The recent slowdown in the Chinese economy made dealers jittery at Art Basel in Hong Kong (24-26 March), though most galleries insisted that the fourth edition of the fair was profitable. China, the world’s second largest economy, experienced its slowest growth in 25 years, posting a rate of only 6.8% in the fourth quarter of 2015 (analysts forecast growth of 6.5% this year).
“It’s at the back of everyone’s mind; collectors are more cautious,” said Odetti Tse, the director of operations at Hong Kong-based Galerie Ora-Ora. Yet her gallery sold a number of pieces, including the ink work Treasure (2015) by Peng Jian.
Another local dealer, 10 Chancery Lane Gallery, sold one of the most popular works at the fair, Dinh Q. Lê’s Light and Belief: Sketches of Life from the Vietnam War (2012), comprising 100 drawings, to a private Asian collector. Meanwhile, Platform China gallery of Beijing sold Xiaohui Liu’s work Untitled, Highland Practice Court 1 (2014-16) to a Hong Kong collector, priced at Rmb 230,000 ($35,500).
“Everyone was aware of the clouds over the economy and expressed concerns. But collectors, especially new buyers, acquired works across a range of price points. We made more contacts than ever and sales were great,” said Leo Xu of Leo Xu Projects in Shanghai. He sold a painting from Cui Jie’s Ground Invading Figure series (2015) to a seasoned buyer, the US dealer Jeffrey Deitch, priced at Rmb 75,000 ($11,600).
Patrick Lee, the co-director of the Seoul-based One and J. Gallery said that “this is our home fair”, adding that at least five works had sold including Jung Lee’s print Hold Me Tight (2015), edition three of five, priced at $18,000. Another draw on his stand was Honggoo Kang’s Study of Green, White Birch 2 (2015), an intricate hand-painted photo on canvas, priced at $80,000. “We did not sell the Honggoo work but we had reserves on it from Korean clients,” Lee says. “The vibe was good.”
Eglantine de Ganay d’Espous, a Bangkok-based art adviser who was buying works on behalf of Asian clients, said: “There is no reason to be fearful yet. There will be a correction in China but only for second-rate artists. This used to be a regional fair [as Art HK], but the Basel brand is paying off.”
