Do slow down the Asian art market?
ARTinvestment.RU   07 октября 2008

Auctions Asian Art Sotheby's, held in Hong Kong, were not very successful: many of the top lots were left unsold. In the face of economic crisis, buyers prefer to do more «budget» purchase

In the past few years, the Asian art boom has become a byword. Creation Tsaya Go-Tsyana (Cai Guo-Qiang), Zhang Syaogana (Zhan Xiaogang), Mintszyunya Yue (Yue Minjun), Takashi Murakami (Takashi Murakami) and Esitomo pallet (Yoshitomo Nara) hit a record at auction for the record. Today in Hong Kong closes fair works of art and antiques (Hong Kong International Art and Antiques Fair), in which more than 80 galleries from around the world - more than ever. They are afraid of whether the dealers that rapidly falling stock market indexes utyanut in the market of art? Fair organizer, antique furniture dealer Andy Hay (Andy Hei) said that Asian markets znavali times, and worse: for example, in 1998, when the whole of Asia has shaken the widespread financial crisis, or in 2003, when the general panic over SARS. Retailers agree that people will continue shopping in galleries and at auctions, but will save, and to abandon the acquisition of works of art for extraordinary prices. Proof of which have been the recent Sotheby's auction in Hong Kong.

Large auctions of Asian art, jewelry and antiques Sotheby's and Christie's are traditionally held in conjunction with the Hong Kong market. 5 October were trading pieces of modern art Sotheby's, where 20 per cent of lots remained unsold. Notably, the buyers had not been primarily the top lots, including paintings by Zeng Fanchzhi (Zeng Fanzhi, with estimeytom HK $ 8-12 million) and Zhang Syaogana (estimeyt 2,3-2,8 million). The most expensive piece of the auction was a canvas «Untitled» famous Yue Mintszyunya that brought 6.6 million HK dollars. The morning auction of Chinese works of art of the twentieth century have proved even less successful: remain unsold, two-thirds of the 110 lots. October 4, hosted an auction of contemporary art in Asia, where buyers do not find 40 percent of lots. Experts say that prices for Asian art in recent times too «razdulis», and, because of economic difficulties, people simply can not justify the purchase of works of such vast sums of money. Nevertheless, lots of more reasonably priced on sale quietly.

Today, in Hong Kong will tender the works of Western and Asian contemporary art, organized by auction house from South Korea, Seoul Auction Co. They will be presented to the work of such renowned artists as Roy Lichtenstein (Roy Lichtenstein) and Willem de Kuninga (Willem de Kooning). Organizers say the auction, that under conditions of instability in the economy is best to buy products tested, the authors. Recently, columnist Sara Thornton (Sarah Thornton) said about the image, de Kuninga, placed on Christie's auction wife heads of failed bank Lehman Brothers tail Kathy (Kathy Fuld) , that even if the prices of similar works of art will not be so high, they will always be quoted in the market.

Material prepared Yulia Maksimova

Sources: bloomberg.com , artinvestment.ru