2008-05-06
How Long Will the Prices of Contemporary Art Continue to Rise?
Eddy Soetriyono
The prices of still-living contemporary artists are continuing to rise. Why?
Has the art market lost interest in artists from previous eras?
When will this crazy price trend come to an end?
After "What is this thing called contemporary art?" (which we addressed in C-Arts
Issue 02), the questions above are the most frequently asked in art circles.
The Crazy Prices for Contemporary Art
It's understandable to want to call the prices crazy considering the shocking
reports emerging about the fantastic rise in prices for this type of art. It has
gotten to the point that it seems as if the works of the old masters (art created
by now deceased painters whose worth has already been tested), whether from the
Renaissance, the Impressionist, the Modernist, or even the contemporary eras are
largely being ignored by the market.
Throughout 2007, news reports emerged about how the works of still-living contemporary
artists are bringing in prices reaching into the millions of American dollars.
Western names, such as Richard Serra fetch up to US$ 1.5 million; while John Chamberlain
gets US$ 4.6 million; and Lucio Fontana US$ 5.2 million. From India, Anish Kapoor
works can fetch up to US$ 2.8 million.
In November 2007, the painting Family Portrait by Zhang Xiaogang, a contemporary artist from China, sold for US$ 4.4 million.
Before that, in September 2007, Sotheby's New York sold his Chapter of A New Century: Birth of PRC for US$ 3 million. From time to time, the prices for works by Zhang Xiaogang
have continued to rocket, even though his works initially sold for no more than
US$30,000.
Meanwhile, a work by Yue Minjun titled Execution went for US$ 2.97 million on October 12, 2007 at Sotheby's London even though
this painting, inspired by Goya's The Third of May and Edouard Manet's The Execution of Emperor Maxmillian, was purchased in 1995 by an English stockbroker named Trevor Simon in Hong
Kong for only US$ 5,000. Before that, on October 7, 2007, his painting The Massacre at Chios sold at Sotheby's Hong Kong for US$ 4.9 million, even though in 1996 it was
valued by a gallery in the same city at only US$ 32,000.
The painting, Gunpowder by Cai Guo Qiang, one of the pioneers of contemporary art in China, and now the
art director for the opening and closing exhibitions of the 2008 Olympiad in Beijing
(see C-ARTS Issue 02), topped the list of most expensive paintings in Asian Sales
2007, Christie's Hong Kong 2007, with a selling price of US$ 8,487,000.
Not impressive enough? Take a look at an artist from the 1990s British art scene
- Damien Hirst, who is now 48. Hirst's sculpture installation, Lullaby Spring (2002), sold for US$ 19.2 million at Sotheby's London in June 2007. Furthermore,
if the report is true that Hirst's work For The Love of God (2007) was bought up by a gallery consortium in London in August 2007 for US$
100 million, then the title of "Most Expensive Living Artist" is now his. This
work consisting of 18th century human skulls covered in platinum and 1,100 carats
in diamonds cost the large sum of US$ 28 million to make.
...read more on C-Arts Magazine (ISSUE#03) read more in ART MARKET @ C-ARTS VOLUME-03
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HIGHLIGHTS
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2011-03-30
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Van Gogh Alive – the Exhibition set to open on 16 April 2011
Singapore (30 March 2011) In commemoration of Van Gogh’s birth date today, the ArtScience Museum at Marina Bay Sands announced that it will host the world touring premiere of Van Gogh Alive – the Exhibition. Visitors will get to experience Vincent Van Gogh’s art work come alive in an exhibition that will combine the latest in sound and projection technology using images of Van Gogh’s masterpieces.
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2011-01-05
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Works by Vincent Leow A mid-career survey of Vincent Leow’s oeuvre marking a new direction in the artistic practice of Leow,
... read more. |
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2011-01-05
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Organized by Hou Hanru in collaboration with ShContemporary 9th September, 2010
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2031-01-01
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An interesting exploration into art in Singapore by nineteen artists, including seniors like Tang Da Wu, Jimmy Ong and Zai Kuning “who have lived
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2010-10-06
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The installations of Java’s Machine: Phantasmagoria by Augustinus Kuswidananto (a.k.a. Jompet) have been shown in a number of variations, exploring syncretism or strategies to reconcile
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2010-10-06
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Filipino artist Bembol Dela Cruz presents the concept of art reflecting art, with an explosive narrative that carves life out
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2010-10-06
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Islamic art in Indonesia used to be associated with religious calligraphy only, but in 2009 Lawangwangi’s exhibition of Contemporary Islamic Art showed that calligraphy is just a form of language.
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SPONSORED
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EMERGING ARTIST
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 There is a new epidemic trend in the contemporary art of Asia sweeping through the population of younger artists: Animamix Art.
Amalia Kartika Sari
Each artist has a full right, and at the same time an obligation, to explore forms and ideas continuously, although naturally there will be many obstructions and challenges along the way.
Hayatudin
“A community is often proud of a certain building, viewing it with a sense of grandeur. Meanwhile, a range of monumental idioms are often used to mark great moments in history.
Edo Pillu
 From different generations and cultural backgrounds, S Teddy D and Daniel Flanagan present together their collaboration on Transubstantiation.
Daniel Flanagan
From different generations and cultural backgrounds, S Teddy D and Daniel Flanagan present together their collaboration on Transubstantiation.
S Teddy D
 Not unlike other Filipino-Americans who journey to the Philippines to learn more about their roots, Hanna Pettyjohn undertook such a passage in reverse.
Hanna Pettyjohn
I do not wish to become a president, professor, doctor, governor, celebrity, corruptor, politic expert or anything else.
Nyoman Darya
Solo Exhibition:
1998 Urban Personality Exhibition, Chongqing, China
2001 Hangzhou Jincai Gallery
He Wei-Na
 Ong-Arj’s painting has point out thoroughly content in a society condition today. Even it express through looks weird human image.
Ong-Arj Loeamornpagsin
 Fazar paints with his heart. He believes that his interpretation is like “worship”. Any composition existing in his painting is his effort of concretizing what he feels.
Fajar Roma Agung Wibisono
 With great imagination, he has been using a very unique artistic language to express his very much primitive and strong emotion on the surrounding characters.
Yang Pei Jiang
 In Ardana’s works garlic becomes most artistic in various ways it is rendered whether it is presented individually or in groups of bulbs, cut open, blown up, its thin and transparent layers peeled, as well as severed and torn.
Dewa Ngakan Ardana
Filippo Amato Sciascia (born at Palma, Di Montechiaro, Italy, 1972) will present his solo exhibition of his recent works titled Lux Lumina at Kendra Gallery of Contemporary Art from the 12th December 2009 – 14th January 2010.
Lux Lumina
 Hui Xin’s art addresses both the phenomenon of our constant need for visual stimuli, as well as our desire to be surrounded by objects that give us pleasure. His new paintings and sculptures bring out a dichotomy between naive happiness and adult-themed amusements.
Hui Xin
Since childhood, Nano has enjoyed reading comics, even producing his own comic book in junior high school. Comics became the first visual art Nano came to know.
Nano Warsono
2002:"Ilusi Koran", Semarang Gallery, Semarang. "Transisi", Bentara Budaya Yogyakarta.
Budi Ubrux
 Selected Solo Exhibition
2005:“Paradoks Batas”, Edwin Galeri, Jakarta. 2003: “Painthink”, Edwin Galeri, Jakarta.
F. Sigit Santoso
 He got The Special Award From The 25th Exhibition of Contemporary art in 2008 and winner Prize from 11th Panasonic Contemporary Painting Competition when he postgraduate.
Chalermpon Ratanakomonwat
 The inspiration behind his recent paintings came in 2005 while he was observing his second child was a son. People say that when babies sleep they are guarded by angels. This common experience evoked a wave of questions: Was the baby dreaming? What was he dreaming about? What was he feeling?
WAHYU GEIYONK
 “Many artists like to ponder on the past and the present through the history of human civilization,” says young artist Wang Mian. “With pieces of information and inspiration they
WANG MIAN
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