arts n entertainment

Outsiders tend to think Asian art is limited regionally to China and a few other regions. Yet, over fifty countries are represented in this genre of the art market that spans the ME, the islands of the Pacific and Mongolia. Broadly, there are 7 identifiable geographic areas. These areas cover West and South Asia, Persia, the region around the Himalayas, Japan, Korea, China and Southeast Asia. Ad within these identifiable segments, there is a rich diversity.

A rich history is reflected in this rich genre. In the wealthier regions, artisans have historically been more productive. With the growing number of high net worth buyers from China, South East Asia and India, art from this area has been doing well in the auction market.

Affluent mainland Chinese buyers have been responsible for record sale prices for top tier Chinese ceramics and imperial treasures. For mainland buyers, art is a status symbol as well as a potentially lucrative alternative investment. There has been intense competition at sales due to a diminishing supply of top flight antiques coming to market.

Intense competition has meant record sale prices. Evidence of this is in the Qing era vase bought for 2.4 million USD, the highest price for porcelain sold at auction at the time. An imperial white jade seal from the Qianlong period sold for 16 million USD, which was another record in the white jade category. Old fine paintings have also sold well.

This reflects the hunger for objects of high quality, of which there is very short supply in the market. The expectation is that unless there is a major correction in the global economy, such prices will continue to rise. Interest is increasing as collectors are adding contemporary works to their collections of antiquities.

The contemporary art market has not yet seen the same level of excitement as remnants from the imperial era. It has, hence, not yet fetched a similar level of prices, although select artists and their works have sold well. An example is an early work by Zhang Xiaogang fetched 6.7 million USD at sale. However, as the supply of ancient treasures dries up, more recent works will witness greater interest in the coming years. Already there is a sound market for contemporary works.

As there is more building and budgets that allow art purchases, sculpture is seeing a resurgence in interest. There is also a proliferation of new magazines catering to this growing market. Beside established magazines that focus on the classics and antiquities, there are new entrants reflecting the evolving industry. These new magazines are showcasing contemporary artists and artwork. They are illustrative of the changing environment.

With the liberalization of society that has taken place in large parts of this area, an active and vibrant art scene has blossomed throughout the region. Talented artists, once restricted by political and cultural restrictions, have gained the freedom to become creative at home. In China and Vietnam, the lifting of restrictions has meant young artists experimenting with new forms. The easing of a more subtle form of repression in other countries has further encouraged local artists to unleash their creativity. Asian Art encompasses both ancient and modern reflections of the diverse cultures that comprise this rich genre.