Elizabeth Prendiville shares some news about Asia’s evolving art market 

New York: This year Hong Kong’s International Art Fair was presented under the king of art fair names, Art Basel. Art Basel sees a solid future in the recent developments of Asia’s art market, which is changing rapidly and in a very positive way. Basel notes the early stages of a thriving art market opportunity with a solid base of dealers and collectors ready for a fair similar to the wildly successful one developed in Miami. These murmurings of anticipation in the international art market have data behind them.

In 2012 it was discovered that there are more millionaires in Asia than the United States. This makes for an ample opportunity for the Art Basel group to tap into this market of potential long-term collectors. These possible buyers in combination with excess regional cash make it the perfect scenario for a successful contemporary art scene that can be observed on an international platform.

The stylistic developments of Asia’s contemporary art community are multifaceted. In addition to displaying a juxtaposition of Eastern and Western artistic identities, these individual artist statements are shown on a more local level. Through these different art sources in Asia, the Asia-Pacific region has developed a completely unique style, taste and creative identity independent of the western art market. This affluent market base has completely honored and fostered the growth and stability of it’s own local talent. This is in contrast with past evidence of buyers continuing to bolster European and American blockbuster artists such as Jeff Koons and Damien Hirst.

Although many of these Asia-based contemporary artists are relatively unknown outside of their immediate region, their work is supported with sky rocketing market prices in auctions. Although they are not well known, those that do know are keeping an eye out for an opportunity to invest. Currently, an even newer trend is developing amongst buyers, collectors and dealers. Individuals are not just focused on their regional artistic community and additionally the western art scene. Rather they are focused on Asia as an entity developing an identity as a global art power.Continuing this would make major Asia-based galleries and museums a comparable platform with New York and London for artists to show their work.

However, for this to truly become a reality they must maintain all of the elements of a functioning and competitive art environment. This includes strong collectors, dealers, museums, auctions, galleries and other aspects of the artistic business community.  Without all of these essential pieces, the market will never reach it’s full potential. Because Asia varies so intensely between bustling rich economies and rural community this evolution may take some time. However, there is a strong interest in fostering art across the board, and even the most unexpected community are looking to open museums and push these ideas forward.

In India specifically this evolvement is subtle, but consistent. At present New Delhi’s National Museum of Modern Art has a lower visitor rate, especially compared to other established international museums. However, strong museums are popping up all throughout Asia and are intensely focused on devoting their budget and space to their developing Asian art collection.

These major shifts in favor of Contemporary Art, specifically in Asia-Pacific bode well for artists, collectors, art fair attendees, and dealers alike.

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