Downward Spiral: Confidence in Contemporary Indian Art drops 90%

Diamonds, 2007, Bindis on panel, 64.25 x 70.25 inches. By Bharti Kher

According to ArtTactic, a London based research company that examines the art market, the art market boom for contemporary Indian art may very well be over-- at least for now. ArtTactic’s confidence index states that art market confidence in contemporary Indian art has dropped by 90 percent since last October. ArtTactic’s data is based on a number of factors-- including a balance between pessimistic and optimistic art market professionals who respond to their surveys. The responses were offered by over 80 individuals-- ranging from Indian and international collectors, art dealers, art advisers, to auction house specialists.

The confidence for Indian art in general has dropped 63% in the same length of time. The report states that the market for Indian art in general may take anywhere between two and 10 years to recover due to the aftermath of a market that sent prices for Indian art souring in the last few years. In fact, just over a year ago prices for some Indian artists had doubled-- a rapid increase in what turned out to be a paper-tiger market. The founder of ArtTactic, Anders Petterson, has said, “people see there’s nothing to hold these prices up any more.”.

The current slump is largely due to the state of the economy and the financial crises that has swept the world-- another sign that the stability of the art market in general can shift rather quickly. The implications of the bubble-burst market for contemporary Indian art may end up being disastrous for western art dealers who invested heavily in Indian artist since 2006. Concerning the burst Petterson has stated, “Western galleries got involved with Indian art at a high price-point and now they’re stuck with it.”

Needless to say, there is some concern that younger contemporary Indian artists may end up in obscurity due to the fact that the high prices for their work is no longer valid within the current art market-- 10 years is a long time to wait for the art market to recover after having been introduced to rising success early on.

Young contemporary Indian artists are not alone. There has also been a downward spiral in the art market for contemporary Chinese art. Similar to the contemporary Indian art market many of the top selling Chinese artists were virtually unknown before the Chinese art market boom. Successful young contemporary artists from India and China reaped what quick fame and fortune offers to artists who dominate the global art market.

I suppose the lesson to be learned from this is that success can be fleeting-- these young artists have been caught in the downward spiral of the economically burdened art market. That said, the art market may recover just as fast as it crashed. If the global financial crises has taught us anything it is that the unexpected can happen.

Link of Interest:

www.arttactic.com

Take care, Stay true,

Brian Sherwin
Senior Editor
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Zeng Fanzhi’s first United States solo exhibition at Acquavella Galleries

undefined painting by Zeng Fanzhi

Chinese contemporary artist Zeng Fanzhi will be involved with his first solo exhibition in the United States next month. The solo exhibit will feature Fanzhi’s recent portraits and landscapes-- this will be the first time that the works will be shown publicly. Zeng Fanzhi is one of the most celebrated Chinese contemporary artists. His work has sold for over $9 million at auction. His paintings explore social convention and personal identity.

According to Acquavella Galleries, “Zeng Fanzhi was born in 1964, and came of age during the Chinese Cultural Revolution. He studied at the Hubei Academy of Fine Arts in his province, where he was deeply influenced by Expressionism. From his graduate work on, Fanzhi’s painting have reflected these cultural and critical touchstones…”. Fanzhi has exhibited widely. He has had exhibits at the National Art Museum (Beijing), Santa Monica Art Centre (Barcelona), and Art Centre (Hong Kong).

Zeng Fanzhi’s solo exhibition at Acquavella Galleries will open on April 2nd and will run until May 15th, 2009. The exhibit will involve approximately 20 oil on canvas paintings. A Q&A session with Zeng Fanzhi has been scheduled. Visit www.acquavellagalleries.com for more information.

Take care, Stay true,

Brian Sherwin
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The Downward Spiral of the Chinese Contemporary Art Market

An untitled painting by Zeng Fanzhi

In recent years the market for Chinese contemporary artists has been hot in the global art market. Many of the top selling Chinese artists were virtually unknown before the Chinese art market boom at high profile auction houses and art fairs. Successful Chinese contemporary artists, such as Zeng Fanzhi, reaped what quick fame and fortune offers to artists who dominate the global art market. Due to global success artists from Shanghai and Beijing have been able to operate large studios in order to create further work. However, success can be fleeting-- these artists are now caught in what has been described as the “downward spiral” of the contemporary Chinese art market.

Galleries and art dealers in Shanghai and Beijing are facing some of the same struggles that galleries in New York City and other hubs of the art world have been challenged by in recent months. At the core of the plight is the ongoing global financial crisis. Art collectors worldwide are not as wealthy as they were just a year ago-- thus, aspects of the art market have been caught in a financial freeze, so to speak. Prices for art have dropped rapidly-- meaning the value for specific artists may be in limbo. In other words, high profile collectors are wary to invest in an uncertain global art market.

Chinese contemporary artists who were steadily patronized over the last few years are now faced with the humble reality that perhaps their art will falter within the global art market. Even the top auction houses, such as Sotheby’s, have been reluctant to spotlight Chinese contemporary art in recent months. This has lead insiders to suggest that the era of high-priced Chinese contemporary art is over. Rumors suggest that the market for Chinese contemporary art may bottom out before the global economy recovers. Thus, the fate of these artists within the global art market is not clear.

The surge in popularity for Chinese contemporary art among wealthy global art collectors-- such as Charles Saatchi-- came without warning. Artprice.com only listed one Chinese artist on their Top 10 best-selling living artists list in 2004. By 2007, 5 of the 10 best-selling living artists at auction were from China according to Artprice.com. The most acclaimed Chinese contemporary artist for that year, Zhang Xiaogang, had total auction sales of over $56 million.

Zhang Xiaogang ranked under Damien Hirst and Gerhard Richter in 2007-- two artists who have long dominated the global art market. The rise of Chinese contemporary art came swift. Unfortunately, the crash of the Chinese contemporary art market in the last year came just as sudden. It begs the question-- will any Chinese contemporary artists remain on the Artprice.com best-selling list of living artists after 2009? Who knows what will happen in this turbulent market.

Some feel that the bust of the Chinese contemporary art market was needed in order to sustain the validity of the market for Chinese contemporary art as a whole. Wealthy art collectors and art dealers, such as Charles Saatchi, had artificially driven up prices by investing heavily in art by Chinese contemporary artists-- according to some insiders. Other high profile art collectors and art dealers followed suit in what I like to call the ‘Keeping up with the Saatchi’s' effect.

A few of these individuals were quick to open galleries in China in order to take advantage of the flow of wealth-- now gallery doors are closing. Needless to say, some individuals feel that the artificial rise of specific artists-- not just Chinese contemporary artists-- within the global art market must come to an end in order for the global art market to have a steady business foundation that places integrity and sustainability above excessive personal gain.

Thus, it is felt that art dealers-- in general-- must take more responsibility within the global art market by helping their represented artists sustain the market for their work in a realistic manner. For example, art collectors/dealers who artificially increase prices may need to be avoided if the global art market is to have a strong foundation. Unfortunately, many artists throughout the world will fall victim due to key art world power players who have already manipulated the market for their own needs. The global art market as we know it will never be the same. Integrity is due.

Link of Interest:

China’s Art Market: Cold or Maybe Hibernating? By David Barboza -- The New York Times
www.nytimes.com/2009/03/11/arts/design/11decl.html?_r=1

Take care, Stay true,

Brian Sherwin
Senior Editor
Myartspace.com
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New York Art Exchange
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