The global economic slowdown has done little to dampen the art market. As prices continue to rise, what are the areas of greatest interest in the art world?
Building an art collection has become a fashionable pastime for many. The idea of becoming the next Charles Saatchi or François Pinault has provided sufficient motivation for those not afraid to attend private views or to raise their arm at an auction.
As a result the art market rose 18 per cent in 2007, with total sales at $9.2 billion (€6.25 billion) and 1,254 sales above the million-dollar line. This dramatic increase suggests that not only are there more collectors but that their budget is likewise on the rise. So who are these collectors and what are they interested in buying?
Just as the scope of the art market is varied and extensive, so too is that of the aficionado. The 21st-century collector knows no boundaries: he is younger, wealthier, eclectic in his tastes and is increasingly part of the nouveaux riches originating from Russia, China and India. This type of collector is inclined to purchase from the heart, choosing art irrelevant of its investment potential. As a frequent traveller he is continually solicited by gallery owners, auctioneers and art dealers from across the world and is thus in tune with the current international art scene. Drawn predominantly to contemporary art, and enjoying the exhilaration of this most volatile sector of the market, he is often personally acquainted with many of the artists he collects through the various art events they both frequent.
A list of 2007’s top 10 artists confirmed the capricious nature of contemporary art: Andy Warhol, the Pop Art master, dethroned Pablo Picasso, the frontrunner of the past decade. This change entirely reflects the present situation of contemporary art. While in the 1990s collectors were attracted to the Impressionists, such as Auguste Renoir and Claude Monet, followed, after 2000, by Modern artists including Pablo Picasso and Gustav Klimt, 21st-century collectors favour the work of contemporary artists. Within contemporary art, collectors are apt to prefer ‘content’ or ‘nationalised’ art.
‘Content’ art provides the opportunity to defend great ideologies of the 21st century, with artists from the emerging countries of the East creating much interest. One such example is the Chinese artist Jiao Xingtao who criticises through his art the current state of consumer society by using chewing gum paper to ‘wrap’ a bust of Mao Zedong. Two other important artists are Liu Fei, with his bald women, and He Sen, with his ‘Smoke series’, both of whom are collected today because of their works’ inherent meaning. Moreover, as their prices are still affordable – from £30,000 (€38,000) for a large-scale piece – their art is increasingly popular.
‘Nationalised’ art is likewise in demand and is a way to preserve the patriotic pride of the collector’s country. Americans faithfully go for Ron English or Romero Britto and the British for Banksy or Damien Hirst. This is true for all countries, but particularly for those smaller nations whose sense of national identity is keenly felt.
Recently the Icelandic abstract painter Óli G Jóhannsson’s exhibition in New York brought the entire Icelandic art community to the fore. In this respect the life of a collector is exciting, challenging too, as he ultimately tries to search for the upcoming pearl and to obtain it before prices reach a peak.
Today, collecting art is seen as a viable alternative to investing in the stock market or property, but it is equally a philanthropic activity where a collector can dream of one day having an art foundation established in his name!
JEAN-DAVID MALAT is a director at the international Opera Gallery group; www.operagallery.com
