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Art Basel Hong Kong – back with a bang!

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By all accounts ‘palpable excitement’ circumscribed the return of Art Basel Hong Kong and was clearly welcomed by the city, regional and international collectors, and the exhibiting galleries and artists. 

Proudly espousing some stats, media releases noted that 177 galleries were taking part in this year’s iteration, up from the 130 exhibitors in 2022, making ABHK the “largest fair in Hong Kong since 2019”.

Early indications suggested a plethora of healthy sales during the VIP day.  Selected notable sales were several acquisitions by Asian museums: “Birdcage Man”, Yinka Shonibare at £200,000, from Stephen Friedman; “Truffaut” by Elizabeth Peyton at $2.2m from David Zwirner. The George Condo 2011 work on Hauser & Wirth’s stand, “Purple Compression” sold for $4.75m to a private collector, and the large-scale abstraction by Mark Bradford, “A Straight Line” also sold for $3.5m.  White Cube enjoyed some solid sales of works by Anslem Kiefer (EUR1m), Damien Hirst (USD525K), Antony Gormley (GBP500K) and three works by Park Seo-Bo.

Strong, buoyant attendance was also evident, although there was a visible difference in numbers between the VIP and Public days, with the latter becoming painfully congested.

Mainland Chinese collectors accounted for “a big chunk” of attendees; Korean, Japanese, and Taiwanese collectors were also highly visible at the fair, especially younger collectors.  European collectors were in the minority.

Whilst there has been speculation that Hong Kong’s formerly draconian measures regarding the pandemic would have a negative impact on the international position of Hong Kong, as a global city, and it is certainly a changed city now, the tax advantages are driving the market and maintaining its position.

Additionally, substantial investment in the city’s cultural infrastructure is a factor: M+ Museum finally ‘fully’ opened to the public with a major survey show by the ubiquitous Yayoi Kusama alongside showcasing the 1500-strong Uli Sigg collection.  The West Kowloon Cultural District (WKCD) precinct, which ‘houses’ the Museum will likely become a destination arts hub, with the addition of Phillips new Asian headquarters, also based in the WKCD.

 

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Art Acquisitions Advisory Committee at the City of Stonnington.

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Delighted to announce I have been selected to be on the Art Acquisitions Advisory Committee at the City of Stonnington.

The City of Stonnington Council maintains a significant collection of contemporary works of art. The Collection dates from the late twentieth century to present day and presents the work of emerging, mid-career and senior contemporary Australian artists with a particular strength of the Collection being works of art that demonstrate a connection to the City of Stonnington. The Collection is a valuable community asset, displayed in publicly accessible locations throughout Council buildings and contributes to the vibrancy and cultural landscape of the municipality.

The City of Stonnington Art Acquisitions Advisory Committee’s primary role is to identify, recommend, and assess works of art for acquisition into the Collection and the commissioning of public art.

 

Image:
Kathy Temin
“Garden Islands”, 2010
A collaboration between City of Stonnington and Fridcorp – Lilli Building, and located in Claremont Street, South Yarra

 

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How to navigate the art market

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Recently I was invited to be a part of Leonard Joel’s new feature “Art Expert” for their Dec/Jan Leonard magazine.

The idea behind the series is to speak with an art industry expert to educate Leonard Joel’s audience on all things art.

I enjoyed this opportunity to provide a brief snapshot on ‘how to navigate the art market’.

Read the full article here.

Images:

Article/Front Cover, Leonard, Dec/Jan

Del Kathryn Barton, Openly Song, 2014, Acrylic on French linen
244 x 183. Exhibited: “The Highway is a Disco”, ARNDT, Singapore, 1st November to 6 December 2015. Auctioned: Lot 33, Australian & International Fine Art & Sculpture, Menzies, 27 February 2020

Bill Henson, Untitled 1/5, 1990-91, from the series Paris Opera Project, type C photograph, 127 x 127 cm; series of 50, Edition of 10 + AP 2

Coen Young, Untitled (Mirror Painting)2 2022, Acrylic, enamel, silver nitrate on paper, 141 x 121 x 9 cm (framed) In situ, Sydney Contemporary, September 2022, Kronenberg Mais Wright

"Thought Forest" by Camie Lyons / Completed artwork commission, AMP Capital

CAMIE LYONS (b. 1968), “Thought Forest”, 2022, Bronze, L to R: 170 x 380cm / 270 x 370cm / 155 x 340cm, (3 elements)

Catherine Asquith Art Advisory was consulted to source and manage a site-specific artwork commission for the lobby of the recently refurbished 255 George Street, Sydney.

The inspiration and source material for “Thought Forest”, a three-panelled bronze relief sculpture, by Sydney-based artist, Camie Lyons, is the Australian bushlands.  Finely sculptured branches, forest undergrowth and falling leaves are re-contextualised into an urban space.

In her preparation for the project, Camie researched the site’s botanical history and consulted with Sydney Botanical Gardens to investigate and visit forest growth pockets in and around the site.  Her conceptual intention for the commissioned artwork was to “re-forest and re-energise the Annex space by bringing back the original species of trees that once stood on the site.”

Collecting branches and twigs from the Angophora, Sydney Blue and Red Gum and Iron Bark species, as her primary source material, and from old growth pockets of bush that still remain intact around the CBD Sydney, and incorporating these into the final artwork, “Thought Forest” represents the journey made each day by employees and visitors to 255 George Street.

Construction of the artwork involved positioning the bronzed and patinaed branches of various species to build a strong and complex system to conceptually represent diversity, connections made and the building of relationships at 255 George Street.   

The side panels, with their elegant and rhythmic branch systems travelling towards the central wall, allude to the ‘sparking of ideas’ by the intelligent and forward thinkers gathering within the space, a hive of activity, working towards a bright and resilient future.

At its heart, “Thought Forest” is a welcoming and beautiful artwork, which enhances the experience of the space and acts as a gentle reminder of this valuable resource, our special and unique Australian Bush.

 

Artist: Camie Lyons

Art Consultant: Catherine Asquith

Project Manager: Mostyn Copper

Architect: Richards Stanisch

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Values, estimates, provenance and being ‘on the money’

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Recently Nick Miller, arts writer for The Age, interviewed me regarding how auction houses set their estimates and how often are they ‘on the money’, in light of the forthcoming marquee auctions in New York and in particularly the widely publicised “Shot Sage Blue Marilyn”, Lot 36A of Christie’s sale on 9 May**, with an “in-house” estimate of US$200m.

There are invariably a combination of factors or elements which inform estimates:

  •  firstly, the auction house endeavours to meet the Vendor’s instructions, albeit tempered by market specialist advice;

  • the estimate is in line with the reserve;

  • previous auction results for that artist and/or a similar work, i.e. composition, dimensions, and even year are taken into account;

  • provenance, the ‘pedigree’ or history of the artwork from artist’s studio to current owner is a vital component and comprises research and investigation into:

Ø  what collection has it come from and the significance of that collection;

Ø  how long has the work been in that collection;

Ø  was the work acquired from a gallery, dealer or auction house;

Ø  is it fresh to market, or, in the alternative, if the work has been at auction too often, even if it has sold, on occasions this can work to its detriment and all in likelihood the auction house will lower the estimate;

Ø  what is the condition of the artwork;

Ø  what are the current market values for the artist or that style of work, for example, is figuration currently the ‘choice de jour’;

Ø  what’s the market support for the artist? For example, is the artist having sell out exhibitions, being included in any major museum shows.  Gallery representation is also a significant factor, especially internationally, and when it comes to the higher end of the market; and, how many & which museums have collected work by the artist;

Ø  subject matter can also have a bearing on estimate setting: is it a pleasing subject or does the work present challenging motifs or iconography;

Ø  and finally, is the work in the catalogue raisonne? (a published inventory of all the artworks an artist has produced throughout their career).

In the case of a work by Andy Warhol, an auction house would include all of the above factors when setting estimates.  In addition, the inclusion of the work in the Warhol catalogue raisonne is also especially pertinent; Warhol’s output was considerable during his four enormously productive and intensely inventive decades.  Warhol’s market is also clear about favoured or coveted works; a ‘Marilyn’ work would reach a broader audience than say, a work from his ‘electric chair’ series.

And to the second part of the enquiry: how often are the auction estimates right?

I would suggest for the most part they are ‘on the money’; auction houses do know the market, know their clientele, and invariably before an auction they do have some sense as to the outcome of the sale. 

The strategy with setting the ‘right’ estimates is to enthuse potential buyers, and garner buoyant bidding at the sale; start too low or too high the work may pass at the sale; it could even become ‘burnt’, especially if it has been to auction before.  The ‘batting average’ is 85% by volume and 90% by value.

Auctions houses are at the behest of socio-political factors, the economy and indeed, the whims of collectors; so, there are occasions when they may misjudge the market.  But there are certain strategies which auction houses will utilise as a means of risk management.

So for example, the marketing department will devise specific PR campaigns in the lead up to selected sales; the house may tour part or all of a premium or blue chip auction; or, relegate a particular sale to another region, so perhaps Hong Kong for example may be the better platform for certain inventory; and with certain blue chip inventory, most US and more especially NY auction houses will invariably seek third party guarantees.  (As in the Macklowe Collection’s Warhol @ Sotheby’s which also has an irrevocable bid.)

**Since then, the work sold for a hammer price of US$170m, with fees the total sale price was US$195m, making it the most expensive work by a 20th-century artist ever to be sold at auction. Read about the auction here and other auction highlights of the week here

Read the full article here

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Art Basel & UBS Art Market Report 2022

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Art Basel Hong Kong, 2022

Key findings as follows:

Global Sales: Following its biggest recession in 10 years in 2020, the global art market recovered strongly in 2021, with aggregate sales of art and antiques by dealers and auction houses reaching an estimated $65.1 billion, up 29% from 2020, with values also surpassing pre-pandemic levels in 2019.

Leading Markets: The US market retained its leading position, shifting up slightly to 43% of worldwide sales by value. The Chinese art market was the second largest art market with 20%, while the UK slipped back to third place and 17%.

Dealer Figures: After a decline of 20% in 2020, aggregate sales reached an estimated $34.7 billion in 2021, increasing 18% year-on-year but still below the level of 2019. Across all dealers, a majority (61%) reported an increase in sales values year-on-year from 2020, 13% were stable, and 26% experienced a decline.

Auction Figures: Sales at public auction of fine and decorative art and antiques (excluding auction house private sales) reached an estimated $26.3 billion in 2021, an increase of 47% on 2020 driven by the supply of high-quality works coming onto the market, as well as an influx of new buyers.

NFTs: In 2021, 74% of HNW collectors surveyed by Arts Economics and UBS Investor Watch, had purchased art-based NFTs, with a median expenditure in this category of NFTs totaling $9,000 each. NFT sales also entered the traditional art market’s auction sector in 2021, but at limited values thus far.

Online Sales: The online market continued to expand, growing by a more moderate 7% in 2021 to reach an estimated $13.3 billion. Top-tier auction houses continued to introduce new formats and invested substantially in the quality and delivery of live-streamed and online-only auction platforms – the former producing some of the most successful live sales of the year – enabling a more continuous, year-round schedule rather than the traditional seasonal cycle of sales.

Art Fairs: In 2021, as the fair calendar resumed, even with a reduced number of fairs and limited capacity in some, art fair sales advanced to 29% (including OVRs) of dealer sales, up 7% in share year-on-year, but still nowhere close to the 43% reported in 2019.

HNW Collectors: Surveys of 2,339 HNW collectors conducted by Arts Economics and UBS Investor Watch across ten markets showed increased spending at high levels in 2021, with collectors having purchased more art and antiques in 2021 on average than they did in 2019 and 2020, reinforcing their importance in maintaining the strength of the art market during the pandemic.

Extract from Report by Dr Clare McAndrews

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Melbourne Art Fair / VIP Fair Tours

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Delighted to be hosting Melbourne Art Fair’s selected VIP Fair Tours for the 2022 iteration, in which the Melbourne Art Fair will harness the monumental exhibition spaces of the Melbourne Convention and Exhibition Centre to present solo presentations and works of scale and significance by 53 of the region’s leading galleries.

Partnering with Melbourne’s leading institutions, private museums and independent art spaces, the Melbourne Art Fair VIP Program celebrates the vibrancy of Victoria’s cultural landscape. The program engages an international network of collectors through invitation-only dinners, studio visits, private collection tours, exhibition openings, and private events. Melbourne Art Fair allows collectors to discover artists, galleries and artworld figures at the forefront of contemporary art, and experience the best of our host city, Melbourne.

Tickets and more information here.

Images:

Jonny Niesche
Total Vibration (Stardust Blue), 2021
Voile, powder coated aluminium, mirror polished brass
180 x 330 x 5 cm
Showing @ 1301SW

Matt Arbuckle
Recto Verso, 2020
acrylic on knitted polyester voile and acrylic on timber
190 x 5000 cm
Showing @ Daine Singer

Tomislav Nikolic
“Initiation of Intuition”, 2020
Synthetic polymer, marble dust, 22ct gold leaf and copper leaf on linen, gesso compound & wood, 236 x 292 x 11cm
Showing @ Fox Jensen & Fox Jensen McCrory

Andre Hémer
Scenes from an Infinite Sky (October 10, 16:23 CEST), 2021
Acrylic and pigment on canvas
165 x 120cm
Showing @ Yavuz Gallery

 

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AMP Capital: 255 George Street / Artwork Commission

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#ART
#COMMISSION

AMP’s landmark CBD-based building, 255 George Street has been undergoing an extensive refurbishment.

One of the refurbished areas within the Lobby will be the new flexible workplace, Annexe, which will offer highly tailored workspaces that support organisations to drive productivity, innovation and growth.

As part of this specific redevelopment Catherine Asquith Art Advisory was engaged by Mostyn Copper to provide art consultancy services for the commissioning of a site-specific artwork which reflected not only the values of AMP Capital but moreover, allowed for an artwork which addressed the scale, volume and function of the space; provided a conceptual connection to the site; enhanced the visitor experience; and provided a welcoming, uplifting and complimentary aesthetic addition to the space.

From a highly competitive field of shortlisted artists, Sydney-based artist Camie Lyons was duly awarded the commission by the selection panel.

Camie’s well-researched and innovative artwork proposal, one derivative of the Australian bush, was at its essence, to “re-forest and re-energize the Annex space by bringing back the original species of trees that once stood on the site”.

AMP Capital / 255 George Street, Sydney
Artwork Commission: Camie Lyons
Project Managers: Mostyn Copper
Architects: Richards Stanisich

 

#art #contemporaryart #sculpture #commission #collectart #collections #artadvisor

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Bonhams, “Important Australian Art”, Sydney, 24 Aug 2021

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Lot 14, GWYN HANSSEN PIGOTT (1935-2013), “Family Portrait”, 1996, woodfired porcelain, ten pieces, 26.0 x 48.5cm (10 1/4 x 19 1/8in). overall. SOLD for $30,750 (incl. BP)

Lot 14, GWYN HANSSEN PIGOTT (1935-2013), “Family Portrait”, 1996, woodfired porcelain, ten pieces, 26.0 x 48.5cm (10 1/4 x 19 1/8in). overall. SOLD for $30,750 (incl. BP)

In what is becoming de rigeur in cataloguing a Fine Art auction, Bonhams commenced their online August sale with a line-up of relatively modest or typical for the era works by some well-known Impressionist and Modernist women artists; Dorritt Black, Janet Cumbrae-Stewart, market favourite Claire Beckett, May Gibbs and Florence Fuller. 

And whilst typically the first 6 to 8 lots of an auction can simply be the warm-up act to the ‘main event’, the high valued lots, we had only just comfortably arrived at Lot 4, Clarice Beckett’s “Moonlight and Calm Sea” when the tide certainly turned.  With a high estimate of $70K, bidding continued well beyond this anticipated figure with Beckett’s iconic 1931 oil finally selling for $116,850 (incl BP).  The enthused bidding continued for Lot 5’s small oil on card by May Gibbs with a final sale of $7380 (incl BP), again, well above its high estimate of $1800.  However, it was her next work at Lot 6, “Chrysanthemums” of 1894 which elicited perhaps an unexpected wash of collector competition, as the high estimate of $3000 was well and truly obliterated with the drawing room painting eventually selling for $39,360 (incl. BP). 

Lara Nicholls’s insightful catalogue essay regarding the fresh to market Lot 7 “Mother and Child”, by Florence Ada Fuller no doubt provided some of the impetus behind the strong bidding on this intimate and technically sublime oil on canvas, selling at an impressive $221,400 (incl. BP).

With a momentary lull in proceedings and perhaps some temporary respite in competitive bids, it was still a little surprising that Cressida Campbell’s screenprint at Lot 13 only just meeting its reserve, selling at $11,685 (incl. BP).  Gwynn Hanssen Piggot’s suite of woodfired porcelain at Lot 14 however sold well at $30,750 against a high estimate of $24,000. 

Other highlights from the sale included Jeffrey Smart’s elegant 1961 oil on board “The Road” which sold close to its high estimate of $350K for $393,600 (incl BP); the Lin Onus at Lot 34 continued the market’s support of this artist, albeit selling just under it high estimate of $60K, for $61,500 (incl. BP); “Crooked Tree, You Yangs” by Fred Williams at Lot 35 continued in the same manner, selling for $516,600 (incl. BP) against a high estimate of $550K; although John Coburn’s “Autumn Sun” at Lot 44 saw some engaged bidding, with a final sale price of $39,360 against its high estimate of $28K; and the recent fervour for all things Quilty slipped slightly with his very painterly “Flinders Street” of 2002 selling at mid estimate for $79,950 (incl BP).

Works of varying quality by Nolan, Boyd, Dickerson and Blackman saw mixed results, although pleasingly Lot 77, Arthur Boyd’s “Dry Dam, Wimmera” saw a respectable sale at $129,150 (incl BP) against its high estimate of $100K, with the proceeds of this sale to go towards supporting the work of Medecins sans Frontieres.

©Catherine Asquith 2021

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Leonard Joel’s Prints & Multiples Sale, 28 July 2021

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Lot 106, TOM BLACHFORD, (born 1987), “Untitled (Midnight Modern)”, 2018, archival pigment print, edition of 10, 89 x 133cm

Lot 106, TOM BLACHFORD, (born 1987), “Untitled (Midnight Modern)”, 2018, archival pigment print, edition of 10, 89 x 133cm

There seems to be something of a global re-assessment in the value of prints and multiples at present: Galerie LeLong in New York are currently exhibiting a curated group show of prints by well-established artists Etel Adnan, Leonardo Drew, Samuel Levi Jones, Jaume Plensa, Kate Shepherd, and Barthélémy Toguo; Stephen Friedman Gallery in London are presenting a series of unique screen prints spanning three years by Scottish artist, Claire Barclay; Photo London is intent on presenting a ‘live’ art fair in the first week of September, and closer to home, Menzies have announced its inaugural “Prints & Multiples” auction slated for an online edition in September.

Leonard Joel has been presenting its Prints and Multiples auction for some time now, and it is perhaps not surprising that this modest, yet highly successful sale continues to garner collectors and quality consignments. 

The major drawcard for their July sale was Banksy’s screenprint, “Jack and Jill (Police Kids)” of 2005 and with an estimate of $80K to $100K, sold for a hammer price of $90K.  The controversial street artist’s secondary market is now “booming”.  In just over two decades Banksy has gone from $300 per print to a total sales tally of $125,002,316, $48 million of which were generated solely from prints and multiples.

Invader’s “Prisoner” of 2007, a giclee print (and generally not as highly valued by the market) also elicited strong online bidding, selling for $14,500 on the hammer, well above its high estimate of $8K.   “Invader”, is the pseudonym adopted by Franck Slama, a French street artist born in 1969, and in like fashion to Banksy, (they’re collaborators and friends) Invader’s market has also witnessed a massive surge, with one of his works,TK_119, 2014, selling for a hammer price of US$1 million at Sotheby’s in New York in November 2019.

Elsewhere in the sale, John Coburn’s works represented at various lots also enjoyed good interest from multiple bidders; Hall Thorpe’s woodblock prints (scattered throughout the sale) all sold well and mostly, above their high estimates; and Barbara Brash’s 1955 modernist screenprint “ Red Bridge” from the estate of artist, Kenneth Jack, also sold above its high estimate.

Contemporary works also sold well; the two Del Kathryn Barton works (Lots 1 & 2) saw the auction commence with good energy both selling at either end of their estimates; the vibrant and fresh editioned pigment prints by Melinda Harper (Lots 96 & 129); Stephen Haley’s clever “Echohouse (Pink)” (Lot 105); and internationally profiled Tom Blachford’s “Midnight Modern” series seemingly struck a nostalgic chord with buyers. 

The 165 lot sale generated a total of AU$425,925 incl BP and a sale rate of 108% by value and 87% by number.

©Catherine Asquith 2021

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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.