The Fifth Shanghai International Artwork Trade Week showcased a remarkable recovery of Shanghai's art market, signaling a promising future. With two flagship art fairs, West Bund Art & Design and ART021, achieving unprecedented success, the city is solidifying its position as a premier global art trading venue. Let's delve into the details of this vibrant event and explore Shanghai's ambition to reach new heights in the art world.
Strong Recovery of Shanghai's Art Market
Explore the remarkable recovery of Shanghai's art market during the Fifth Shanghai International Artwork Trade Week.
Shanghai's art market experienced a strong recovery during the Fifth Shanghai International Artwork Trade Week, surpassing expectations. The city hosted over 100 art fair events and 30 auctions, showcasing its ambition to become a premier global trading venue for art.
Two flagship art fairs, West Bund Art & Design and ART021, played a pivotal role in the market's resurgence. Both fairs were held on a larger scale than previous years, attracting over 40,000 visitors daily. The success of these fairs indicates Shanghai's growing prominence as an important art center.
Record-breaking Sales and International Participation
Discover the record-breaking sales and international participation at the Fifth Shanghai International Artwork Trade Week.
The 11th session of ART021, one of the flagship art fairs, showcased over 160 galleries and institutions from 16 countries and regions. With more than 15,000 pieces of artwork valued at over 3 billion yuan ($414 million), the fair achieved record sales worth more than 1.2 billion yuan.
ART021 has played a significant role in nurturing the art market in Shanghai over the past decade. Its success has attracted potential collectors who have now become avid art buyers. The participation of renowned international galleries like Opera Gallery further emphasizes the city's appeal as a global art destination.
Gilles Dyan, the founder and chairman of Opera Gallery, expressed his confidence in the Chinese market and plans to open new galleries in the Chinese mainland. This demonstrates the increasing interest and demand for art among Chinese audiences.
West Bund: A Decade of Artistic Transformation
Explore the transformation of the West Bund area and the success of the West Bund Art & Design fair during the Fifth Shanghai International Artwork Trade Week.
The West Bund area in Shanghai's Xuhui district has undergone a remarkable transformation over the past decade. From desolate industrial relic sites, it has evolved into a vibrant art community, housing institutions such as Long Museum, Tank Shanghai, and West Bund Museum.
Celebrating its 10th anniversary, the West Bund Art & Design fair featured an unprecedented number of 185 exhibitors, including 54 newcomers. This diverse participation showcased the growing interest and support for contemporary art in Shanghai.
UBS, the Swiss bank, presented key findings from its Art Basel and UBS Survey of Global Collecting 2023 at the fair. The survey highlighted the resurgence of art buying in Asia, particularly driven by Chinese mainland collectors. This trend positions Asia ahead of Europe and the United States in certain sectors of the art market.
Shanghai's Ambition: A Premier Global Art Trading Venue
Uncover Shanghai's ambition to establish itself as a premier global art trading venue and its plans for future growth.
Shanghai is actively positioning itself as an important art center on the global stage. The success of the Fifth Shanghai International Artwork Trade Week is a testament to the city's growing influence and ambition.
David Chau, co-founder of ART021, expressed optimism about the future of Shanghai's art market, envisioning it to reach 100 billion yuan in the next 10 years. The city's commitment to nurturing the art market and attracting international participation bodes well for its future growth.
With its dynamic art community, world-class institutions, and increasing interest from collectors, Shanghai is poised to become a premier global art trading venue. The city's vibrant art scene and growing market offer exciting opportunities for artists, galleries, and art enthusiasts alike.
