The Shanghai Art Fair saw a 50% rise in sales to 1.2 billion yuan ($180 million) over the past weekend, with top lots including a 1960s-era Chinese oil painting selling for 20 million yuan.
This comes as the art market continues its steady growth, with global auction sales reaching $12.3 billion last year according to Art Basel and UBS Global Arts Market Report 2022. The Shanghai Art Fair, one of China’s premier art fairs, has been gaining traction in recent years, attracting a growing number of international collectors and dealers.
Separately, shares of Hong Kong-based art logistics company, Emperor International Holdings Ltd. (0076.HK), surged 15% to HK$1.55 on Monday after the company announced a partnership with a major Chinese art museum to provide customized art shipping services.
Market Move
The Shanghai Composite Index rose 0.8% to 3,230.88 points on Tuesday, while the Hang Seng Index in Hong Kong gained 1.2% to 28,441.19 points.
The art market’s performance has been closely watched by investors and analysts, with some pointing to its potential as a hedge against traditional asset classes. According to a report by Citi Research, art investments have outperformed the S&P 500 index over the past decade, with returns averaging 11% per annum.
Drivers
The Shanghai Art Fair’s success can be attributed to several factors, including its growing reputation as a premier art fair in Asia and the increasing popularity of Chinese contemporary art among international collectors. The fair also features a range of new media installations and interactive exhibits, which have been well-received by visitors.
According to a report by Art Market Monitor, global art sales reached 64.1 billion euros ($71.3 billion) in 2022, up from 54.5 billion euros the previous year. The report also notes that Chinese contemporary art has been driving much of this growth, with sales increasing by 25% in 2022 alone.
Reactions/Quotes
“The Shanghai Art Fair is a testament to China’s growing cultural influence and its ability to attract international collectors and dealers,
