More Chinese consider art as an investment vehicle
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"I don't have a single share in the stock market," Jessica Zhang announced as she pointed to her latest investment, an oil painting portraying a love affair between a man and a woman perched on a catfish, with expressions of melancholy on their faces.
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A visitor looks at a modern Chinese sculpture at a pre-auction exhibition in Hangzhou, Zhejiang province. [China Daily] |
For the owner of Amelie Art Gallery in Beijing's 798 Art District, Zhang's prized possessions are works from Chinese and Western artists. "I don't believe in investing in the stock market. Art is the real deal for me."
She considers jewelry, watches, wine and cigars as sound investments too.
If it's any indication of the blossoming tastes of Chinese art collectors, Zhang's investments mirror a growing and significant trend in the art auction scene. Over the last two to three years - instead of following past trends of buying Chinese brush and oil paintings and objects from imperial periods - Chinese collectors have migrated into new categories such as Western masterpieces, modern art, wine, cigars, watches and jewelry.
Although such acquisitions are still small in number, many see this as an early window of opportunity to tap into burgeoning Chinese purchasing power.
Coupled with better education and exposure to Western lifestyles, what was traditionally considered Western luxury is now - slowly but surely - being snapped up by more affluent individuals in China.
"We saw a big surge in Chinese buying in categories that they were not familiar with. We have now seen mainland buying - not in huge quantities - of Western, Impressionist and contemporary art," Kevin Ching, CEO of Sotheby's in Hong Kong, told China Daily.
International auction house Sotheby's Asia reported 57 percent of wine sales by volume went to Asian collectors this year alone, with most being mainland buyers.
"As long as the economy remains strong, mainland buying power will continue to be a force to be reckoned with," Ching added.
For the first time in Sotheby's 10-year history in Hong Kong, mainland buyers accounted for nearly 40 percent of Sotheby's Asian auction sales during last year's autumn auction.
That figure was more than a two-fold jump from a meager 18 percent in the fall of 2008.
One unidentified Chinese buyer bought an 1815 Piguet & Meylan hourly-chiming watch set in gold, enamel and pearls for $279,490.
In another auction, one Chinese buyer successfully bid $93,077 for a 6-liter bottle of 1982 Chateau Petrus wine, setting a world auction record for Chateau Petrus imperial wine.
In some sense, Chinese art collectors are coming-of-age, but purchasing power is not restricted to young, wealthy and Western-educated buyers, said Jonathan Head, Christie's Chairman, Asia management committee, international business director, Asian art, antiquities and tribal art based in Hong Kong.
"Older Chinese buyers who have lived through the 'cultural revolution' (1966-76) are also starting to acquire works," he added.
During the 'cultural revolution', many Western paintings were destroyed. Although government discouragement of Western art forms ended in the late 1970s, interest in Western art was believed to be confined to Chinese in their 50s and under, who obtained a Western education.
Although it will take time for Chinese art collectors to be on par with their Japanese counterparts. During the 80s, wealthy Japanese, fuelled by an economic boom, shook the art world by purchasing Picassos, Monets and Renoirs.
With that knowledge in hand, those in the business of trading and collecting art are certainly keeping a close eye on the Chinese art-collecting community.
China's spectacular economic growth over the past three decades has created enormous wealth, and Chinese art collectors are now more willing and able to pay huge sums for works of art.
This also means that Chinese are now more actively reacquainting themselves with their historical and cultural identity. Prices for Chinese works have risen steeply as well, partly sparked by the belief that the value of Chinese work is currently underestimated.
A rare, early Ming Dynasty (1368-1683) under-glazed, blue, pear-shaped vase, fetched $1.529 million during a Christie's auction held in Hong Kong last December.
