THIS WEEK IN THE ART MARKET – FRIDAY 27TH SEPTEMBER 2024

ART BASEL, FRIEZE, AND TEFAF COMMIT TO CARBON REDUCTION BY 2030

Leading art fairs, including Art Basel, Frieze, and Tefaf, have pledged to reduce their carbon emissions by half by 2030, as part of a new initiative with the Gallery Climate Coalition (GCC). This move highlights the growing focus on environmental sustainability within the art world, particularly at large-scale events. The plan calls for changes such as prioritising road or sea transport for artworks and improving energy efficiency at fairs. This collaborative effort underscores the industry's commitment to addressing climate change.

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ASIA WEEK NEW YORK SEES STRONG SALES IN HOKUSAI PRINTS AND CHINESE ANTIQUES

Asia Week New York’s autumn edition delivered notable sales, defying concerns about a slowing auction market. Highlights included impressive results for Japanese woodblock prints, Chinese antiques, and South Asian modern and contemporary art.

Katsushika Hokusai’s iconic The Great Wave saw competitive bidding, with Christie’s selling a print for $858,800 and Bonhams fetching $889,500. Additionally, Hokusai’s original ink painting Swimming Carp was sold for $655,200.

South Asian art continued its growth, with Christie’s auction totaling nearly $9.4 million. Jehangir Sabavala’s The Radiant Spheres led the sale, fetching $730,800, while other works by F.N. Souza and Akbar Padamsee achieved strong results.

Sotheby’s Chinese art sale reached $15.3 million, led by the sale of the 3,000-year-old Zhou Zha Hu bronze ritual vessel for $5.4 million. Despite economic uncertainties, rare and historically significant pieces drove bidding interest, especially from the Hong Kong-based Huaihaitang Collection.

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ART MARKET EXPANDS WITH LAUNCH OF ARTNEWS ASIA IN HONG KONG

ARTnews has unveiled its upcoming edition, ARTnews Asia, set to debut in March 2025. Partnering with Luxetech Ventures, the digital edition will focus on the dynamic art markets of Southeast Asia, Macau, and Korea. Headquartered in Hong Kong, it aims to engage a diverse audience of 900 million people through web, mobile, and social media platforms.

According to Vladimir Lyaporov of Luxetech Ventures, Asia leads the world in private wealth allocated to art, reflecting growing local interest in regional talent. ARTnews Asia will further spotlight these burgeoning markets with special coverage during Art Basel Hong Kong and Hong Kong Art Week.

Luke Bahrenburg, president of luxury sales at Penske Media, emphasized the region’s importance, with cities like Hong Kong and Bangkok emerging as international art hubs. The initiative signals a pivotal shift in the global art landscape, as Asian art and galleries continue gaining influence globally.

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VATICAN LIBRARY JOINS ISLAMIC ARTS BIENNALE IN JEDDAH FOR 2025

The Vatican Apostolic Library will feature works from its collection at the 2025 Islamic Arts Biennale in Jeddah, Saudi Arabia. Held from January 25 to May 24 at the Hajj terminal of King Abdulaziz International Airport, this landmark exhibition space symbolizes a significant point for millions of Muslim pilgrims traveling to Mecca.

Organized by the Diriyah Biennale Foundation, the event celebrates Islamic civilization through its artistic and scientific achievements. Curated by an international team, including historian Abdul Rahman Azzam and artist Muhannad Shono, the Biennale will present a unique dialogue between historical artifacts and contemporary art. The exhibition, spanning 110,000 square meters, will also explore Islamic contributions to mathematics, navigation, architecture, and spiritual life.

This collaboration highlights the shared cultural heritage between religions, fostering creative exchange and deeper global understanding.

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VAN GOGH’S 'LES CANOTS AMARRéS' SET TO BREAK AUCTION RECORDS IN ASIA

A Vincent van Gogh painting, Les canots amarrés (1887), is expected to fetch up to $50 million at Christie’s Hong Kong, potentially setting a record for the most expensive Western artwork sold in Asia. The painting, owned by Princess Camilla of Bourbon Two Sicilies, will be featured in Christie’s 20th/21st Century evening art sale, marking the inauguration of the auction house’s new Asia Pacific headquarters.

Princess Camilla chose Hong Kong due to the region’s growing art market, highlighting her excitement to bring the painting to a new audience. Les canots amarrés has been in her family since 1991, when her mother, actress Edy Vessel, purchased it for around $2 million.

Christie’s hopes to surpass the previous Asian auction record for a Western painting, set by Jean-Michel Basquiat’s Warrior (1982), which sold for $42 million in 2021. Jacky Ho of Christie’s praised the work’s vibrant colors and signature Van Gogh brushwork, adding to the painting’s appeal.

In addition to Van Gogh’s piece, the sale will include Claude Monet’s Nymphéas (1897-1899), estimated to sell for up to $35 million, and Triptyque (1980) by Zao Wou-Ki, with a high estimate of $16.5 million.

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