In the West, it is not uncommon for private individuals to own works of art, be it a plein air painting bought by a relative in France or a piece from a local gallery. It’s no surprise, then, that about 60-70 percent of art sold in the West goes for what experts deem an internationally ‘affordable’ price – meaning anything under 5,000USD.
The reverse is true of China. According to Tom Pattinson, the founder of China’s only affordable art-fair organisation, only 33 percent of all art sold here falls under the 5,000USD margin. That’s a big deal when estimates of China’s share of the global art market (in 2011) range around the 40 percent mark. ‘Art buyers here are mostly in the luxury market, and they associate these purchases with luxury wines, villas and so on,’ says Pattinson, on the culture of conspicuous wealth.
As Affordable Art Beijing (AAB) opens for its seventh year, the trend towards a less expensive art market is nevertheless growing, and quickly. In 2006, AAB received 400 submissions. This year, they received over 10,000, and the fair can boast that works sold six years ago for 8,000RMB are now fetching near to 50,000USD at auction.
Last year, the fair doubled its top threshold price from 10,000 to 20,000RMB, with the lowest selling for 200RMB. Pattinson’s marker of what counts as ‘affordable’ (he has calculated according to both the art market in China and the international top price of 5,000USD) reflects the growing disposable income of the middle class, as well as an increasing appetite for Chinese contemporary art.
Open for just two days, works last year sold at an average of two per minute in the opening hour. The vast majority are Chinese and come in a variety of mediums, including painting and sculpture – but the best works disappear fast. Collectors with an eye for Chinese art, get your skates on!
Clare Pennington
For more details, visit www.affordableartchina.com
At 798 Space, 11am-6pm Sat 2-Sun 3
Originally posted in Time Out Beijing
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