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Gaga portrait lures billionaires to Hong Kong
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Hong Kong’s art scene goes into overdrive this week as Asia’s billionaires descend on the city for the Hong Kong International Art Fair.
Despite a 3.2 percent drop in the Hang Seng Index (HSI) today, collectors at the VIP preview snapped up works by Asian artists including Indonesia’s Nyoman Masriadi, and Liu Wei from China.
The fair, featuring 266 galleries from 39 countries, is a test of Asian demand. It opens to the public tomorrow and runs through May 20. VIPs first get first picks at works by Roy Lichtenstein, Zeng Fanzhi and Damien Hirst.
“The fact the stock market has tumbled isn’t helping but that said, it’s good, it’s upbeat,” said Jasdeep Sandhu, owner of Singapore-based Gajah Gallery, which sold two paintings by Masriadi costing several hundred thousand dollars.
Taipei-based Lin & Lin Gallery sold 12 of 15 works by Liu costing between $1 million and $4 million in the first three hours of the VIP preview today. “We had got so many inquiries we had to limit each buyer to one piece,” gallery administrator Muo Cheng said in an interview.
Launched in 2008, ART HK has become a major stop on the global art circuit for dealers looking to tap into the region’s growing wealth.
“For two or three days, Hong Kong is the place to be,” said Tim Marlow, director of exhibitions at London-based White Cube. “It’s like Venice or Basel. I’ve just come from New York and Sao Paulo.”
White Cube is selling works by Tracey Emin, sculptor Antony Gormley and German neo-expressionist Georg Baselitz.
Last year, the event drew more than 63,000 visitors and is closing in on London’s Frieze and Art Basel Miami Beach. Swiss- based Art Basel owner MCH Group AG (MCHN) bought a majority stake in Art HK last May.
Increasingly exhibitors are using Art HK to showcase Asian artists alongside western works. New York-based David Zwirner Gallery is featuring a portrait of Lady Gaga by Chinese painter Yan Pei-Ming that will hang alongside two paintings by the Belgian Luc Tuymans.
Gagosian Gallery is displaying works by Picasso, Hirst and Lichtenstein, along with Yayoi Kusama and Takashi Murakami from Japan.
Galerie Karsten Greve, of Cologne, Germany, is participating in Art HK for the first time, with work by American artist Cy Twombly.
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SOURCE: Bloomberg Business Week | Video
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