He added that “people are afraid to conspicuously show their wealth and the mainland Chinese are not buying in China” and often buy in Hong Kong, or other hubs around the world.
The Art Newspaper pointed out
that Philip Tinari, the director of the Ullens Center for Contemporary Art in Beijing, sounded off
on the news on Twitter, indicating that the situation in his city may not be as dire as Glimcher makes it out to be. He cited the “hundreds, maybe thousands” of collectors who have emerged in the last decade, and “the incredible extent to which they have become conversant with the global art world,” as reasons the art scene can continue to flourish in Beijing—though he did acknowledge that the primary market hub in Asia is Hong Kong.
Pace will keep an office in Beijing to deal with its Chinese artists, which make up some 16% of its roster. The gallery also may expand its presence in Hong Kong, where it already has two outposts.