Asia new art gala

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By Muvunyi Timothy

Chinese art is evolving into red as investors turn their business in to the new Chinese ‘nouveau riche’ that makes revenue worth $334 million a year.

Investor  invest in some arts like in a stock market, buying share of artworks but at lower rates which have lured in more buys that are seemingly paying better than the previous poor natives that could not keep up with the evolving market. Previously, the market has been stalked by clients that could not pay their bills and continuously indulging auctioneers into legal proceedings that affected art-business in the long run.

As a result major art galas have decided to instead request their clients to pay in advance to an estimated HK$0.8 million for China’s most expensive arts to avoid being dragged for longer times in courts. Fact that most buys tend to turn up for the trade fair each autumn season prompts auctioneers to be good a tuning the right timing to sell off their masterpieces.

This makes it the most expensive art-business in Hong Kong attracting most of the world’s richest art lovers at the best auctioning emporiums at Christie’ and Sorthby’s. A piece of art by a renowned painter goes for hundreds of millions of dollars, a selling niche that is uniquely in Asia. This is now estimated to be the best culture trade fairs in China after the seasonal festivals that fetch thousands of millions of dollars and a laudable crowd.

The business is now dominated by the Chinese themselves who in most paints involving expressionism regarding industrial development and nature beauty. This seems to mask up the likes of Picasso, the Monalisa re-cites that have sold explicably in Europe and the Americas.

“There were good, strong, solid prices and it seems that the speculative buyers have left town.” Sells change every other season of the year with a range between 25% to 40% in the autumn. Business is now a bubbling bubble that has also inspired other related ventures to start up strings of projects estimated to be at $300 million with the government supplementing to make a more open business even on the global scene where Chinese porcelain and ceramics are well known.

The first $3 billion of its kind “Integrated arts and cultural district,” is already under construction by Beijing Huachen Auctions Co. in the district of West Kowloon.  The exhibition center will accommodate auction sales, exhibitions, appraisal services, galleries, art restorers and other related businesses. And according to observers the ‘first world art market’ is expected to open  doors in 2014. This change in Chinese business has also stimulated a general tendency among artists to alter their artworks to impress different buyers from other continents interested in Asian cultures.

Artists can now make millions of dollars from US$8million on a single piece. Artists like Chu, Zeng Fanzhi and Zhang Xiao Gang are considered to be among the 10 elite contemporary Chinese artists earning about $8 million in the world. They are the three alive and selling for good money.

The art-business is now turning colors to be the most selling personal business in the world earning auctioneers like Christie $3.5 billion in global and private auctioning this very year. Chinese artists have now taken the limelight among around 500 of the world’s best contemporaneity. This catapulted Asia’s sales from 3% three years back to 20% this year.

Hong Kong government notes that, it’s the world’s fourth art market after London, Paris and New York. This means that China is not only the world’s second economy but also another destination for evolving transactions that are also expected lure in Africa artists to share in the billion dollar rich market; China is of course interested in trading with Africa where it also targets to vastly exploit the young needy economies in East, Central, West and Southern Africa.

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