In the autumn of 2008, Hong Kong was the first art marketplace to suffer the effects of the economic crisis on the art market. Now that the art market has recovered, the autumn 2010 sales in Hong Kong confirm two clear trends: renewed buoyancy for the Chinese, Indian and Indonesian Contemporary art stars and an explosion in the prices of works by Modern artists.
The sales figures from Christie’s HK branch show an impressive total for Modern works. Fine Chinese Modern Paintings was most successful and the unsold rate was exceptionally low (4.6% of the 239 lots offered). While China’s Modern art is enjoying considerably inflation, its Contemporary segment is picking up speed, despite a higher unsold percentage. However, a number of results suggested the return of strong demand for China’s star Contemporary artists, of whom Zeng Fanzhi is a perfect representative.
Ravenel auction house had a similar success with its contemporary art section.
Contemporary Chinese art seems likely to enjoy a particularly prosperous future.
Eight Art Gallery wants to be part of that by promoting its artists to our existing and new clients.