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At an April 5, 2010 Sotheby’s auction in Hong Kong a world record was set with the sale of a piece by Lee Man Fong for US$3,243,590. The significance of the record? It was the highest selling price for any Southeast Asian painting ever sold at an auction.
The high price of Lee’s painting, Bali Life, is an indicator of just how far Asian contemporary art, not just Chinese contemporary art, has come, and the potential it has to gain further recognition in a world with art giants from the West getting the majority of the attention.
But compare the US$3.2 million sale of Bali life with that of Beijing-based artist Zeng Fanzhi’s oil-on-canvas diptych Mask Series 1996 No. 6 that set the record for the most expensive contemporary Asian artwork ever sold at US$9.7 million at a Christie’s sale in 2008. It would appear that non-Chinese Asian art still has some way to go in achieving that kind of market value.
Promotion will get you everywhere
Yoichiro Kurata, managing director and CEO of AAAA says, “Christie’s did a really good job promoting Japanese contemporary art, and since 2006 the contemporary art market has been on the rise.” Maybe not coincidentally, Christie’s Hong Kong was the first auction house to introduce stand-alone Chinese 20th century & Asian contemporary art sales in the fall of 2006.
With more promotion of not just Japanese contemporary art, but Taiwanese, South East Asian, and Korean, suddenly a new world of emerging artists becomes more visible to the West when “New York and London need a new set of toys.” says Daniel Komala. “The players (buyers) can’t be only Southeast Asian,” admits Komala. “You can’t effect the high prices with just Southeast Asia players. To be on the world stage you need the West.”
Emerging contemporary artists from these regions could have an edge over Chinese contemporary art because potential collectors breaking into the Asian contemporary art buying scene might think its “Easier to sit on US$10,000 than US$10,000,000,” says Komala. Yoichiro Kurata supports this line of thought in regards to Japanese art, “For Asian collectors, Japanese art looks reasonably priced,” he says.
The future
Chinese contemporary art is still the 500lb gorilla of the region leading the charge even if it is still considered ‘emerging’ on the world stage. But Asian contemporary art is emerging as a whole with the help of auction alliances like AAW, the support of more local and international buyers, and increasing appearances of artists at the large auction houses Sotheby’s and Christie’s.
As Asia’s importance rises in the world, so does its art. Despite the heavy focus on Western contemporary art on the world market, the quality and artistic talent of Asian contemporary artists has always been there. It is a pivotal time for Asian contemporary art and art lovers would do well to consider Andy Warhol’s words, “The idea of waiting for something makes it more exciting.”
