In today’s world, where the words recession and downturn are given more print space than growth and profit, uttering the terms ‘art’ and ‘investment’ together seems to have gone the way of the Dodo bird. The trifecta of the art world – auction houses, galleries and museums – were all knocking in their boots as Wall Street took a massive hit in Fall 2008. Even the wealthiest collectors shied away from pulling out their checkbooks. Let’s face it: conspicuous consumption was passé.

Of all the gluttony of art years past, no genre raised eyebrows quite like Chinese contemporary art. As the recognition of China’s growing economy flooded our media, people began taking notice of its art. Factory 798 – Beijing’s main art district – was often compared to New York’s Chelsea. Housed in Bauhaus-style factories built in collaboration with East Germany, what was once a mid-20th century apogee of communist collaboration was converted into a hub of commercial transactions. By 2008 New York’s blue chip gallery PaceWildenstein opened an exquisitely renovated 22,000 square foot branch, cementing the arrival of this stylish spot. Their blockbuster opening showcased Chinese artists alongside popular contemporary Western artists such as Chuck Close and Cindy Sherman.

Pace’s move did not come out of the blue. Leading up to the 2008 Beijing Olympics, prices for Chinese contemporary art had reached dizzying heights. Prices for young artists were already tens of thousands of dollars, while other more established artists fetched millions before the paint dried. According to an analysis of auction records from July 2007 – July 2008 by Artprice, a leading art market analysis firm, five of the top ten selling artists in the world were Chinese. On May 24, 2008 the artist Zeng Fanzhi’s painting “Mask Series 1996 No. 6” was sold in Hong Kong for the staggering price US$ 9.7 million.

As with the rest of the art market, the financial crisis hit the Chinese contemporary art world with a strong dose of reality. Galleries shuttered daily in 798 and sales took a steep nosedive. To demonstrate how severe the situation had become: in the first half of 2008, the average price of a contemporary artwork sold in China was US$ 65,500. A year later, this average dipped to US$ 26,800.

The steep decrease reflects what was wrong with the system. Just like America’s credit crisis so the Chinese contemporary art market was fueled by un-informed and (yes, I’ll stand up and say it) greedy consumers. Some point their finger at the establishment of a Western gallery system in a country that had only recently emerged from communist isolation. From a Western point of view it is hard to wag a finger at an artist who grew up during the Cultural Revolution and to whom the bountiful wealth of the contemporary art market was recently introduced. Others hold Western speculators and investors fueled by mere monetary motive accountable. Undoubtedly, the art market can be opaque, especially taking into account the speculative fluidity of an artwork’s price tag.

But like the rest of the art world things have begun to turn around for Chinese contemporary art. As in New York’s Chelsea, rent rates in the 798 district have come down, allowing greater opportunity for more realistic development and creative growth. Recent sales of Asian contemporary art sales have largely shifted to Hong Kong, where behemoth companies like Sotheby’s, Christies and other local houses indicate a revival of interest and buyers. Collectors are taking time to research purchases, rather than googling the ‘hottest, next-best thing’.

In addition to a commercial revival of interest, art institutions around the world are seeking to integrate Chinese contemporary art into their global aesthetic dialogue. New York’s Museum of Modern Art recently hung a painting by photographer Hong Hao in their main lobby while Cai Guo-Qiang’s 2008 show “I Want to Believe” held at the Guggenheim set a record for the second-highest attendance (a 2001 Frank Lloyd Wright exhibition drew the highest).

There can be no doubt that China has emerged as one of the 21st century’s greatest players on the world stage. With Mandarin one of the fastest growing languages in the US, perhaps it is time for the West to learn the cultural language of the world’s most populous country. It may appear daunting, but there are resources that make it easier for those seeking a crash course on the subject. Below are some websites and publications that I believe give an excellent overview of the development of China’s contemporary art as well as help keep you abreast of daily exhibitions and news. Who knows, perhaps you may stumble upon a ‘can’t-live-without-it’ artwork and become one of those supporting this burgeoning art scene. One thing is for certain, your surroundings will certainly be the more enriched for it.

PUBLICATIONS

Karen Smith, “Nine Lives: The Birth of Avant-Garde Art in New China.”
An accessible book narrating the development of nine of China’s most influential and popular artists.

Richard Vine, “New China, New Art”
An overview of the development of Chinese contemporary art by the editor of Art in America – nicely broken into manageable segments according to theme and/or medium.

Edited by Cheng Lei and Zhu Qi, “Beijing 798 Now: Changing Arts, Architecture and Society in China”
A bilingual compilation of essays and interviews chronicling the rise of 798 as a global art capital (great illustrations)

WEBSITES

“RedBox Review”:[review.redboxstudio.cn]

“Asia Art Pacifice Magazine”:[aapmag.com]

“Asian Art Archive”:[aaa.org.hk]

“Asian Art Newspaper”:[asianartnewspaper.com]