TAERC “Asia-Pacific Art Market Report 2015/16” at ART TAIPEI

The “Asia-Pacific Art Market Report 2015/16” is the first report focusing on international culture, art trends, and potential development of the Visual Arts Industry with an Asia-Pacific perspective. The publishing of the “Asia Pacific Art Market Report 2015/16” has not only reflected the strengthening of this alliance and the integration of resources from the members, but also presented the power of this union on leading and speaking for the Asia-Pacific market. Through balancing perspectives from both the East and the West, this report is aimed to provide with a more direct and detailed market status quo to regional governments and the Visual Arts industry. Overall, this report is served as a valuable research source that shows the current market trends through insight into regional markets, the structures and habits of collectors, and policies relating to contemporary art cultures.


The turnover of the global art market continuing to break records, and the transactions are mainly through art galleries and art fairs in the Asia-Pacific region

Taking a comprehensive view of the global art market, China is at the core of the Asian market while the United States is the center of the Western market. Overall, trends have shown that there is continuous increase year on year with the turnover continuing to break records. As of the first half of 2016 global art market, the dramatic shrinking of American art market has made Chinese market to take a leading position. However, changes of the Chinese art market in the past four years are still settling. According to Global Art Market Report in the first half of 2016, Artprice has indicated Hong Kong as the main cause behind the changes in Chinese art market as it is the only Asian market that has continuously maintained a growth of close to 10%. In terms of total turnover in Beijing, Shanghai, and Hong Kong in 2015, Beijing had the highest sum around USD20.43 million. The second was Hong Kong with USD11.57 million. Shanghai’s total turnover was USD4.4 million. Of the three, Hong Kong’s 2015 sum result had a year on year increase of 8.61%. According to the statistics from the Asia Pacific Art Market Report, the channels for consumers to purchase artworks are mainly through art galleries and art fairs. These two groups take up approximately three quarters of all the possible art trading access. In terms of the volume of artworks being purchased, this analysis shows that the respondents’ group on acquiring 1-5 pieces accounts for 40.37% as the largest group of purchased artwork. When it comes to annual collection budget, the gathered results of the investigation from the respondents have shown a significant extreme. In other words, the annual collection budget that is above USD80,000 (24.21%) share the same percentage as the category of “None”. As for the types of purchased artworks, painting, sculpture and print are the categories that follow the sequence within the respondents’ collections. While making an art purchase, pure interest toward artworks is considered as the most evident reason on making art purchases.


The future development of art e-commerce is positive, and the degree of actual attendance at art events remain a vital element

Online platforms for art e-commerce have gradually become a focus for the global art market with the advancement of technology and the prevalence of consumer electronic devices. Therefore, this report has also investigated respondents’ experience with art e-commerce platforms so as to serve as an epitome for the consumer behavior for online sales of artwork in the Asia-Pacific region. According to the results, 56.66% of respondents have experience of browsing through art e-commerce websites. However, respondents with no experience of visiting online platforms for art-selling is also as high as 43.34%. In fact, this phenomenon reflects the longstanding skepticism of the credibility and feasibility for a prosperous online art trading market. Interestingly, the respondents that have visited art e-commerce platforms also show a high degree of experience of trading through art e-commerce platforms (81.06%). This outcome has certainly implied positivity and confidence toward the future development of the online art market. Nevertheless, statistics has shown that over 76% of those respondents that have experience of art trading through e-commerce platforms actually view related exhibitions before making purchases on e-commerce platforms. Therefore, the degree of actual attendance at art events remain a vital element that affects the development of art e-commerce.


The number of younger collectors is increasing in the Asia-Pacific region

In Australia, the collectors and buyers are very well informed nowadays, and are interested in trends and Public Institution acquisitions. The changes of our times have also changed modes of art deals. The biggest change has been the lack of interest in attending exhibitions and openings, replacing it with attending art fairs, internet surfing, and Instagram/social influencers. In Beijing, the emerging market which is the group that spends under USD 10,000. The galleries have become more diversified in terms of content, and they have started working with younger artists. Comparatively, young artists’ works are fresh, more vivid, and more affordable. All in all, the strategy on promoting young artist is a perfect match for another trend that is emerging in China. In Indonesia, it is worth noting that there are 80% of new and younger collectors recently who tend to focus on their own preferences of art itself rather than art investment. In Japan, the art market plunged in recent years and many galleries were affected due to the decline of global economy. Furthermore, the tax system for art transactions is not up to date and the tax rates are high. Thus, the overall number of collectors is diminishing. In Japan, the majority of collectors are limited to a handful of people in the older generation. But on the other hand, the number of younger collectors is increasing. In Korea, due to a general recession in the global economy, gallery sales have decreased. However, the global art market recently has become more interested in the Korean art scene, especially Korean Dansaekhwa. Such a phenomenon is expected to bring positive impact on the revival of Korean art market. In Taiwan, the collector demographics is typical that mostly under 50 years old and have received education abroad. For the sales trend, paintings and sculptures are the most popular genre, along with Western paintings taking the lead.


Asia Pacific Art Market Report will be published annually and will have extended sampling basis and deeper interview on regional gallerists and collectors

It is our vision to invite 3-5 key collectors as APAGA Ambassadors from each regional member for meetings or private events during main art fairs’ periods for interaction and networking. Aside from that, 3-5 potential exhibitors from regional members will be invited as fair’s exclusive VIP guests, which will visit the fairs as well as to stimulate the partnerships with local gallerists hosted. In the future, APAGA Annual Report will have extended sampling basis and deeper interview on regional gallerists and collectors so as to present comprehensive market trend and consumer behavior analysis of APAGA. Last but not least, ArtPP, which is developed by the Taiwan Art Gallery Association, provides the latest art exhibition around Taiwan, and now APAGA will be promoted through ArtPP to let the users follow the latest news about all the art fairs, exhibitions and other art of APAGA members.


About the Asia Pacific Art Gallery Alliance

Comprised of gallery associations from Taiwan, Australia, Beijing, Indonesia, Japan, Korea, Singapore, and Hong Kong, Asia-Pacific Art Gallery Alliance’s (APAGA) goal is to facilitate communication and information exchange, to research and expand the Asia-Pacific Art Market, and to further member development both in the region and the European-American regions. The inaugural chairman is the current Chairperson of the Taiwan Art Gallery Association (TAGA), Mr. Rick Wang.


Media contacts:

APAGA / TAERC: Michelle LIANG

Tel: +886-2-2742-3968 ext.19 Mobile: +886-972-101-997

Email: taerc.michelle@gmail.com Website: http://www.taerc.org.tw/apaga


APAGA / TAERC: Candy HUANG

Tel: +886-2742-3968#24 Mobile: 0935-153-046

Email: taerc.kaiting@gmail.com Website: http://www.taerc.org.tw/apaga


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