Art Basel HK trumpets quality, maturity amid global slump

(CHINA DAILY)“Lessismore”isthenewmantraforArtBasel’sglobalartfairs–asrapidgainsoverthefirstfewyearsoftheinternationalfranchise’sHongKongeditiongivewaytoamorematureandrefinedmodel.

FewergrandioseinstallationswereattheshowwhichwaslaunchedonTuesdayaheadofitspublicopening.

ArtBaselDirectorMarcSpieglerdescribeditas“lessismore,buthigherquality”-withmorethan600galleriesapplyingfor239covetedspaces.

Theshow,whichSpieglersaidtheworld’s“mostglobal,world-classfair”,openedamidaslowdowninthemainlandeconomyandflatgrowthinternationally.Artsaleshavebeentrendingdownfromrecordlevelslastyear.

Spieglersaidthatwhilesalesatauctions,themarket’smosttransparentindicator,weredown,businessatgalleriesremainedrobust.Thisisduetothestrongsupportofloyalcollectors–atrendhelpedbyhisshow'spromotionofregionalgalleriesandtheartists’discountsandpersonalservicewhichcomewithabetter-connectedclientele.

ArtBaselheadofAsiaAdelineOoiremainsoptimistic,saying:“Theartworldhaslivedthroughthis,it’snotthefirsttime.Therewas2008andhereweareagain.”

ShowleadsponsorUBS’PresidentofWealthManagementJurgZeltnersaidartasanassetclassremainedpopular.Itofferedgrowingandliquidreturnsbeyondwhatthemarkethadtooffer.

YetSpieglersaidthosewhoprofitedmosthistoricallyboughtartoutofappreciation-ratherthanasaninvestment.

Theexhibitionwaslesscrowdedwithvisitorsonthefirstdaycomparedtopreviousyears,WhiteCube'ssalesexecutiveGeorginaWimbushsaid.

DavidZwirnerpartnerJuliaJoernsaiditwasthebestfirstdayinitssixyearhistoryofbeinginHongKong.

"Ourfocusedpresentationonfigurativepainters,includingLucTuymans,MarleneDumas,NeoRauch,andMichaëlBorremans—whomadefivenewpaintingsforthefair—waswellreceived,"shesaid.

LocalGalerieDuMondeonlymanagedtosellahandfulofsmallpiecesinthefirstfewhours.ThiswasverydifferentfromArtBasel2014whentheirentirestocksoldoutintwohours,gallerymanagingdirectorKelvinYangsaid.

Theremaybenoreturntotheboomtimesofyearspastbutbusinesshadslowed-notstopped,ShanghART’sLillianWusaid.

Businessremainedbriskatafewanchorgalleriesatthefair’smainfloor.Buttheydidnotelaborateonexactdetails.

AnoticeableincreaseinSoutheastAsianpatronsisexpectedtobufferanydeclinesinvolumeinmainlandpurchases.AgreatershowingofmasterpiecesbyWesterngalleriessuitedstillevolvingmainlandtastes,explainedWu.

TheSotheby'sartauctiontheweekafterArtBaselendswillbeatellingindicatorofthemarketstrajectory,accordingtoShanghaigalleryLongmanDirectorJeffreyLee.

Leespentnearlyadecadeupto2010intheChineseartauctionfieldbeforemovingintohisfamily's30-year-oldgallerybusiness.

Whetherornotpessimismprevailsinthemarket,volatileChinesebuyingsentimentwilloccurattheregion'sauctions.Ontheotherhand,privatecollectorsdotheirbestpurchasesduringdownturnsasitiseasiertonegotiateonprice,hesaid.

Therearemorethan80artandculturaleventsattheartfair.IthascommandeeredthefacadeofHongKong’shighestbuildingfora490-meter-highpubliclightinstallationbyTatsuoMiyajimacalledTimeWaterfall.