Hong Kong has been instrumental in boosting Asia’s art market over the last few years, especially with its 300 percent increase between 2009-10. This is thanks to the wealthy Chinese who have been enthusiastically purchasing art, resulting in Hong Kong becoming a global art sales center. It seems like art and other alternative investment options – such as wine – have in general been on the rise irrespective of global financial misfortunes such as the collapse of Lehman Brothers three years ago.
Asia’s Rich Getting Richer
It seems that the wealthy individuals in the Asia region are just increasing their financial worth. For example, the region is even beating Europe, standing at $10.7tr., whereas Europe is only up to $10.2tr. Art investment definitely has a lot going for it, being a little different, enjoyable and having pretty good returns. As well what is also good news for Asia is that vis-à-vis the art market, it has not been impacted by the Euro Zone debt crisis. Indeed, the Mei Moses Global Art Index found almost a 12 percent increase in 2011 to November.
One art consultant, Bobby Mohseni, noted, “it may not be a good time for sellers but it's an excellent time for buyers. During late 2008 and 2009, I highly advised clients to buy. With Chinese contemporary art, some prices have gone exceptionally high and that's just over a decade … so it's best to look at upcoming or mid-tier artists.”
In addition, confidence in China’s contemporary art market remains quite high, even though the same confidence is lacking in the European and American counter markets. In other words, Asia does not have to feel the negative impact of what is going on in the western world – as has been seen through its art market.