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ENTREPRENEUR & INVESTOR talked to Fred Weijgertse,
Managing Director of Crown Fine Art - the world’s first integrated
international fine art logistics company, about the growth in the
Chinese art market and what it means for global collectors.
Why has interest in the art market grown in China?
Political change has certainly helped. For instance
new regulations allowing the sale of art, wine
and collectibles within virtual free-trade zones,
has boosted the market. It means buyers at
auction can avoid customs duty of six per cent
and VAT of 17 per cent – and has led to both
Christie’s and Sotheby’s establishing bases in
mainland China.
Improved global transport, increased global cooperation
between galleries and the rise of the online market has had an
impact, too. But the growth of the Chinese economy and with it
the increase in the disposal income of its residents is probably
the key. There has always been an interest in western art in
China but only now can people seriously considering owning it.
Art is becoming more accessible within China too - construction
is booming in China’s second-tier cities, with 200 commercial
galleries with new art spaces opening every week.
So what are the big centres for art in China?
The hot spots are Beijing and Shanghai on the mainland, and of
course Hong Kong which has always been a thriving art market.
Beijing, as the capital of China, has more than 100 museums,
including the Museum of Contemporary Art, and features the
thriving 798 Art Zone (a hub for modern art and artists). It is fast
becoming a major force in the international art market.
As for Shanghai, it has the largest population of any city in China
and that says it all. Traditional Chinese art and contemporary art
are both widely represented, which is interesting for the western
market as young artists working in Shanghai combine Chinese
tradition with western views on art.
Shanghai Art Fair is one of the world’s most respected, while the
Shanghai Museum hosts temporary exhibitions in collaboration
with some of the most important collections in the world, such
as the Kremlin Museum, the Hermitage, the British Museum and
the Rijksmuseum. It is not to be underestimated.
Hong Kong has always been the gateway to art in China and is
possibly the world’s largest art and antique market. Being a free
port with no limits on imported art – and no sales tax – gives
Hong Kong a strong position.
Sundaram Tagore was the first artist to set up an international
art gallery there in 2008 and growth since then has been
immense. Art HK, the contemporary arts fair now run by Art
Basel, has grown from 19,000 attendees and 100 galleries in
2008 to 67,000 visitors and 266 galleries last year. Big names
such as London’s White Cube and New York’s Gagosian are
there. Importantly the government’s Leisure and Cultural
Services Department subsidises and sponsors international
performers brought to Hong Kong and that drives the market
too.
Which are the main art fairs to look out for?
Shanghai Art Fair, as I mentioned, is an important one, Art
Beijing, Art HK too. Probably the next one for collectors is the
Fine Art Asia Fair in Wanchai, Hong Kong, on October 4.
What genres and artists interest the Chinese market most?
In the domestic Chinese market, the rarity of traditional
calligraphy and paintings mean that these are prized by Chinese
collectors as safe investments. Contemporary ink, using
traditional techniques and materials, is also a major trend to
watch; and there remains a strong interest in traditional crafts,
like lacquer ware and cloisonné (a type of metalwork) too.
The pace of change in China, and in the art market, has been
phenomenal though and it will be interesting to see where it
leads. The pace of growth has slowed over the last year but
nevertheless there is a clear movement towards interest in
western as well as Chinese art. Post 1900s modern and in
particular contemporary art is favoured – along with jewellery
and some Impressionist art - and is driving growth. With more
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