Grasping the Chinese collectors’ mindset

Over the last few years, Chinese collectors are increasingly asserting their presence on international art auction scene. They are dominant in sales around the world, especially that of works by the famous Chinese artists.

Fueled by the economic boom, new consumerist wave and a cultural reawakening, Chinese patrons are now among the contemporary art world's most influential players. Investors or collectors from the nation, whatever you may term them, are redefining the market. As a result, the value of works by several modern masters, such as Qi Baishi, Zhang Daqian, Fu Baoshi and Xu Beihong has skyrocketed.

These modern artists’ work is apparently in the traditional Chinese style. Last year, they occupied four of the top ten slots in global rankings in terms of auction revenue, as indicated by Artprice. In the agency’s 2010 list Qi Baoshi trumped Andy Warhol. The former came in at second spot, edging Andy Warhol to third place.

The world of art is slowly acknowledging the prominence of the Chinese art stars. For example, highly talented and controversial contemporary Chinese artist, Ai Weiwei, is the first one from the Asia-Pacific region to receive special commission of the prestigious Unilever Series for the Turbine Hall at Tate Modern. His sizzling ‘Sunflower Seeds’ made up of millions of tiny works - each apparently identical, but unique - was a spectacle to behold. Equally great things are now expected yet from upcoming Chinese artists.

Events such as ShanghART, founded by Lorenz Helbling, testify the trend. A Swiss national, Mr. Helbling held the inaugural biennale in 1996. He recounted in an interview: When we opened a gallery, there was only one art museum and only one show every few months.”

The scenario has dramatically changed with an explosion of galleries, studios, museums, and art events like ShContemporary. The growing interest in art is marked by institutions like The Minsheng Art Museum, The Rockbund Art Museum, the Zendai MOMA and the MOCA Shanghai.

To an extent, the Chinese regard art not only as a sound way to diversify their portfolios but also as a tested means to project status as they interact with international business executives.