The night of the Chinese purse and the appetite for conspicuous consumption! Hong Kong launched its biggest international art fair “ARTHK10” with the aim to solidify its place as the Asian hub of the global art market.

The fair comes as investors are spending record amount of money on Asian and Chinese art at auctions in the territory, which is now the world’s third largest art market after New York and London by auction turnover, according to Sotheby’s and Christie’s. But a huge affair can’t happen without huge investment.
In 2008, the Hong Kong government approved a HK$21.6 billion budget to develop 40 hectares of wasteland at West Kowloon as a cultural district that included a museum, exhibition space and performing arts venues. If the powers that be get it right, the project has the potential to place Hong Kong firmly on the global art map. ARTHK10 proves to be a polished affair with a high degree of professionalism.
Last year, it attracted some 20,000 visitors and grossed $20m in sales.This year, 155 galleries from 29 countries presented work by over 1,000 artists at ART HK 10. Total visitors during the five days of the Fair were 46,115 an increase of over 65 per cent on last year. Most importantly, it has proved a catalyst for a critical mass of auctions, gallery shows and debate that has sprung up around this year’s event. Hong Kong is seen as a fitting place to trade art because it does not impose any tax on art sales. China, meanwhile, charges a hefty 34 per cent import duty on art. But the heavy duty is not deterring mainland Chinese collectors, who are expected to be some of the biggest buyers at the Hong Kong fair.
“The Chinese people have been very keen to buy Chinese artworks. Now, they are equally keen on blue chip international works by famous artists,” said Magnus Renfrew, fair director. “China is definitely an important market.”
Chinese art and artists are booming with cutting-edge creations. However, one sensed a rivalry between the Japanese and the Chinese.
Collectors attending the fair came from Hong Kong, mainland China, Japan, Taiwan, Indonesia, Singapore and Australia as well as the UK, Europe and the USA. They included Thomas Shao and Li Bing from mainland China, Sir David Tang and Monique Burger from Hong Kong, Richard Chang from New York, Dr Gene Sherman of the Sherman Contemporary Art Foundation and Judith Neilson of the White Rabbit Foundation, both from Sydney; Susan Hayden and Nigel Hurst, director of the Saatchi Gallery from London, and Sidonie Picasso and Diana Picasso. Eric Guichard, a Shanghai-based collector, commenting on his visit to the fair, said: “ARTHK10 has set new standards for art fairs in the region. The availability of high-quality works associated with great talks by leading experts makes this event unmissable”.
Artists attending the fair to give talks included Antony Gormley, Zhang Xiaogang and Martha Rosler. Following his talk at the Hong Kong Museum of Art, Gormley said: “I’m impressed with the fair not simply with the diversity and quality of the work on show, but also the context within which it is shown. The talks and art screenings, the special projects and the Intelligence Squared Asia debate have all allowed a wider and more informed interest in contemporary art at an increasingly important hub for money and information”
One highlight, among others, was the work of Japanese pop artist Yoshitomo Nara. Nara’s Black Dog attracted great attention. Your Dog is a huge, fiberglass sculpture of a placid, Snoopyesque canine. Nara’s miniature doll, Sleepless Night Sitting, was equally cute. “We presented a solo show by Yoshitomo Nara. It’s gone very well and we’ve sold 90 per cent of the work to new people, mainly from Taiwan, Singapore and Indonesia. It’s been a very good experience overall and we are planning to apply to come back next year,” said Adrian Turner, senior director, Marianne Boesky Gallery, NewYork.
Education is one of the missions of the dynamic, young Hong Kong-based Asian Art Archive (AAA), a research centre of contemporary Asian art.
For the last year’s fair, the AAA ran an educational programme and organised an international conference initiating public debate about the nature and role of cultural districts in the light of the West Kowloon proposals. This year, another impressive series of “Backroom Conversations” continued the museum debate.
Intelligence Squared Asia held its second debate at the Hong Kong art fair on May 28. This year’s motion was “You Don’t Need Great Skill to Be a Great Artist”. It aimed to explore contentious issues in contemporary art: Tim Marlowe and artist Anthony Gormley won the debate hands down. ARTHK10 proved that an art fair is more than just selling: We need intellectual stimulus too.