THIS WEEK IN THE ART MARKET – FRIDAY 20TH SEPTEMBER 2024
Art Market News
Art Works Gallery launched "The Spirit of Life", a collaborative joint exhibition by artists Kate Florence and Sylvie Kettle. Running from 19th September to 13th October 2024, this collection invites visitors to explore the intricate interplay between the physical and spiritual realms through dynamic and evocative works.
Both artists are in Singapore for the launch of the exhibition. They have received a warm welcome for their first visit to Singapore, with artist Kate Florence remarking;
“For me, it's been, so cool to build a collector base in Singapore without having been here. And so then coming here already knowing that there's a depth of resonance with Singaporean culture and people with our work. I feel like it's so special and I feel like I'm really, it's really clear from afar that Singaporean people really value art and really connect emotionally with art.”
Visit the exhibition in Art Works Gallery from the 19th September 2024 to 13th October 2024.
SEOUL ART FAIRS CEMENT CITY'S STATUS AS A LEADING ART HUB
More figures have reaffirmed that Seoul has solidified its role as a prominent art hub with the successful concurrent Kiaf and Frieze Seoul art fairs, attracting 82,000 and 70,000 visitors, respectively. Despite a cooling market, the events saw vibrant participation from collectors across Asia, the U.S., and Europe, alongside appearances from K-pop stars. Top sales included a Nicolas Party painting sold for $2.5 million and strong performances from Korean artists like Yoo Youngkuk. New galleries and exhibitions, including the Korea Art Festival, further energized the city’s art scene. The increasing presence of young Korean collectors acquiring works under $50,000 suggests a promising future for the market.
BRITISH MUSEUM EMBARKS ON HISTORIC TRANSFORMATION UNDER NEW DIRECTOR
Nicholas Cullinan, the new director of the British Museum, has unveiled plans for a monumental transformation of the institution. Promising the "biggest transformation of any museum in the world," Cullinan aims to restore the museum's reputation following theft controversies and a $1.3 billion masterplan to renovate its 3,500 rooms and digitize its eight million-item collection. In response to past security failures, Cullinan confirmed that lessons have been learned and actions taken. Despite criticism, the museum continues to receive major donations, including $65 million from BP, with Cullinan emphasizing the importance of free public access to cultural institutions.
CHRISTIE’S EXPANDS INTO CLASSIC CAR MARKET WITH ACQUISITION OF GOODING & COMPANY
Christie’s has announced the acquisition of Gooding & Company, a leading auction house in the classic car market. This move strengthens Christie’s position in the luxury market, providing access to the prestigious collector car sector. Gooding & Company, known for record-setting sales, including rare cars such as the McLaren F1 and Ferrari 250 GT, will bring over 20 years of expertise to Christie’s. The acquisition also highlights a growing interest in the intersection between fine art, luxury collectibles, and automobiles.
CHRISTIE'S EXPANDS INTO SAUDI ARABIA AS ART MARKET GROWS
Christie’s has become the first international auction house to secure a permanent commercial license in Saudi Arabia, marking a significant milestone in the region’s burgeoning art market. Noor Kelani, the newly appointed managing director of Christie’s Saudi Arabia, will lead the Riyadh outpost. Kelani, formerly with Ayyam Gallery, will engage with Saudi collectors and promote modern and contemporary Middle Eastern art, luxury items, and jewelry.
Though the launch date is still unconfirmed, Christie’s plans to host exhibitions, private sales, and cultural events in the Kingdom. Saudi Arabia’s growing arts infrastructure, supported by wealthy millennials, is driving the market’s expansion. Christie’s record-breaking sale of Leonardo’s Salvator Mundi to Crown Prince Mohammed bin Salman in 2017 remains a landmark moment in the region’s art scene.
Christina Park, hailing from South Korea and Shanghai, is currently undertaking a degree in psychology with a minor in business at Singapore's prestigious NTU. Her profound understanding of human behaviour and cognition, enriched by her international experiences, brings a unique and valuable perspective to Art Works. Christina excels in analytical writing, creative problem-solving, and rigorous research, driven by a deep-seated passion for enhancing the human experience.
