May 21, 2024
The Contemporary Art Market is Experiencing Rapid Expansion
The painting, purchased for 14 million yen in 1996, is now valued at an estimated 1.1 billion yen. This piece by Chinese artist Fang Lijun, housed in the collection of the Fukuoka Asian Art Museum, is a testament to the increasing recognition of Asian contemporary art. The artwork, with its satirical depiction of men with similar smiles symbolizing the country's social situation, is a powerful reflection of the times. Etsuko Iwanaga, the museum's director, confirms that contemporary art from Asia, once overlooked in the 1990s, is now in high demand by museums and collectors worldwide. The prices of artworks by artists from India and Indonesia are also on the rise, further validating the growing interest in Asian contemporary art.
The review critiques Western-dominated values. It emphasizes the importance of diversity in race, generation, and gender, not only in the artists' attributes but also in their works' themes. With the economic development of emerging Asian countries, an environment has been created where artists can study abroad and develop while being exposed to the latest trends in art.
According to Artprice.com, a French price information site, auction sales in the period from July 2022 to June 2023 accounted for $2.3 billion (approximately 360 billion yen). This figure, despite temporary declines such as those experienced after the Lehman Shock in 2008, is a testament to the resilience of the art market. The auction sales have continued to grow since the beginning of the 21st century, with the number of successful bids reaching 123,000, about 10 times the number at the beginning of the century. This consistent growth in the face of economic challenges should instill confidence in the stability and potential of the art market.
Auction companies are aiming to capture demand from across Asia. Sotheby's, a major global firm, will relocate and expand its operations in Hong Kong by September 2024. A new system will be established to conduct auctions throughout the year.
On the other hand, what about the Japanese market? Although the Japanese market accounts for just under 2% of the total, there are high expectations for its potential. In 2023, at SBI Art Auction (Tokyo), the total number of successful bids exceeded 5.2 billion yen 2023. This is ten times more than ten years ago. 60% of individual successful bidders are under 40. According to SBI, “Due to the coronavirus pandemic, inquiries have increased as a way to add color to the living environment. In addition to executives from venture businesses, the proportion of company employees is also increasing.''
