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HONG KONG -- Asia's art market is proving buoyant despite worries about slowing growth in China and globally.
Art Basel Hong Kong, Asia's largest art fair, wrapped up on March 26 after a run that saw record attendance of more than 70,000 and strong sales by exhibiting galleries.
"In my personal experience, China seems to be purchasing more art, not less," said Pearl Lam, owner of Pearl Lam Galleries, one of Hong Kong's most prominent. "I was extremely encouraged by this year's edition [of Art Basel]. We had strong sales, met some really interesting new collectors and ... we experienced consistent sales and interest in the works across the whole duration of the fair, which pleasantly surprised me."
Tina Keng Gallery, which operates in Taipei and Beijing, sold two works by artist Wang Huaiqing for a total $3.3 million. The pair, "Chinese Emperor -- 5, 2015" and "Chinese Emperor -- 6, 2015", are both oil and mixed media on canvas. David Zwirner, which has galleries in New York and London, said it sold all five paintings that Belgian artist Michael Borremans made specially for this year's fair, with prices ranging from $250,000 to $1.6 million.
"We did very well last year, and it was repeated this year," said Pascal de Sarthe, founder of the de Sarthe Gallery in Hong Kong, adding that he has seen more new collectors and investors from China and other parts of Asia. "We have seen a lot of money coming to the art market," he said. "Chinese investors and collectors understand that art is a tangible asset."
The results of the fourth Art Basel Hong Kong contrast with more disappointing sales elsewhere. The European Fine Art Foundation said in a report last month that global sales of art fell 7% last year to $63.8 billion, noting a marked decline in China.
"In 2015, against the backdrop of economic contraction and uncertainty alongside poor sales in many sections of the auction market, the Chinese market experienced a significant decline, with total sales dropping 23% to $11.8 billion," the foundation said.
Said Adeline Ooi, Art Basel's Asia director, "The truth is, we are living in tricky times." She said that over the past year, some Chinese collectors have become more careful in their buying and are taking more time to make purchases. "This will be the time when [you will see a distinction] between the speculators and the true art buyers. I think those that are really in love with the art will continue to buy."
Ooi said that the knowledge of art among a growing number of collectors in the region has deepened quickly and the relationship between galleries and collectors has become "much more substantial."
"I think it's the best fair we've had so far," Ooi said. "I got really positive feedback from galleries. They've had good conversations and great comments about our Asian collectors."
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