Phillips’ Post

In a global #artmarket that contracted this year, sales of modern and contemporary Southeast Asian art have been one of the most resilient categories. Christie's leads this market segment, with our sales reaching HKD 191M in 2024 (equivalent to USD 25m), representing a 17% increase compared to 2023. Key metrics highlight the strength of demand, with a sell-through rate of 90% and a remarkable ratio of 1.5 for sale price to pre-sale estimate. This robust performance is supported by a favorable business environment in the region, with buyers from the Philippines, Thailand, and Vietnam showing the strongest growth in 2024. The most sought-after artists this year included Vietnamese modern artists Le Pho and Mai Trung Thu, Filipino contemporary artist Ronald Ventura, modern Singaporean artist Georgette Chen, and Indonesian contemporary artist Christine Ay Tjoe. A highlight was a record-breaking sale of HKD 36.7M (USD 4.7m) during our September 26 auction in Hong Kong for 'State of Bloom', a work by Ronald Ventura. One of the next steps in developing this promising market is to enhance its global visibility: 72% of buyers currently come from Southeast Asia. However, it is noteworthy that the share of American and European buyers has increased to 7% in 2024, signaling growing international interest. Congratulations to the Christie's team for this category, led by Dexter How.

Our latest report on Sotheby’s Modern & Contemporary Art Auction on January 18th, 2025 in Singapore is now live! 🌏✨ This in-depth analysis unpacks the auction's highlights, market trends, and surprises, offering a window into the evolving world of art collecting. From the emotional abstractions of Christine Ay Tjoe to the cultural depth of Raden Syarif Bustaman Saleh's landscapes, we explore how provenance, aesthetics, and collector interest shaped the results. 💡 What you’ll find inside: Performance analysis of top lots and underperformers Emerging trends in the art market Actionable insights for collectors and investors 📖 Read the full report here: https://lnkd.in/ebx3cWKv Whether you’re a seasoned collector, an art investor, or simply an enthusiast, this report provides the tools and knowledge to navigate today’s dynamic art market. #ArtMarket #AuctionInsights #ModernArt #ContemporaryArt #Sothebys #ArtCollecting #ArtInvestment #ChristineAyTjoe #RadenSaleh #EmergingArtists #ProvenanceMatters

Singapore has ambitions of becoming Asia's arts hub, but the recent expansion of major auction houses Christie's, Sotheby's, Phillips and Bonhams in Hong Kong is a sign that the latter still leads the post-pandemic charge. My latest story for The Straits Times examines why auction houses continue to choose Hong Kong as a place for art transactions. It is a return to form as less than five years ago, the city’s future as an arts hub seemed in doubt as political unrest roiled Hong Kong. It is also, some might observe, a closing window of opportunity for Singapore to narrow the gap. There are many factors for Hong Kong's allure, chief of which is its zero tax on art. While arts Nominated Member of Parliament Usha Chandradas has suggested waiving Singapore's 9 per cent GST on art sales, the idea has not gained much traction. A hefty tax is still the biggest hurdle for transactions to be made in Singapore. A waiver will potentially boost the arts ecosystem, although others will argue that it might be regressive and will benefit only the rich. Singapore, with its geographical advantage, has been quick to pivot itself as the gateway to Southeast Asian art. But, as my story shows, Hong Kong is very much interested in taking leadership in Southeast Asian art as well. It would be of much interest to observe how the dynamics shift over the next few years. Read "Auction houses double down in Hong Kong, dealing blow to Singapore’s arts hub ambitions" here: https://lnkd.in/g4nrA4gd

What’s going on in the contemporary art market?

My final report on this second edition of Tokyo Gendai is out on Observer. Read the article for sales highlights, exhibitors' opinions, and a broader analysis of the state and potential of the Japanese Art market. https://lnkd.in/eiXh8pjK #artfairs #artbusiness #artadvisory #artmarket

Building on my exploration of the global art market in the last post, I’m delighted to share a piece that explores the remarkable growth of the African art scene. It was a challenging yet rewarding process to extract and formulate the article - a true labor of love! I’m really proud to have brought it to life. This article delves into the African continent’s art landscape, highlighting the Bonhams Modern and Contemporary African Art Auction for its remarkable work in facilitating the sale of African contemporary art; while noting how African artists, like Lynette Yiadom-Boakye, Jadé Fadojutimi, Njideka Akunyili Crosby and Toyin Ojih Odutola, are surging up the global rankings and gaining worldwide recognition. Despite these advances, the piece scrutinizes the ongoing disparities in representation that persist within the African art market, examining the systemic influences – both perceived and apparent – that affect the visibility, opportunities, and valuation of African artists and their work, and Africa as a continent. I’d love for you to read it here: https://lnkd.in/duJ-_3N7 As always, I appreciate your interactions and contributions! #AfricanArt #ArtMarket #AfricanArtMarket #EmergingTrends #ContemporaryArt #WomenInArt #ArtGrowth

Exciting developments are reshaping South Korea's art market landscape! New legislation is opening doors for post-war Korean art to reach global audiences, while simultaneously strengthening market integrity. 💡Here's what's transforming: Previously, nearly 200 artworks were blocked from leaving South Korea between 2018-2023. Now, revised heritage laws are easing these restrictions, allowing Korean art to flow more freely into the international market. 💭Even more interesting: A new Art Promotion Act is introducing crucial transparency measures, including mandatory authenticity warranties and annual sales reporting. Plus, artists will benefit from a "resale right" starting in 2027 – a significant step toward sustaining our creative ecosystem. As an art consultant, I'm particularly excited about how these changes will create new opportunities for collectors and institutions alike. You can read more here: https://lnkd.in/gt8PikE5 #ArtMarket #GlobalArt #ArtConsulting

This article from CNN delves into Hong Kong's resilient art scene, particularly during Art Basel, where the city stands firm in resisting censorship amid a politically charged climate. 🇭🇰 Despite challenges, Hong Kong remains committed to preserving artistic freedom, recognizing the vital role of art in expressing dissent and challenging societal norms. 💪 Against this backdrop, Art Basel serves not only as a celebration of creativity but also as a symbol of Hong Kong's unwavering commitment to freedom of expression, making it a beacon for artists and collectors alike amidst the city's evolving socio-political landscape. 🧑🎨 It’s a testament to the power of art and how protecting it at all costs is still a priority even during tumultuous times. It’s a testament to the importance of art and its place in our everyday lives. 💜 #art #artmatters #artbasel #hongkong #creativity #creativitymatters #artworld #artnews #teambuilding #teambuildingactivities #teambuildingevents #innovation https://lnkd.in/gpeHpngF

Meet Hong Kong-born art gallerist and curator, Pearl Lam. She sits down with Spear's to talk about the impact of Chinese culture on art, her former career as a property developer and the strengthening Asian art market. 'The Asian market is growing, but the balance of power remains tilted to the West. The format of museums and art galleries is established by the West, the most prominent art fairs are in Europe and the largest market is in America,' Lam says. 'In Asia, it’s in vogue to talk about Western art, and buyers follow the trends Americans set. For instance, African contemporary art is taking off across the USA so Asian buyers have followed suit. Is this pattern likely to change? Possibly, but it’s all about confidence. When the Asian market gains this confidence, they’ll realise they don’t need to follow; they can lead.' Click the link below to read the full article.

🎨 Exciting insights from Sotheby's recent Modern & Contemporary Discoveries auction in Cologne! Held on November 13th, 2024, this event showcased a diverse range of artworks, but it also revealed some intriguing trends within the art market. Despite a respectable total auction value of €1.22 million, the sell-through rate of 73.7% indicates that the market may be in a cautious phase, with many collectors favoring mid-range items. Artists like Eugène Zak and Niele Toroni proved to be standouts, capturing collectors' hearts with their unique narratives and emotional depth. What does this mean for art collectors? 🌟 It could be a golden opportunity to discover hidden gems at more accessible prices! Check out our report for a comprehensive analysis of this auction, including insights on top-performing lots and unsold works. Dive into the details and discover where the art market is headed. 👉 Read more here: [Modern & Contemporary Discoveries](https://lnkd.in/eqpN3KJi) #Sothebys #ModernArt #ContemporaryArt #ArtAuction #EugèneZak #NieleToroni #ArtCollectorIQ #ArtMarketInsights