«I LIKE MONEY ON THE WALL»

From a tale of two cities to a tale of two continents
Since 2011, 45% of the proceeds from worldwide auctions of contemporary art have been achieved in Asia. Of course, a large proportion of these sales are made in Beijing and Hong Kong (76%), but other cities such as Singapore, Tokyo, Seoul and Taipei are now producing higher sales volumes than traditional marketplaces such as Paris, Berlin, Milan and Geneva. Today, more contemporary art is sold in Taipei than in 49 of the USA's 50 states put together (excluding only New York State). The emergence of Asia is not only important in that it is a growth driver for the global art market, but it also raises some interesting questions about a new economic multipolarity. Ten years ago, 80% of the art market was dominated by London and New York, with a few other cities being left to pick up the crumbs. But since 2011 the spread of the contemporary art market has grown exponentially. From 2011 to the present day, over a million dollars' worth of contemporary art has gone under the hammer each year in 40 cities. These not only include the traditional centres of New York, London, Paris, Beijing and Hong Kong but also Seoul, Berlin, Singapore, Brussels, Jakarta, Amsterdam, Melbourne, Taipei, Tokyo and Hangzhou, to name but a few. Half of the top 40 marketplaces in the world are now in Asia.

-Art Price

 Jan 29 2013