Contemporary art serves the dual purpose of beautifying the home and providing a solid investment
| Text : Elizabeth Kerr |
How many times has the phrase, “I hate white walls!” been uttered by apartment hunters in the last year in Hong Kong alone? Without any scientific proof … probably hundreds of times. There are few among us who would argue that choosing the right colour for your walls, deciding between hardwood and rugs and choosing the right lamp are important factors when it comes to decorating any room in your home. But once you’ve selected the paint or wallpaper, what do you put on top of it?
With the 2010 edition of the Hong Kong International Art Fair just wrapped at the Convention Centre, the obvious answer would seem to be art. But art is one of those things you need an art history major to help you choose. Isn’t it? Judging from the crowds and diversity on display at Art HK 10 that may not be the case, and consumers are starting to get hip to the idea that buying art is more about pleasure than either getting rich or holding a PhD.
Chen Yan of ShanghART Gallery in Shanghai admits that people buy art “for mostly two reasons. First it’s because they like the painting but some do buy purely for investment.” She’s referring to ShanghART’s roster of Chinese artists that are drawing domestic and international buyers in increasing numbers. And though prices are rising, Chen believes new works are still accessible to average collectors. “Some [of our buyers] are foundations, but this year more individuals are buying than in the past,” she points out.
So what’s hot? If you’re looking at art as in investor (art remains one of the safest investments anyone can make) many signs point to China. Established artists like Zhang Enli and young artists like Madeln and Xu Zhen — who are a major draw for collectors looking for edgier, more innovative pieces — are in high demand right now.
Though some buyers do take the long view, Kate Bryan, deputy director of the Cat Street Gallery thinks there’s a more prosaic reason for many of the purchases at her gallery: The simple, individual enjoyment of art. For Bryan, art should be consumed like any other form, and Cat Street’s roster includes artists that are still in the average consumer’s purchasing wheelhouse — both financially and theoretically. “We have very few institutional buyers. We try and make it as transparent and easy as possible. I think some of the mystery is being broken away now … things are more accessible and something can be picked up for HK$5,000,” she explains of the gallery’s collection, which includes works by Stuart Semple, Linton Meagher, David Mach, Pascal Dombis and Koh Sang Woo.
Accessible price points help, but modern content helps even more. “Take Lady GaGa or Elvis for instance,” Bryan says, indicating Mach’s huge Elvis Presley postcard collage “That’s an entry point for people, as opposed to something that feels very academic or maybe what we’ve come to see as elitist abstract art. Pop’s been useful in that respect.”
Both Chen and Bryan would seem to agree that the keys are patience, heeding your instincts and buying pieces because you want to enjoy them. And if it doesn’t fit in your tiny flat? Remember, you don’t know where you’ll be in five years so sometimes it’s worth snapping up an enormous mixed media piece that catches your eye and holding on to it until you find that perfect space. Becoming a millionaire is best considered a bonus — if it happens at all. “I think because some of [our] pieces are affordable, people can buy it, and enjoy it, and not worry [about investments],” Bryan says. “Most of our artists are established within the market there is, so they’re always going ‘up’, but they’re not Warhol yet. What people are realising is that very few artists do go stratospheric like that. Not everyone is Madonna in the music world …”
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