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ART FAIR REPORT: ART BASEL HONG KONG, MARCH 2024

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It was with great anticipation that the 242 exhibiting galleries from Asia-Pacific, Europe, the America’s, Africa and the Middle East welcomed a tsunami of VIP visitors to the Hong Kong Convention and Exhibition Centre on a uniquely sunny Tuesday afternoon. The mood of both the galleries and VIP guests was one of cautious excitement about how the coming days would unfold, with galleries variously describing the two dedicated VIP days as quieter than in 2023. Galleries reported fewer spontaneous purchasing decisions and a slower more considered approach being adopted by collectors in the opening hours. Gone were the frenzied opening hours of transaction madness, this time, while busy, collectors adopted a more thoughtful approach, with various galleries reporting remarkable sales and notable transactions by the time the fair closed.

Hauser & Wirth’s notable sales included a Willem de Kooning work and a Philip Guston painting selling for US$9 million and US$8.5 million respectively. Lehmann Maupin sold several pieces to Asian buyers, including pieces by Do Hu Suh and Kim Yun Shin. This reflects a trend noticed throughout the week of a strong demand for Asian artists, particularly from Korea and Taiwan. The artist Yayoi Kusama remains much in demand with Victoria Miro selling three of the artist’s works for a total of US$11 million, including a renowned ‘Infinity Mirror Room’. Other artists of note were Lee Jinju at Arario Gallery, Ha Chong-Hyun at Tina Kim Gallery, Kang Kang Hoon at Johyun Gallery, Tsherin Sherpa at Rossi & Rossi and Chen Zhen at Galleria Continua.

Of note were the number of artists working with non-traditional materials with textiles including lace, fabrics and thread being adopted as their medium of choice. Works in painted bronze and metals such as copper also were noted while there seemed to be fewer photographic and multi- media works than in previous years. These formats seem to continue to be a difficult ‘sell’ for many collectors in the region.

The Encounter’s section, curated superbly once again by Alexi Glass-Kantor included large scale installation works by Yoan Capote and Candida Hoffer (Ben Brown Fine Arts), Li Wei (Tang Contemporary) and Daniel Boyd’s (Kukje Gallery and Station) off site installation, ‘Doan’ attracted great interest from visitors to Pacific Place, Admiralty. Boyd’s international star continues to rise off the back of his recent first solo show with Marian Goodman Gallery in New York.

Hong Kong’s commercial gallery scene was alive with exceptional exhibitions. The highlights  being Andy Warhol and Jean-Michel Basquiat at Gagosian, Glenn Ligon at the stunning  Hauser & Wirth gallery and Louise Giovanelli at White Cube. All beautiful shows in their own right.

Additional standout events included a visit to M+ to view the exceptional Uli Sigg collection, a private viewing of Ben Brown Fine Art’s exhibition, ‘Celestial Mechanics: Form and Future in the Work of Gerhard Richter and Sean Scully’ at The Asia Society and brunch at Pearl Lam to view ‘The Night’, Maggi Hambling’s first gallery exhibition in Hong Kong since her museum retrospectives in Beijing and Guangzhou in 2019.

The auction market and private treaty sale sectors reported good sales for high quality works, with estimates set to reflect the cautious economic environment. Sotheby’s auction this week will be a key indicator of the mood of the market but Phillip’s steady results from their Friday afternoon sale could be read as an early sign of quiet confidence in the secondary market.

With collectors jetting into Hong Kong from around the world, there were a noticeable number from the region, including mainland China, Korea and Taiwan as well as Europe and the UK. With the strength of the quality of work emanating from artists in East Asia at the moment, it is no surprise that collectors are keen to develop their knowledge and collections in this area. Of note however, there seemed to be fewer Australian collectors than in previous years.

With visitor numbers exceeding 75,000 across all five days of the fair, Art Basel Hong Kong in 2024 re-enforces Hong Kong’s regional and global prominence as being the second largest art market in the world, after New York.

 

P.S. Visit our Instagram for a further visual appreciation of our sojourn to Hong Kong.

 

©Angeline Collings

All images are original and taken by the author(s)

 

Images:

Lee Jinju at Arario Gallery
Ha Chong-Hyun @ Tina Kim Gallery
Tsherin Sherpa at Rossi & Rossi
Chen Zhen at Galleria Continua.
Louise Giovanelli @ White Cube Gallery (exhibition)
Sean Scully @ Ben Brown Fine Arts exhibition @ Asia Society HK

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ART FAIR REPORT: MELBOURNE ART FAIR, FEBRUARY 2024

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The MAF Curatorial Theme, 2024: ‘…A word of the Boon Wurrung, ketherba to us expresses a togetherness imbued with promise, one that not only transcends but embraces difference and gives cause for hope…’

There was an infectious sense of anticipation and almost a collegiate ‘back to school’ sense of connection and excitement for the VIP Preview of the Melbourne Art Fair at the MCEC last week. The fair, now in its 35th year, continued to project a refreshingly unique identity generally (but not exclusively) best achieved by those galleries who followed the fair organiser’s encouragement to focus on presenting significant bodies of work by individual artists.

This concept was first mooted by the organisers for the most recent fair in 2022 and two years on, the galleries who embraced this strategy treated the visitor in 2024 to some exceptional presentations of curatorial clarity, rarely experienced at an art fair overseas, let alone in Australia. Combined with a generous floor layout for the 60 participating galleries, there were multiple opportunities to pause and relish the space each booth carved out, giving presentations space to ‘breath’.

The single artist format was best achieved by a number of galleries, including an exceptional collection of works by Yvonne Audette at Charles Nodrum Gallery. Recognised as one of the two or three greatest Abstract painters Australia has produced, it was an absolute treat to view works on paper and significant oil paintings on board from the 1950’s right through to the 1980’s. These years include Audette’s time living and working in the US and Europe where she was influenced by her fellow artists (including de Kooning, Motherwell, Kline, Pollack and Twombly) and her appeal remains universal. Now in her 94th year, Audette’s deserved recognition continues apace with the gallery reporting that, as of the end of day 2 of the fair, only a couple of works remained unsold and most interestingly, buyers were from multiple demographics – young and old, new and established collectors.

Equally, at MARS Gallery, the evocative Hopper’esq paintings of Dani McKenzie were hot property with only 2 works remaining before the Vernissage even began on the first day. By Saturday morning, the stand was a sell-out.

Over at Martin Browne Contemporary the work of Ildiko Kovacs made their mark. Works on board were complimented with an entire wall hung with a candy store choice of works on paper; deciding which to choose was almost too much! Many did though and the gallery reported strong sales.

New discoveries included the captivating work of Tia Ansell at LON Gallery. Recently returned from a residency at Lottozero Textile Laboratories in Prato, Italy, the show was a total sell out. One also couldn’t escape the emotional impact of Ali Tayahori’s works which are composed of archival photographs printed on glass at This is no fantasy. Again, completely sold out. This emerging artist is going from strength to strength with international projects on the go throughout 2024.

Deciding to go their own way with a successful mixed group showing were Fox Jensen McCrory with an exceptionally refined presentation including works by British artist, Mark Francis and the ever-ethereal Tomislav Nikolic. Equally memorable was the work shown by Gallery Sally Dan Cuthbert, especially new bronze works by Tammy Kanat, recipient of the 2024 Richard Parker Award. Over at Diane Singer Gallery, only a single fabulous Zoe Croggan perspex encased work on paper remained available by Saturday afternoon, as was the case with Gregory Hodge’s works at Sullivan and Strumpf.

The fair was also complemented by a studied program of on and off-site talks, artist studio visits and special events.

Previously held bi-annually, now annually, MAF has definitely upped the ante for the organisers of Sydney Contemporary, and it will be interesting to see how MAF settles into this new format and what Sydney will make of it all… watch this space!

Recommendations for your diary… We highly encourage you to visit the Trienniale at the National Gallery of Victoria and we have our eye keenly on the upcoming Sydney Biennale 2024, especially the previously ‘hands off’ venue, the White Bay Power Station…

©Angeline Collings, 2024

Images:
Image 1:
Yvonne Audette
Construction Site, 1979-80
oil on board
86.00 x 101.50
@ Charles Nodrum Gallery

Image 2.
Dani McKenzie
Installation
@ Mars Gallery

Image 3.
Ildiko Kovacs
Installation view
@Martin Browne Contemporary

Image 4
Tia Ansell
Stephen
Acrylic on handmade cotton weaving in aluminium frame
160 x 130 x 6cm@ Lon Gallery, in situ

Image 5
Mark Francis
Dub Groove, 2023
oil on canvas
153 x 122 cm
(left)
Mark Francis
Audio Groove, 2023
oil on canvas
153 x 122 cm
(right)
@ Fox Jensen Gallery

Image 6:
Gregory Hodge
Installation
@ Sullivan & Strumpf

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“Collecting Art Now”*

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Panel Discussion with Catherine Asquith, Andy Dinan, Director of MARS Gallery, and Collector Simon Terry @MARSGallery, 18th October, at 6pm

Tricky Walsh From Naples To MARS, a major installation by Tricky Walsh, which has just returned from an exhibition at Museo Madre in Naples, Italy! The mural is comprised of over 10 hand painted panels, and is embedded with augmented reality. When viewed through a smartphone app, animations come to life accompanied by recordings of the artist’s voice.
Courtesy the artist & MARS Gallery

The following is an approximate transcript of Catherine Asquith’s talk.  You can listen to this and all the talks live here

 

I have been tasked with providing a brief overview of (i) the role of an art advisor; and (ii) why use an art advisor.

So probably a good starting point would be to define, the descriptive, “art advisor”.

I see the term as one which provides a commercial perspective to curatorial advice and strategies when advising on, building, and managing a collection.

 

1.      The Role of an Art Advisor: fundamentals

Fundamentally, I view the role of an art advisor as one of education – and whether this means advising clients new to collecting art – or   - providing in-depth market insight and analysis to a well-established collector  – an art advisor draws on their up to date and working knowledge of the art market.

As part of this education, I also like to introduce new clients to the art world in a way which demonstrates the interconnectivity between all the players - so we attend art fairs, commercial galleries, museum and public gallery collections, and auction house previews and sales, all as a means of contextualising these entities.

I would also contend, that an art advisor wants their client to gain an understanding of how the market operates, from say, -  the rationale behind pricing of artworks in the primary market, to the logic behind setting estimates on works at auction, to why the same artist in different collections can have a different value - because with knowledge comes empowerment.   The more empowered a collector, the more confident they will become in making decisions about their acquisitions and more generally, their collection. – I am actually happy to share my knowledge, and I find it very satisfying when a client starts to utilise the vernacular of the market – I know I am doing my job well then.  

And of course, It goes without saying therefore that an art advisor needs to stay abreast of new ‘trends’ and ongoing developments in the art world – so for example, I’m alert to new artists that are gaining traction in the market, - what the market is doing –is there a downturn, or an uptick in certain categories – what has transpired at recent art fairs – any significant auction results – what are some recent museum acquisitions  – anything about the market which is going to some impact on one of my collectors.  Having this level of knowledge to hand is imperative in order to provide timely advice to collectors.

 

2.      Why use an art advisor?

Well, in a word: stewardship – it is the very nature of collections which demand at some point, professional oversight.

There are many and varied components inherent to an art collection which need to be managed or facilitated by someone other than the owner of the collection:   everything from regular valuations and condition assessments, to conservation and reparations, possible relocations - how do you relocate the 3 tonne bronze sculpture in your front garden - , storage to perhaps art financing, museum and gallery loans, and de-accession or gifting a collection.

As successful as many collectors are, in their own right, not all have the knowledge or energy to expend on this growing entity.

Perhaps two of the most valuable attributes an art advisor can offer are:  time and access -

So for example for before proposing an artwork for a collection  – I have viewed the artwork within say, the context of an exhibition, or at an auction preview;  taken images of the proposed artwork - discussed the artist, the work and career path, with the gallerist or -  the market position of the artist with the auction specialist, undertaken the necessary research and due diligence, and confirmed the market value, all of which may have taken several weeks to complete, but can be presented to the client in one sitting.

A good art advisor will also know where to source the best available artwork by a particular artist and should be able to gain access to hard to obtain or in demand artists – particularly where there may be a waiting list or the gallery preferences museum or institutional collections.  This is particularly prevalent internationally - – although, that said, there are certainly some Australian galleries that are now adopting the same practice.   To gain access and ultimately, the trust of the gallerist, I need to represent the collection, without comprising confidentially, in a manner which is attractive to the gallerist, and is seen as potentially adding value to the artist.

So it becomes a bit of dance – certainly this is sometimes frustrating and time consuming  – nevertheless this gatekeeping has become part of procurement these days. 

 

So when do I enter the picture ?

In my experience, most of the time, collections invariably commence in a fairly organic manner.  But at some point, there will be the realisation that it has become an asset, and a professional is needed to help formalise the collection. 

To start, I want to learn about the aims and objectives for the collection, whether the goal is purely investment, or aesthetic and cultural value, or to build a legacy, I also want to have an understanding of any particular lifestyle factors such as where the collection will be housed, for example on display in your home or office, or at a specialist art storage facility.

Additionally, I like to discuss and consider with the collector the desired extent of the collection, i.e. a maximum of 100 objects and procured over a 5 year period, or capped at 500 works collected over a 20 year period, or indeed, is it a lifetime enterprise.

We then consider the potential thematic parameters of the collection as well as the preferred genre, for example, paintings by emerging artists; sculpture from the modernist period; or a focus on Australian Indigenous art. 

There is no absolute when it comes to necessarily including a thematic parameter, but certainly I think there is something to be said for implementing some type of parameters – they will, by default, impose acquisitional discipline and direction. 

And on that note re discipline – I read the other day, that apparently the best art advisors say “no” more often than “yes” – I  think this has particular relevance at what I term high-octane events such as art fairs and auctions – at times I have to reign in the frenetic energy and enthusiasm  - which I love to witness, but I don’t want to hear buyer’s regret the next day.  So, in way, I become something of a gatekeeper.

Once we have settled upon the basic infrastructure, we can then consider procurement – this will include devising a selection criteria and acquisitional methodology – for example, will we be commissioning some works, sourcing from the primary or secondary market, or both - and at this point I would also want to advise the collector on some simple ongoing management protocols, such as scheduling annual valuations & condition assessments for example, and inventory management.

With the foundation of the collection in place, we can then start to consider development and enhancement strategies and directions.

So, for example,

  • we might perhaps consider devising a loans strategy – this will be contingent with the nature of the collection –- many attributes of the collection stand to gain, not just the loaned work; and

  • potential catalogue publication – this can be of value especially with regard to eliciting interest from museums and public galleries – in terms of potential loans or future donations.

 

And finally, there will come a time when we need to discuss the future of the collection when we need to consider de-accession strategies in line with some estate planning:

  • does it simply go to the children?

  • a museum?

  • or sold in its entirety via auction?

This is quite an important discussion to have at some point, preferably with both your art advisor, and accountant or wealth manager.

 

And this latter point brings me to probably THE MOST important aspect of a collection and that is PROVENANCE.

The importance of PROVENANCE: cannot be underestimated – it determines the overall value of the collection – both from a curatorial and market perspective – and it impacts on how saleable and/or how attractive the collection will be at the appropriate juncture.  – for either donation or sale

Reviewing and establishing a clear line of provenance is a key component in the due diligence process - this is particularly relevant to sourcing works from the secondary market, but can also be applicable to and has a place in the primary market.

Provenance = the pedigree /history of the artwork from artist’s studio to current owner.  When assessing an artwork for a collection -

  • of particular interest is what collection or collections the subject work has come from, and the significance of the collections; and how long the subject work was held in that collection;

  • I am also interested in which gallery initially exhibited and/or sold the work – or did it come to the current owner direct from the artist’s studio

  • Is it fresh to market? Or has the work has been at auction too often, even if it has sold?  Sometimes, an over-traded work can become burnt - even if there are reasonable circumstances, e.g. Death, Debt & Divorce.

  • Is the work in the catalogue raisonné? (a published inventory of all the artworks an artist has produced throughout their career; it is generally a rather lengthy & scholarly undertaking)

 

And an excellent example of why a catalogue raisonné matters and the importance of provenance or lack thereof,  was highlighted in the recently aired “Whiteley Scandal” on ABC TV, and was explored in greater depth by Gabriella Coslovich’s  compelling “Whiteley on Trial”.

It perhaps would be interesting to consider this ‘scandal’ arising after 2020, when the monumental 7 volume catalogue raisonné on Brett Whiteley by ex-Christies, art historian, Kathie Sutherland was published.

 

Some other examples of provenance and and how they impacted values –

The Macklowe Collection, described by Sotheby’s as “…an exemplary vision of connoisseurship: a peerless collection of rare and iconic masterworks from the 20th and 21st centuries” was sold in New Yorkin May last year for an astounding US$922m;

And Andy Warhol’s iconic and most expensive work by the artist to come to auction, “Shot Sage Blue Marilyn” which sold at Christie’s NY in May 2022 for US$195m.

 

In summing up –

Part of my remit as an art advisor, is that I need to have, maintain, nurture and indeed, develop, long standing professional relationships with all players within the art ecosystem – as an art advisor I am constantly moving between the markets and sectors, it’s sometimes about balancing competing agendas, perspectives, and certainly personalities - , all through which I need to maintain a constant focus on the needs of my collectors and their collections.

It is sometimes, an unusual relationship – that of art advisor and collector – in a way we are both investing in something long term – and in order to achieve the objectives, there has to be mutual respect and trust. 

And what continues to drive me and what I am constantly aspiring to for my collectors and their collections - – private, corporate or institutional – is to work in a curatorially sound manner, in order to achieve a collection of artistic integrity, enduring quality, market longevity.

 

©Catherine Asquith 2023

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The changing face of the art market & ultra-contemporary artists

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Galleria Continua, Frieze Seoul, 2023

Dee Jefferson, former digital arts editor with the ABC, recently interviewed me for a feature article on the changing face of the art market and why it's a good time to invest in young Australian women artists.

While we wait for publication, I thought it may be instructive to share some of the questions and my brief responses.


How do you see the art market changing currently?

Possibly one of the most dramatic changes in the art market, from a global perspective, is the rise of a new young, confident, monied and well-educated collector, who are ‘chasing’ artists from their generation. There’s nothing new in this; art historically there is precedent for collectors acquiring works by their own generation.  But what is unique in the contemporary scene, is the rate and ‘fervour’ of acquisition.   

There has also been a definite shift in the reasons behind people buying art; a decade or so ago it was all about investment in art, (which at times unfortunately slipped into completely untenable notions of ‘doubling your money’ within a certain time period); now we’re seeing a notable shift in a genuine desire to build a collection, and perhaps a more ‘curatorial’ approach to acquisition, and the ‘investment’ aspect now, is actually the collector themselves, expending time and energy in seeking professional advice and working in concert with their advisor to develop a collection over a period of time. This is type or style of collecting is emanating predominantly from this new class of collector. 

Investment is still a consideration - it stands to reason, that with greater engagement and building of knowledge of the art market by collectors – new and established – mercantile factors or the dollar value will still hold some sway as far as acquisition is concerned, albeit a secondary consideration.

 

What have you observed about the movements within the market & women artists:

With so many initiatives, re-assessments, edits and realignment of curatorial strategies, within the museum, gallery and auction sectors, across the globe, over the last few years, women artists have really been thrown under the spotlight.  Some examples:

  •  we are seeing curated auctions comprising only women artists – examples here in Australia -would be Leonard Joel’s now annual auction; and Deustcher & Hackett had a dedicated sale in November 2021;

  • we’ve observed some tightly curated exhibitions at museums focussing solely on women artist;, a recent and Australian example, was the “Know My Name” group exhibition, an initiative, but perhaps more a commitment, by the NGA;

  • Indigenous Australian artist, Sally Gabori received the international survey treatment with the superbly curated exhibition at the Fondation Cartier pour l’art contemporain in Paris last year;

  • and let’s not forget about publishing – every woman working in the arts should now have Katy Hessel’s The Story of Art Without Men on their desks, perhaps in lieu of Gombrich’s; other examples in this sector include Catherine McCormack’s “Women in the Picture” and “Great Women Painters”published by Phaidon.

  •  and finally, women collectors and in particular those that have focussed on work by women artists, are also being propelled into the spotlight; although this is perhaps more prevalent in Europe and the States.

So, we’re in a type of watershed moment, long overdue, in recognising women artists and their position throughout history and within the contemporary art market.

Clearly it is due in no small part to a confluence of world events – think “#Me#Too as just one example -plus the changes happening in the art market across the sectors, which have really opened the doors for many young women artists. Dealers, gallerists and museum curators are also picking up on this buoyancy and adapting or changing their programs accordingly.

What is also interesting is how quickly this demand for ultra-contemporary work, especially by young women artists is developing, and its direct impact on collector behaviour and therefore the market.There are numerous examples of young women artists having had only 8 - 10 exhibitions behind them, selling at what I would term fairly moderate price levels, and then suddenly they’re picked up by one of the major, globally-based galleries, and their prices have escalated into 6 figures.

It’s another discussion, but I would caution collectors considering these ultra-contemporary artists; the trick is to discern which artist is here for the long term, the tenure of their gallery presentation, and therefore the future stability of their market.  Right at this point, there are unfortunately a few artists whose market is about to be severely compromised.

Thaddeus Ropac, Frieze Seoul, 2023

In Australia, are we seeing a tilt towards ultra-contemporary women artists?

I haven’t observed the same fervour or enthusiasm for purely “ultra contemporary women artists”

There is definitely an uptick in the breadth of interest in contemporary art within Australia – but apart from curators and institutions and some publishers – the momentum for this category, as described, is not on the same level as that internationally. 

But what I would say, is that there is a strengthening interest in women Indigenous artists – and this is being played out in values and acquisitions across the primary and secondary markets.

 

What kind of mediums are dominating the contemporary art scene?

Abstract art or abstraction is predominantly the most sought after and acquired of the genres.  And we can break that down into:

(i)                  pure abstraction;

(ii)                gestural abstraction: and

(iii)               surrealist abstraction. 

Globally, there’s a clear leaning by young female artists for a style which I would describe as derivative of surrealism, which is abstracted back, and finessed to suit the composition or their thematic concerns. 

Here within Australia, I would suggest there’s a strong return to pure abstraction and the materiality of the work, and with regard to women artists, a diffused, gestural figuration.

We are also observing, again on a global scale, a strong interest and use of textiles either used as the main medium of a work, or incorporated in some manner – but in either manifestation, it’s a clear nod to ancient practices.

Ceramics are being embraced by a number of practitioners – and elevated if you like, way above the previous and archaic category of ‘craft’. 

And light works have become far more prevalent in the contemporary art scene. 

 

Where are collectors buying: galleries, auctions, online?

Post-covid we now have so many options in terms of acquisition –

The art fair juggernaut has responded to the changes in the art market, post-covid, and there seems to be a subtle shift in how these entities are now accommodating these new developments and the changing persona of collector.

In this year alone at ABHK, Frieze Seoul and KIAF also in Seoul, I observed a clear appeal for younger collectors, in terms of the VIP programs, the nature of artwork on display and how it was presented.  And it was also very clear that this demographic was keen to buy; which is not to suggest that the more established collector is avoiding art fairs; that’s not the case.

Of course, the digital world is a second home for the younger demographics, and so buying online – whether from an arts platform or via auctions or galleries online -has become a core part of the collecting journey. 

Not surprisingly, Instagram is probably one of the highest viewed platforms for discovering new artists.

There is some distinction between the generations, in terms of how they acquire artworks.  The older more established collector appears to acquire from galleries and auction houses, in person; whereas the younger generation of collector is comfortable to transact online or via email.

 

What are some names you’d count as rising stars?

 

Investment Artists / UK / US Art market:

Flora Yukhnovich
Ewa Juszkiewicz
Cristina Quarles
Anna Weyant
Jade Fadojutimi
Sarah Ball
Emma McIntyre

Investment Artists / Asia Art Market:

Lee Jinjun
Wang Xiyao
Li Hei Di
Zhang Zipiao

Artists of interest from a curatorial perspective / Australia, NZ art market:

Mia Middleton
Jenny Topfer
Tia Ansell
Hannah Gartside
Megan Streader

 ©Catherine Asquith 2023

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ART FAIR REPORT: FRIEZE SEOUL & KIAF 2023

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Installation, Thaddeus Ropac, Frieze Seoul

Amid some concerns on the health of the South Korean art market, with art sales having dropped back to pre-covid level, gallerists, dealers and collectors alike were pinning their hopes on the return of Frieze Seoul and its counterpoint fair, KIAF.

Whilst various pundits have suggested the Korean market is “thin” due to its “volatility”, others suggest the number of buyers has in fact increased, with the ‘popularity’ of all things art having harnessed a broader demographic.

For more than three decades now, South Korea has maintained an important position within the broader Asian market, particularly with respect to the secondary market; as sophisticated, well-educated and focused collectors these members of affluent families hold significant purchasing power. 

With this as a backdrop, it is only reasonable then that a new generation of young collectors is emerging, one that is enthusiastically participating in the art market and happily embracing the concept of a collection. Notably, collectors under the age of 50 equate for 80% of contemporary art sales.

This strong and multi-demographic collector base has no doubt encouraged leading Western galleries to set up shop over the years, with the likes of Perrotin, Pace, Thaddeaus Ropac, and Lehmann Maupin taking up residence in the arts precincts on offer.  Jay Jopling’s White Cube is the most recent addition, with its timely opening of a group exhibition “The Embodied Spirit” offering some respite during Seoul Art Week.

Of course, South Korea has created a favourable business environment for European galleries, with an ever-increasing availability of English-speaking Korean art professionals, relatively low rent on gallery space, and ‘free trade zones’ providing seamless logistics.

Installation, Jonas Wood @ Gagosian Gallery, Frieze Seoul

Frieze Seoul

At just after 2pm at the VIP opening of Frieze Seoul, an enthusiastic ambience permeated the stands, with fresh-faced gallery staff at the ready; and they needed to be!  With foot traffic increasing by the minute, this was a buoyant and clearly successful start to Frieze’s 2nd iteration in Seoul.

Clearly a number of works had been pre-sold but equally, there was some high value negotiations taking place on the first day; a Kusama bronze pumpkin was being considered by competing parties at one stand (and this was not the only Kusama on display, a selection of Infinity Dot paintings of varying dimensions and quality also populated the fair), six figure sales were being transacted at many booths, and the first Georg Baselitz on display at Thaddeus Ropac sold for €1,200,000 ($1.3 million), and was replaced a day or so later, with an equally stunning Baselitz.

Installation, Yayoi Kusama @ David Zwirner, Frieze Seoul

Collector and institutional Interest in George Condo’s Picasso-inspired paintings has been strong across Asia, and in 2021, Condo was the subject of an extensive survey show at the Long Museum in Shanghai; in 2020, one of his paintings sold for $6.58 million at a Christie’s Hong Kong auction, setting an auction record for him.  This market traction no doubt proved salient during Frieze Seoul, with several galleries exhibiting and indeed selling, works by Condo.   

Hauser &Wirth had a choice “Picasso-inspired” painting occupying its own dedicated wall; Spruth Magers had a strong 2022 work on paper, Almine Rech included an earlier 2008/2009 small oil on linen, on their stand; and David Zwirner’s large, calligraphic mixed media work on linen attracted interest.

Fair favourite (at both Freize and KIAF), Park Seo Bo’s sublime paintings and works on paper punctuated the booths, and drew the crowds, especially during the ‘happening’ at White Cube’s stand where ebullient director Jay Jopling observed the frantic adulation surrounding the now frail 91 year artist.  Along with leading internationalist Seoul gallery, Kukje, both sold works by the father of the 'Dansaekhwa' movement for around the $500k mark. 

The fervour bodes well for White Cube’s forthcoming, major solo exhibition for Park Seo Bo, scheduled for autumn 2024 at the gallery’s upcoming New York space on Madison Avenue (which is set to open in October this year). Jopling is also planning for a local project with a South Korean institution.

Installation view of White Cube’s booth at Frieze Seoul, 2023.
Photo by Lets Studio. Courtesy of Lets Studio and Frieze.

With the inclusion of Frieze Masters into the same trade hall space, there was some fairly serious blue-chip work on display. As the days progressed and foot traffic multiplied, extra security contract staff and carefully placed stanchions were starting to be installed; the latter was definitely required for the Instagram worthy sculpture by Jeff Koons at European Masters gallery, Robilant & Voena.

Julian Opie @ Cristea Roberts Gallery, KIAF Seoul

KIAF

With two decades of editions behind it, this year’s KIAF comprising 210 exhibiting galleries, and more than 130 were from Korea should have been better.  Enthusiastic foot traffic aside, the purported “range of art on view is broad in scope, scale, and price point” noted by one commentator really translated into a miscellany of quality, and unfortunately, compromised the other well curated booths from an unfortunately, much smaller percentage of exhibitors.

Indeed, one European gallery with an exemplary inventory on display – think Chagall, Picasso and Fontana - was clearly dissatisfied, voicing his grievance to a patient Fair staff member. 

The frequent public service announcements requesting visitors not to take photos unless granted permission and not touch the artworks, did not help matters, invading conversations and infantilising visitors. 

However apart from these disappointments, there were some established Seoul-based galleries with a thoughtful array of works by some key Korean artists.

Chun Kwangyoung’s recognisable “Aggregate” series perhaps more akin to freestanding sculptures and wall hangings and composed of hundreds of tiny polystyrene triangles, which the artist then wraps in coloured Korean mulberry paper, was being shown by several galleries, as too was proponent of the Korean Art Informel movement of the 1950s and 60, Kim Tschang-Yeul, whose oil and graphite on linen paintings hover somewhere between abstraction and hyper-realism.

The burnt umber and raw canvas of one of the leading figures of the Korean Dansaekhwa art movement Yun Hyong Keun, was also a Fair favourite across both Frieze and Seoul, with quite a number of works on display at galleries’ respective booths.

Many of the exhibiting galleries at KIAF reported good productive engagement with visitors, with many reporting good sales.  One exhibitor noted his observance of  the “different accents and languages [which] can be heard across the fair concourse, solidifying the fact that this fair—and Seoul as a whole—is now a bona fide hub of international art. “

To view more artworks from the fairs visit https://www.instagram.com/catherineasquithart/

©Catherine Asquith 2023 

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Buyer's Guide: Brave New Collectors

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Art Basel Hong Kong 2023

 

Recently I was interviewed by Louise Martin-Chew for a short feature for Art Edit on the buyer’s journey.  The brief Q & A was as follows:

How do you see buyers develop? At what stage do they come to you? & how do you like to see their collections develop?

Most of the time collectors consult me after they have acquired a few works but have perhaps realised they need a more professional, cohesive approach to developing their collection. 

Alternatively, a collector is looking to develop the investment potential and would like some guidance and want to understand more about the markets – primary and secondary - and how they affect the value of certain artists and therefore, their artworks.

Fundamentally, most individuals are looking to understand more about the art market, so as to make informed, educated decisions regarding acquisition.

I like to chaperone clients through various collections – museums and public institutions - as well as selected commercial galleries, auction previews and art fairs, to provide an overview and context to the art market – and how these entities, in fact, all inter-connect.  And I also like to encourage a preparedness to learn, and to be patient in acquiring this new knowledge.

My job satisfaction comes from seeing a collection develop and grow, one which has defined but flexible thematic or what I call, simple curatorial parameters, one with integrity, an enduring quality, and ultimately, longevity.

The bonus is developing a long-term relationship with the collector themselves, and working in concert with their developing knowledge and enthusiasm, and on occasions, passion, for art.

 

Is it usual to begin small and grow?

How has the increase in disposable income changed the way people collect?

I am not sure about disposable income, however, what we are definitely observing in the global art market, is a flurry of speculation, and the “next new thing” - mostly by a new generation of confident, well-educated collectors with ample discretionary funds who are chasing young, contemporary artists, generally under 30 years, or what is being termed “wet paint” artists within the secondary market context – and there is a big query if this will be sustainable, and moreover, when, not if, the bubble bursts.

So in other words, a strong move towards speculation and ‘flipping’ artworks on the secondary market.

But I would note however, within this demographic of new collectors, there is certainly a more curatorial approach to acquisition, and fundamentally, developing a collection.

Read the article here.

 ©Catherine Asquith 2023

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Is there a "black market" operating in Australia?

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Recently I was contacted by The Age journalist Marta Pascual Juanola for a story she was currently working on about the Australian art market and how “some actors linked to organised crime insert themselves into legitimate trading.” 

Pascual Juanolo was also hoping to “get a better understanding of how the artwork trading in Australia works and how common it is for pieces to change hands privately [and also] about the importance of provenance and how people can ensure they know where a piece is actually coming from (things to look out for, what are some red flags etc.)”

As expected, my comments were edited down for the article, however, I thought it may be instructive to extend the context and employ the structure of questions posed to me by Pascual Juanolo, to consider if in fact there is a ‘black market’ present in Australia, how private trading typically operates, the potential risks, and the imperative of provenance, and professional guidance.

 

How prevalent is the trade of highly valued paintings in Australia between private individuals compared to gallery sales or auctions?

There is no readily available data on private or off-market transactions other than anecdotal.

From my own experience, private or off -market trading of high value works would equate with a small percentage of artworks sold in Australia, likely around 10%.

Within the Australian visual arts sector, I would suggest the commercial gallery sector sells more than the auction houses by volume, whereas, in terms of value, the auction house sales are probably higher in respect of dollar amounts. 

Auction records are freely accessible, and we do know for example, that for last year, the auction houses in Australia sold a total of AU$60.31m.  Unfortunately accessing a total value for the commercial gallery sector sales is more difficult because these values are not regularly reported or shared.

 

What is the most common form of private trade?

Generally, high value artworks by notable or market recognised artists, where the owner or buyer wishes for some discretion in the sale or acquisition of an artwork. 

How are those trades most commonly organised?

Either a buyer or seller will approach a dealer or art advisor to manage the sale or acquisition of an artwork. 

In Australia, these transactions are generally between private individuals, whereas international transactions can include a private or public museum, foundation or gallery, with the transaction being driven by the institution. 

In the case of selling an artwork, the intermediary (art advisor / dealer / agent)  will seek comprehensive information regarding the artwork including:

·       description of the artwork: title, year produced, medium, dimensions

·       provenance

·       supporting documentation, Certificate of Authenticity (esp. important for Aboriginal artworks to confirm ethical sourcing), purchase invoice, previous valuations and condition reports

·       good quality jpeg images for initial consideration

·       asking sale price

·       access to artwork for private viewing

·       inclusion in the catalogue raisonné (if applicable eg Brett Whiteley)

 

A similar process is undertaken when a request for an artwork is made.  And a good intermediary will endeavour to really define the artwork request, to establish serious intent, on the part of the buyer.  So, artist, period or series of artwork, dimensions, budget are all relevant factors in helping to determine the advisor’s approach. 

I would suggest that there is an intermediary involved in either transaction – whether this be an advisor, dealer, auction house specialist or gallerist.

 

What are some of the risks associated with this type of trading as opposed to gallery sales, auctions or buying directly from artists?

I think to be fair, there are risks associated with buying and selling artworks from any platform; the important aspects are: reputation, credibility, level and duration of expertise, and position within the market.

However, in terms of private sales or acquisitions, and without the professional guidance of an intermediary, potential risks could be:

·       buying above the market value

·       selling below the market value

·       buying or selling at the wrong time; there are favourable seasons for both

·       buying a problematic work, i.e provenance or lack thereof will curtail re-sale value or potential

·       buying the ‘’wrong’ work by an artist, i.e. from the lesser series or period ; again impacting resale value in the future

·       solely relying on jpeg images without professional support

·       shoddy due diligence and/or lack of supporting documentation

·       unknown or undocumented condition

·       limited access to the artwork for viewing until certain point in the negotiations

 

Some of the above can also relate to auction and gallery sales as well.

The big difference is the transparency of the markets – primary or gallery sales and secondary or auction sales are open to the public.  Private sales are just that – private and off-market.

 

 How important is it for prospective buyers to check the provenance of art?

Vital!

It is the pedigree of the artwork, and ideally should be traced back to the artist’s studio.

Checking provenance is a key component in the due diligence process and impacts not only the integrity of the artwork but its market value.

 

How can people ensure that the provenance being spruiked by sellers is accurate?

Research and market knowledge.

It’s a challenge to check provenance for the average person, unless they have access to auction house indices and records and extensive and in-depth knowledge of the art market.

Anything of high value or what you may consider high value should be given a second opinion, and therefore I would encourage people to consult an art advisor, for a due diligence report.  Offsetting the fee against peace of mind is no-brainer in my view.

Get an intermediary involved.

Start with researching a reputable valuer or advisor.  A referral from a trusted colleague or professional in your field would also be a good start.

If you are a collector and have spent time with gallerists and auction house specialists, you can also call upon their expertise in the matter or if it’s outside their area, ask for a referral. 

Otherwise, if you have the time and inclination, you can research auction house catalogues and utilise one of the many art market portals and subscription-based price indexes to confirm provenance.

But even then, I would suggest, from experience, not every facet of provenance is always necessarily noted in an auction catalogue for example – whether this is an oversight or was not provided at the time of consignment – and similarly, not all subscription-based art market portals contain every update on an artist.

It’s really a case of cross-checking with multiple tools and resources and having knowledge of the market.

 

What are some of the red flags to look for when it comes down to trading art privately? 

·       Lack of or documentation confirming the agreement, an/ or in line with common practice.

·       Provenance is not included in any documentation or is not forthcoming when requested

·       An option to view the work is not provided

·       Lack of transparency from the intermediary

·       Limited access to the intermediary

·       Discovery of work being offered to multiple prospects on multiple occasions– this is a big issue. – the work is “burnt” and it’s no longer private

·       Difficulty in establishing clear legal title – this is problematic

·       Work is not included in the catalogue raisonné and it should be

 

What are some of the vulnerabilities that might allow organised criminals and scammers to enter the legitimate art market?

There are vulnerabilities in many markets not just the art market.  And on this occasion, I am certainly not going to provide any details which could enlighten or encourage “organised criminals and scammers” 

What I will say is there is a common misnomer that the art market is unregulated – this is not entirely accurate.  The art market does not have an overriding all-encompassing statutory governing body, but within its various sectors and sub-markets there are professional associations and organisations, codes of conduct, for example the Indigenous Art Code which sets standards of ethical behaviour for art dealers and galleries operating in Australia, and then of course, numerous guidelines and indeed legislation, for example, Australian Consumer Law in force in various jurisdictions, that can and does govern trade generally and is applicable to the art trade.

This is not the Wild West and you will be caught out if you do the wrong thing.  We’re a small market and not much can transpire without being subject to some level of scrutiny.

 

How prevalent is the art black market in Australia? 

I would suggest the so-called black market in art in Australia is nominal to non-existent.  I don’t believe we have the depth of market to ‘harbour’, if you like, a criminal ‘trading’ element, and one which emulates that present in Europe.

Bear in mind with a black market to function as it where, you need very accessible trade routes in and out of a country – we are island located in the southern hemisphere.

 

©Catherine Asquith

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Vicinity Centres: Northland Artwork Commission

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Karen Lee Mungarrja, “SHARE WITH US” / “BUNDYI “, (WIRADJURI) 2023, Gouache on Belgian Linen, 100 x 190cm

Northland Art Collection

Catherine Asquith Art Advisory was engaged by Vicinity Centres to facilitate and manage the commissioning of artwork(s), specifically, work which would be upscaled and fabricated to selected areas (bulkheads) located throughout the Northland Shopping Centre in Preston.

The project required an innovative yet authentic interpretation of the brief and was open to Indigenous Australian artists.

In July last year, Vicinity Centres extended a limited invitation to selected and recommended artists to respond to the project by way of a suite of integrated artworks for allocated spaces situated within the Northland Shopping Centre. 

Considering the rich profile of the community, its defining attributes, and the overall vision for the Centre, the artwork would need to incorporate and celebrate the community that is Northland.

As well as highlighting the site’s cultural significance, history and stories, the commission was also to encompass the stories of future generations and the continued developing nature of this diverse region, and the community’s values.

After a comprehensive and vigorous selection process, and consultation with Wurundjeri Woi Wurrung reference group, Karen Lee Mungarrja was the artist appointed for the commission.

Karen’s proposal response was to employ an integrated approach to the brief, and endeavour to “create visual stories that not only celebrate the attributes of the people that use the space, but represent the ideas in relation to the social and environmental consciousness of the community and the importance of respecting each other and sharing Aboriginal culture.”

Elder knowledge and contribution specific to this project was essential. The Wurrundjeri Woi Wurrung cultural reference group were brought into the process from the outset and have been an integral part of the process. This inclusion and consultation have been a key component in this project, and has allowed for a culturally enriched project, a nuanced understanding its cultural importance, as well as providing a platform of knowledge-sharing and engagement with the Wurundjeri Woi Wurrung.

All 5 of the artworks, now upscaled and fabricated to selected bulkheads throughout the Centre, are from the one series and titled “All Are One”.  The series illustrates a multi-layered story referencing the Wurundjeri peoples, Aboriginal culture and the unique diversity of the Darebin community, a community that has programmes and events which celebrate, nurture and provide unique opportunities for all people to have a voice and be heard.

Underlying themes to each artwork in the series is the importance of acceptance, social and environmental consciousness and the development of the community for future generations – all of which can only be a good thing.

See more artworks here

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Venetian Media Group: New Collection

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Having facilitated and managed the VMG Art Series in the recent past, we were well acquainted with the dynamics and interior of Venetian Media Group’s Melbourne headquarters in South Yarra. 

VMG is a communications, advertising and branding agency, and our objective for this curation was to highlight VMG’s fundamental mandate:

 create authentic, engaged spaces between brands & consumers where our people, clients and communities are more enriched for the experience

We wanted to curate a collection which reflected the values, philosophy and branding of VMG, one which recognised its location, work, and aspirations, and one which would engage both its staff and visiting clientele.

With these aspects in mind, we then harnessed the following thematic and aesthetic parameters to help guide artwork selection:

•       filmic / cinematic theme

•       figurative /narrative genre

•       strong / defined palette 

•       contemporary / conceptual aesthetic

 

Each artwork selected has a connection to or reflects something of the above.

Artworks were sourced from Artbank, a federally funded visual arts scheme, which acquires artworks from the primary market and leases to a range of clientele, was consulted for the procurement of the collection.

Selected In Situ shots:

 Victoria Reichelt
Monumenta, 2007
Oil on canvas
103.5w x 103.5h x 7d

 Victoria Reichelt
Film Noir, 2006
Oil on canvas
103.5w x 103.5h x 7d

Zoe Croggon
Untitled #1, 2012
Digital Type C photograph
52.5w x 66.5h

Zoe Croggon
Untitled #2, 2012
Digital Type C photograph
52.5w x 66.5h

Jo Darbyshire
Dust 4, 2005
Oil on canvas
81.5w x 81.5h x 5d

Jo Darbyshire
Dust 2, 2005
Oil on canvas
81.5w x 81.5h x 5d

Jo Darbyshire
Dust 3, 2005
Oil on canvas
81.5w x 81.5h x 5d

Jo Darbyshire
Dust 1, 2005
Oil on canvas
81.5w x 81.5h x 5d

Andrew Hurle
Forge I, 1998
Inkjet print
100w x 100h x 2d

Andrew Hurle
Forge II, 1998
Inkjet print
100w x 100h x 2d

Paul Ferman
Excavare #252, 2013
Digital Type C photograph
129w x 129h x 4.5d

Paul Ferman
Excavare #256, 2013
Digital Type C photograph
129w x 129h x 4.5d

Paul Ferman
Excavare #255, 2013
Digital Type C photograph
129w x 129h x 4.5d

©Catherine Asquith

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C & D Capital, Curating a New Collection

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Always a pleasure working with new corporate clients and a recent brief from C & D Capital, a Family Office, whose values and brand equate with authentic, brave, somewhat of a maverick, and a philosophy of embracing creative thinking was a welcome brief.
 
Catherine Asquith Art Advisory was appointed as art advisor to curate a collection which reflected the values, philosophy and branding of C & D Capital, in addition to complementing the incorporated design and materiality by Bates Smart, for its new offices in Cremorne.  As such, works were carefully selected so as to present as a cohesive, thematically appropriate and aesthetically complementary collection.

Each artwork was selected on the basis of having some connection or alignment with the company, brand, location, or history of the site.  Additionally, whilst we do not necessarily advocate ‘matching artwork to décor’ there is clearly a benefit to balancing the aesthetic, genre and palette with a bespoke interior. 

The guiding principles informing the process were therefore:

•       procuring a curatorially sound collection, one with integrity, endurance and longevity;

•       sourcing best available artworks by established and well regarded artists;

•       identifying conceptual and/or thematic aspects inherent to each artist’s practice which held a connection with C & D Capital; and

•       adhering to a consistency in theme, genre, palette & aesthetic.

The parameters of the brief allowed for leasing of artworks for a short period, and Artbank, a federally funded visual arts scheme, which acquires artworks from the primary market and leases to a range of clientele, was consulted for the procurement of the collection.

 

Read about the project on Bates Smart website here

Selected In Situ shots:

Stefan Dunlop
Composition #1 with Bust, 2020
Oil on canvas
150 x 170cm

Daniel von Sturmer
Production Still, The Cinema Complex (Sequence 1) 1, 2, 3, 4, 5, 2011
Pigment print
83 x 52cm each.

Michael Zavros
Rush, 2002
Oil on canvas
107 x 192cm

Jacqui Stockdale
Rama-Jaara the Royal Shepherdess, 2012
Lagunta Man, Leeawuleena, 2012
Luchadora Botanica, 2012
Type C photograph
103 x 81cm each

 Photography: Peter Clarke & author

©Catherine Asquith

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Catherine Asquith Art Advisory acknowledges the Traditional Custodians of the lands on which we work. We pay our respect to the Kulin Nation and all Aboriginal and Torres Strait Islander Elders.