The Chronicle of Artistic Failure in America

A new story out in Time magazine discuss the inevitable news: As the rest of the world tanks culturally and economically, so apparently goes China.

At a Sotheby’s sale of 20th century Chinese artwork on Oct. 5, two-thirds of the 110 lots failed to sell, and many of the pieces that did find buyers went for below their estimated prices. By the close of the biannual sales of the world’s largest publicly traded art auction house, Sotheby’s took in about half what it had expected, at just over $140.7 million….

Many say the unimpressive results were a combination of already overinflated price estimates and the dismal economy. “Particularly with the fund managers, if they are concerned with things happening in the world, they may be inclined to hold on to their funds,” said Mark Joyce, owner of Koru Contemporary Art in Hong Kong.

That’s not good news for Sotheby’s. Following the poor sales, the auction house’s shares fell 14% on Oct. 6, hitting a three-year low. (Sotheby’s was not available for comment.) Nor does it bode well for the regional art market: the Hong Kong auction was its first gauge after the worldwide financial crisis hit last month. “Due to uncertainty in the markets, investors are making selective choices as to where to spend their money,” said Shirley Ben Bashat, director of the Opera Gallery Hong Kong….

Beijing-based artist Zhao Gang isn’t surprised. “Three years ago the prices started going higher and higher,” said Zhao. “Last year the price was pushed way too high, and it’s got to come down.” …

Still, the local art world isnt’ getting too depressed — yet. Says Bashat, the director of the Opera Gallery Hong Kong, “Many buyers see art as a safer investment in the mid to long term compared to other investments in the market.” Buyers may be turning away from contemporary Chinese art today, but at least they are keeping an eye on Asia.

This entry was posted on Thursday, October 9th, 2008 at 3:51 pm and is filed under International art failure, Plus ca change plus d'art échoue..., Decline of human culture, Art market decline, Death of art, Commerce and the failure of art, Decline of art. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.