A glance at the new global hub of collecting

With the nation’s economy thriving, Chinese collectors have become a growingly powerful force in the art market, exhibiting a palpable interest in both Western and Asian art including that from India.

Chinese auction houses are apparently offering works of art at a pace and zest that was associated with those in New York and London formerly. “We have observed exponential growth especially by mainland Chinese buyers brought up during the Cultural Revolution. These are successful businessmen having huge amounts of money at their disposal,” stated Sotheby’s vice chairman (Asian art), Henry Howard-Sneyd.

As the world’s top auction houses swing into action for their fall art sales, it is expected that Chinese collectors will give a boost to the market, likely to raise their paddles for big-ticket works, in spite of persisting global economic turmoil. Both Sotheby’s and Christie’s point to the fact that Asian buyers, especially those from India and China, have become a major force in recent years.

Interestingly, though the warring Asian superpowers might not see eye to eye in diplomatic spheres, boundary disputes and security matters, one common thread that binds them is their mutual appreciation and admiration of each other’s traditions, histories and cultures, bringing them closer. The development is significant for the evolving Asian art scene.

Among younger generation of new art buyers in Asia, 47 percent are from mainland China, and they’ve only recently started to focus on the Chinese contemporary art scene. With more education and awareness, experts believe, the proportion of buyers with a genuine appreciation of the artworks will only grow.

The market is still very young, and with China’s strong history and more knowledge about the contemporary trends, they will eventually learn to appreciate art. In this context, it is heartening to notice the trend of increasing visibility and prominence of Indian art in this new, powerful hub of art collecting. More conscious and coordinated efforts are needed though, to gain from the rising power of Chinese collectors.