Art is acting as a hedge against the macroeconomic uncertainty. This effect was appreciable during the recent auction results with a positive outcome on the art market during London’s October week contemporary art auctions. Presale estimates had been pitched low, given the uncertain economic and political backdrop and some works defied the odds, even factoring in exchange-rate advantages for overseas buyers. A Jean-Michel Basquiat, ‘Hannibal’, sold for more than twice its upper estimate for £9.3m (£10.6m with fees) despite having gone unsold when offered at a lower level 11 months previously. Such unexpected confidence bodes well for the rest of the busy season and it proves that the international art market can thrive in London despite Brexit.
Having experience and expertise in Contemporary art for over twenty years has given us insight to the present art market status post brexit and beyond which, in my opinion, is healthy and bodes well for the art market. This is evident by our expansion last year into Hong Kong, where we will be offering art advisory to private & corporate collectors, as well as museums. The Chinese market holds strong and the US market has not suffered any visible flutters at auction. The global phenomenon of contemporary art collecting is here to stay, the audience is growing all the time and our most recent art fairs attracted buyers from South America, the Us and the Middle East. The autumn auctions and fairs such as Lapada, Frieze masters and Olympia present a very strong buying opportunity, especially for overseas collectors. Both Frieze and Sotheby’s experienced a very healthy sales season against the odds, the sales continuing to sky rocket for the top blue chip artists who have a strong currency such as Warhol, Richter, Kapoor, Rothko and Riley. Frieze also carried a conservative collection of emerging artists available for US$20,000 – 30,000 proving that the market for emerging artists is still healthy despite the global currency crisis. Ironically the fact that the pound has lost value means it is the best time for foreign collectors to invest in Modern and British Contemporary.
At Olympia Fine Art & Antiques Fair, Winter 2016, we will be showcasing some of our British masterpieces, including John Hoyland, Frank Auerbach, Tracey Emin, and Damien Hirst. Alongside this will be a carefully curated selection of mid-career artists that feature in museums, galleries, art fairs, and top private collections internationally. These artists are a great investment opportunity for collectors who are being cautious with blue chip acquisitions.
Founded in Hong Kong and with locations in London & Hong Kong, Tanya Baxter Contemporary bridges the gap between the Western and Chinese art markets. Having established long standing relationships with international artists and collectors we exhibit some of the most exciting Contemporary Chinese artists alongside established blue chip international art. Our art advisory service operates at the top end of the market, providing specialist services and personal curation to prestigious private clients, corporations, foundations, private banks and offices.