Last year, the broader art market suffered a notable hit, with sales of modern and contemporary works declining by about 40 percent year on year.
Sales of traditional Chinese artworks also fared poorly, with transactions for Chinese painting and calligraphy auctions dropping by more than 20 percent year on year to 12.6 billion yuan last year, according to independent consultant Daniel Kwok.
“I would say the traditional Chinese art market remained depressed last year, as the weak performance of the real economy and financial markets has clearly reduced buyers’ interest in the art market,” he told RTHK.
“Even though stock markets in mainland China and Hong Kong seem to be recovering, collectors and buyers still need time to rebuild their confidence,” he added.
However, Kwok said that events such as Art Basel and Art Central, as well as auctions next month, will offer more clues on whether sentiment in the art market has improved, and if Beijing’s recent stimulus measures have had any effect on collectors.
“I believe Art Basel and Art Central will create an exciting weekend for Hong Kong, providing a direct boost to both our cultural and tourism industries. These events also showcase the strength of the Hong Kong art market,” he said.
Separately, the art specialist noted that despite the economic downturn, interest in Chinese porcelain antiques have been growing.
“Because those imperial porcelain made for the emperors are all produced with exceptional craftsmanship, so even by today’s standards, these pieces remain stunning to us,” he said.
Kwok said another hot trend is Ming-style wood furniture famous for its intricate designs and Huanghuali wood – which comes from a rare species of rosewood. He noted that a Huanghuali wood table was sold for more than 45 million yuan on the mainland last year.
Looking ahead, Kwok cautioned that the heightened tension between China and the US might weigh on the art market.
He pointed out that US tariff hikes may affect art shipments between the two countries.
“I believe the unstable international climate will make buyers more cautious and conservative,” he explained.
