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Insights and Discoveries Asia of Art Market - 2019 Art Basel Hong Kong

By OGP Reporters / Members Contribute File Photos

Oh Good Party

We are more optimistic that the Basel exhibition has strict requirements on the gallery, and the gallery must have a certain history and represent quality artworks. This has its advantages, and disadvantages, because high standards and strict requirements have led many galleries to enter this fair. But for collectors, this is also a guarantee of security, and also ensure a relatively safe return on investment in all aspects, such as recommenders, sponsors, artists, former collector, past transaction history, and more. These have strong business considerations, and well-known fairs can assist collectors to do the first screening work.

Art Basel is a for-profit, privately owned and managed international art fair staged annually in Basel (Switzerland), Miami Beach (Florida), and Hong Kong (China), selling and showing some established and emerging artists and their new artworks. It‘s also recognized as one of the highest levels of art fairs in the current world. While Art Basel provides a platform for galleries and studios to show and sell their work to buyers, it also attracts a large international audience of art spectators.


Art Basel was started in 1970 by Basel gallerists Ernst Beyeler (1*), Trudl Bruckner and Balz Hilt. In its inaugural year, the Basel show attracted more than 16,000 visitors who viewed work presented by 90 galleries representing 10 countries, and thirty art publishers participated. Five years after its founding, by 1975, the Basel show reached almost 300 exhibitors. The participating galleries came from 21 countries, attracting 37,000 visitors. UBS is the main supporter and lead partner of the Art Basel in Basel since 1994, include Miami Beach since its inception in 2002 and Hong Kong since its inception in 2013.


Art Basel partnered with Kickstarter (2*) to create a crowdfunding initiative aimed at funding non-profit visual arts organizations worldwide in 2014. In 2015, the BMW Art Journey award was established by BMW and Art Basel to reward promising artists from the Discoveries sector in Hong Kong and the Positions sector in Miami Beach. Also, the executive-education program Collecting Contemporary Art in Hong Kong was launched by Art Basel, HKU SPACE Centre for Degree Programmes (CDP) and Central Saint Martins College of Arts and Design (CSM).


In 2008, MCH Group, Angus Montgomery Arts and the events organizer Tim Etchells launched Art HK. MCH bought it out (100% company shares) in 2013, and to create Art Basel in Hong Kong. The 2015 Hong Kong Exhibition, on display were 239 galleries from 35 countries and territories, attracted over 70,000 visitors, among them directors, curators, trustees, patrons and collectors from over 100 leading international museums, and institutions.


Art Basel launched its inaugural sales fair in Hong Kong. Half of the participating galleries came from Asia and the Asian -Pacific region. Most of features premier galleries and representative artworks from Asia and beyond. The show provides an in-depth overview of the region’s diversity through both historical material, and cutting-edge works by established, and emerging artists. Especially in the ever-changing art market environment, it can keep up with the fashion elements and always attract the attention of the audience.


2019 Art Basel Hong Kong has been marked by countless highlights. The Galleries sector presents art from the world's leading Modern and contemporary art galleries, displaying paintings, sculptures, installations, photographs, film, video and digital artworks from the 20th and 21st centuries.


The HK fair featured 242 premier galleries from 35 countries and territories, with 21 galleries participating in the show for the first time – among them nine galleries in the main sector that have been highly influential in defining the art scenes in Europe and the United States, including: Galerie Greta Meert from Belgium; Galerie Bärbel Grässlin and Galerie Max Hetzler from Germany; and Luhring Augustine, Matthew Marks Gallery, Paula Cooper Gallery, Regen Projects, Andrew Kreps Gallery from the United States; and Richard Nagy Ltd. from the United Kingdom. For Strengthening Asia's position that 5 galleries of Asian-Pacific region graduated into the main sector of the show. At Art Basel Hong Kong, excellent gallery presentations provided a uniquely global overview of the art world, Attracted collectors from over 70 countries and territories, notably from Hong Kong, Mainland China, South Korea, Taiwan, and the United States.


During the five show days, private collectors as well as representatives from over 130 leading international museums and institutions attended the show, including: Art Gallery of New South Wales, Sydney; M+, Hong Kong; National Gallery of Zimbabwe; The National Museum of Modern Art, Tokyo; National Museum of Modern and Contemporary Art, Korea; Pérez Art Museum Miami; Rockbund Art Museum, Shanghai; Royal Academy of Arts, London; Serpentine Galleries, London; Solomon R. Guggenheim Foundation, New York; Stedelijk Museum, Amsterdam; Tate, London; Ullens Center for Contemporary Art, Beijing; and Vancouver Art Gallery.


This fair had a record attendance of 88,000, amid reports of strong sales across all regions and all levels of the market.


The artist's career sequence is from galleries to art exhibitions, then to auction houses, and final to museums. The Basel art exhibition is second level. We are more optimistic that the Basel exhibition has strict requirements on the gallery, and the gallery must have a certain history and represent quality artworks. This has its advantages, and disadvantages, because high standards and strict requirements have led many galleries to enter this fair. But for collectors, this is also a guarantee of security, and also ensure a relatively safe return on investment in all aspects, such as recommenders, sponsors, artists, former collector, past transaction history, and more. These have strong business considerations, and well-known fairs can assist collectors to do the first screening work.


We saw that most of the major artists on the fair, who were born in the 1960s and 1970s, and accumulated a certain degree in experience, qualifications, and artworks. Most of these artists have exhibited in different regions of the world, and their originality has been recognized by the public, as well as good sales records and fixed collectors support. These artworks are moderately priced, from tens of thousands to hundreds of thousands can be bought, which is very suitable for experienced collectors. Most of the artworks of the Basel fair have an excellent feature that the artists displayed are basically in their prime, and the creation is mature, but it still takes much time and market tests to achieve the highest value. It’s hard to say that after decades, one of the artist could become a master, but, if you can find and explore his/her growth period, it will be the luckiest thing for collectors.


In addition, the annual Affordable Art Fair, Asia Contemporary Art Show in Spring and Autumn, Art Central, Fine Art Asia, Sotheby's, Christie's, Ravenel, Accord Art organized by SOHO Gallery, etc. These place can find good collections, and we recommend that collectors also take a look.



Notes

1* Ernst Beyeler (1921 – 2010) was a Swiss art dealer and collector, who became "Europe’s pre-eminent dealer in modern art", according to The New York Times, and "the greatest art dealer since the war", according to The Daily Telegraph. In 1982, he and his wife founded the Beyeler Foundation to show his private collection, which on his death was valued at US$1.85 billion.


2* Kickstarter is an American public-benefit corporation based in Brooklyn, New York, that maintains a global crowdfunding platform focused on creativity and merchandising. The company's stated mission is to "help bring creative projects to life". Kickstarter has reportedly received more than $4 billion in pledges from 15.5 million backers to fund 257,000 creative projects, such as films, music, stage shows, comics, journalism, video games, technology and food-related projects. People who back Kickstarter projects are offered tangible rewards or experiences in exchange for their pledges. This model traces its roots to subscription model of arts patronage, where artists would go directly to their audiences to fund their work.

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