Why You Should Start Collecting Asian Art Right Now
In 2013, when Art Basel opened the doors of its first edition in Asia, the New York Times reported: “…this year, Hong Kong, once derided as a cultural desert, nabbed a prize coveted by cities across the region — serving as Art Basel’s only Asian outpost. The inaugural Art Basel Hong Kong, which opens to the public today, has drawn planeloads of collectors and gallery bigwigs from the West, lured here in part by the growing, glittery market”. The fact that the world’s most prestigious art fair had settled in Hong Kong was interpreted as a milestone in Asia’s art market race to success.
ART Basel Hong Kong, Source: Mousse Magazine
In the past decades, in addition to the western interest in Asian art, a young generation of Asian collectors have begun turning their attention to the regional art scene, with the intent of creating a new model of collecting. A full annual calendar of biennials, shows, and art fairs has increased the region’s international visibility and it boosted the self-confidence of buyers from countries other than China, such as Malaysia, Indonesia, Thailand, and Singapore to adventure into collecting Asian art.
Nevertheless, two decades is a very short time span for establishing a culture of collecting, therefore, much more art remains to be discovered and enjoyed, making the Asian Art Market one of the most exciting and promising art markets in the world.
Here are some reasons why you should start collecting Asian art right now:
THE CULTURAL COMPLEXITY AND DIVERSITY
A critical question that has preoccupied the scholars is ‘What is contemporary Asian art?’ Contemporary art from Asia is now seen in major international exhibitions around the world, but is there such a thing as contemporary Asian Art when Asia is inhabited by hundreds of ethnicities speaking thousands of languages and dialects and practicing all major religions of the world?
Art has been dramatically transformed by the late twentieth-century process of globalization. An extensive exchange between Europe and America on one side and Asia on the other side has led to the uniformity of the art practices across the globe — on the surface. Beneath the surface, contemporary Asian art cannot be removed from the context of tremendous political and economic changes in the region and from its history and cultural heritage, which is making it unique and adding layers of complexity.
PHILIPPINES
After the independence of the Philippines (1946) the quest for cultural identity began. In the decades that followed, Filipino art has seen fast changes that revived the interest in indigenous and non-Hispanic culture and the break from the colonial past. After an intense modernist period (Jose Joya) dominated by abstract American aesthetics, avant-garde experiments followed (David Cortez Medalla) only to pave the way for conceptual art (Ray Albano and Roberto Chabet). When the social realist-dominated era under the regime of Ferdinand Marcos finally came to an end, artists started to look elsewhere for inspiration reviving an earlier interest in the indigenous communities (Imelda Cajipe Endaya). Currently, many contemporary artists are exploring topics such as mass migration and the socio-political situation.
Paytas 2013, Oscar Villamiel, Source: Artsy
Oscar Villamiel’s work highlights elements of poverty, consumerism, and religion in his country. During the 2013 Singapore Biennale, he exhibited a large-scale installation Payatas that featured thousands of salvaged doll heads and other items gathered for two-and-a-half years to remember the victims of a tragedy that took place in the Payatas, Quezon City, where a number of unaccounted scavengers died under the collapse of the land.
Ronald Ventura is another prominent contemporary Filipino artist known for his unique style and dynamic scenes combining realism, cartoons, and graffiti. Ventura’s references range from science fiction, Western history, Asian mythology, Catholicism and popular comic book characters.
INDONESIA AND THAILAND
Super Jumbo, 2011, Heri Dono, Source: The New York Times
As the first Indonesian artist to break into the global art scene during the early 1990s, Heri Dono’s work is highly appreciated for his use of traditional art forms such as Hindi literature, Wayang puppetry, Javanese metaphysics, recycling techniques and a wicked sense of humor. These creative practices express Dono’s commitment to social justice and his interest in revitalizing arts that are deeply rooted in Indonesian traditions.
Thai artist Piyarat Piyapongwiwat uses her art as a platform to give a voice to marginalized groups and to highlight the difficulties faced by artists in a military-run country like Thailand. The many other examples of the very complex art practice specific to contemporary Asian artists should determine any person with an interest in art to start a personal voyage of discovery and to build connections with the art produced in the region.
ECONOMIC REASONS
There has always been a direct relationship between the wealth of society and the art market since art collecting is the privilege of individuals having disposable income.
According to the World Wealth Report report, HNWI population in the Asia-Pacific region in 2020 was 6.9 million with a cumulated wealth of US$24 trillion, ranking second after North America, a year-on-year increase of 5.8% and 8.4%, respectively.
Source: https://worldwealthreport.com/reports/population/north-america/
Furthermore, according to The World Economic Forum, in 2020, an estimated 2 billion Asians were members of the middle class and that number is set to increase to 3.5 billion by 2030. In comparison, middle-class membership in the Americas is expected to hit 689 million in 2030, currently counting 647 million in 2020.
Source: https://www.weforum.org/agenda/2020/07/the-rise-of-the-asian-middle-class
Asia is looking great in statistics, a strong reason for optimistic predictions for the art market in the near future. A growing middle class is a sign of economic health and it is expected to translate into increasing demand for art and further market appreciation for contemporary Asian artists, as can already be observed in the secondary art market. Major auction houses (Christie’s, Sotheby’s and Phillips) are hosting Contemporary Asian Art sales with great success.
GROWING POTENTIAL
Considering the affordability of the Asian art market, when compared to the established western nations, now is the ideal time to start collecting or expanding your collection of Asian contemporary art. Asian artists have been steadily making waves, and history, amid decades of growth. But despite seeing a positive trend, there are still many under-evaluated artists with an incontestable historical value. For example, Kazuo Shiraga’s paintings are sold for millions at auction, in comparison with other pioneer members of the Gutai movement being sold in the lower hundreds; the same could be said about the post-war generation of conceptual Filipino artists or the Indonesian and Thai contemporary artists.
10,000 Paintings I Must Paint Before I Die, 2009, Roberto Chabet, Source: Asia Art Archive
Having said this, there are many contemporary artists whose markets remain primary. The number of artists that had no exposure to the auction system makes up a substantial part of Asia’s emerging contemporary art landscape. Many Asian artists are successful in their country through their studios, local galleries, or cultural institutions, but haven’t yet had the opportunity to establish themselves on the international scene. Closing this gap is possible by enabling technology to connect artists and collectors. This comes as a big responsibility for art platforms and art marketplaces such as RtistiQ.
A FUNCTIONAL ART ECOSYSTEM
A growing Asian network of art institutions, art events, art academics and professionals is crucial in the effort of the self-determination of contemporary Asian art. To quote the director of one of the most ground-breaking art spaces, Para Site Hong Kong, Cosmin Costinas: “There are great efforts currently done to decolonize the world of art, from what is being said and by whom they are being said, to how we understand institutions and funding and the power structures that lie behind them.”
Growing an art infrastructure focused on Asian art is crucial for the art market to reach its potential. These institutions are playing a key role in researching, documenting, and recording artists, art movements, their interconnections, together with the socio-political and economical context from which they have emerged, ultimately validating artists independently from the Western art recognition system.
In the past decades, many blue-chip dealers (Pace Gallery, Gagosian, White Cube, and David Zwirner) have been setting up outposts in Asia, especially in Hong Kong but most importantly, many homegrown galleries have become internationally successful and are able to foster the careers of Asian artists.
The institutional scene has also come a long way with the opening of many private and public museums and art institutions: Hong Kong Museum of Art, Singapore Art Museum, MACAN Jakarta, Mori Art Museum Tokyo, soon to be open M+ Museum Hong Kong, Asia Art Archive Hong Kong, BACC Bangkok, MAIIAM Contemporary Art Museum in Chiang Mai.
In normal times, a full art calendar of major art events is keeping the art enthusiasts busy for the entire year:
Biennale:
Gwangju Biennale (South Korea)
Busan Biennale (South Korea)
Bangkok Art Biennale Thailand
Shanghai Biennale China
Taipei Biennial Taiwan
Kochi-Muziris Biennale, India
Guangzhou Triennial, China
Art Fairs:
Art Basel Hong Kong
Shanghai Contemporary Art Fair
India Art Fair
Tokyo International Art Fair
Art Fair Philippines
Art Jakarta, Indonesia
Discover emerging Asian artists on RtistiQ and start collecting their art available in our latest curated collection ASIAN ART TO COLLECT.
https://art.rtistiq.com/en/collections/asian-artists-to-collect-
Author: Floarea Baenziger
