao Yunhu of Shenzhen Copais, Zhang Zhifeng of NE-TIGER, and Jiang Qiong’er of Shang Xia are confident that Chinese designers will be able to call on their civilization’s culture and long history of craftsmanship to create truly global brands that can compete both at home and abroad, so far Chinese consumers themselves have proven to be more fixated on Western imports.
So when — if ever — will Chinese brands really hit the world stage? What will they have to do to not only sell in Europe or North America, but, perhaps more importantly, in their home market?
As the Wall Street Journal reports today, Chinese artist Xu Lei is set to follow in the footsteps of artistic royalty like Salvador Dali and Joan Miró, as Xu has been named the latest artist commissioned to design a label for the top-flight Bordeaux wine producer Château Mouton Rothschild:
The winemaker has selected artists to design its label every year since 1945. For its 2008 vintage, Mr. Xu has drawn a ram, Mouton Rothschild’s emblem, perched on a rock, the winery revealed yesterday.
Mr. Xu is the second Chinese artist chosen by Mouton Rothschild — the 1996 label was designed by Gu Gan, who is best known for his calligraphic painting. This time around, the choice of Mr. Xu comes as the swelling ranks of wealthy Chinese wine buyers are imposing themselves on the global wine market. Hong Kong is now the largest wine auction center in the world by dollar sales, surpassing New York and London — and Mouton Rothschild’s move follows a similar recent announcement from one of its main Bordeaux-producing rivals.
Coach: Will They Use Their Digital Capability In China?
American leather goods company Coach has been on a turn-around recently, with the company ending its fiscal year owning 20% of the US market in accessories, as well as increasing penetration in both the UK and Europe. For Coach, China has been the most impressive venture in its expansion, with sales doubling to $100 million USD in the 2010 fiscal year, representing a 4% foothold in the accessories market. In the coming years Coach will continue its rapid international expansion, with plans to open 30 stores in China, 8 in Japan, 30 in the United States, as well as a flagship location in London. Much of its success is due to the vertical integration of items into its tiered pricing model, which is designed to reach a broad customer base.
In the U.S., and particularly for the 2010 holiday season, Coach has focused on e-commerce and digital marketing. Digital strategies include streamlining the online shopping experience, using customized e-mails, and posting gift guides that tap popular fashion bloggers.
Miami Beach: Where to See Contemporary Chinese Art
Art Basel Miami Beach, now in its ninth year, is the premier art fair in the US, and with auction results showing collectors are in the mood to buy again, galleries are back in town. According to the Wall Street Journal, booth applications are up 20% over last year, and luckily for fans of Chinese contemporary artists, there’s no shortage of Chinese works represented. With Chinese contemporary art continuing to draw the attention of art collectors around the world, and Miami Beach being the place to see and be seen this week, here are Jing Daily’s picks for the best places to find top-quality Chinese contemporary art in Miami.