One Year Older and Wiser

Cathy Fan

Editor-in-Chief for Artnet News China

Vivienne Chow

London Correspondent

The Asia Pivot is one year old this week, and so we are highlighting key market data from the past year and revisiting some of our zestiest interviews. Plus, we have every bit of news that you need to know, as usual, as well as a look at Dianna Settles’s lucid paintings, all in a 10-minute read (2,793 words).

The Big Picture

The Big Data

Welcome to the first-anniversary edition of The Asia Pivot. Thank you for being with us for the past year. Since last October, we have published 25 issues of TAP, covering the art world and the art markets of Asia as well as the Asian diaspora. Art from the region and its diaspora has gained a lot more visibility over the past year, and we are proud to contribute to this conversation through an Asian lens. We will continue to do so.

To celebrate this special occasion, we have created an Asia-focused art-market report, drawing on auction data from the Artnet Price Database over the past year, from October 1, 2023, to September 30, 2024. Let’s dive right in. 

China Remains Dominant

Art from South Korea has been getting a great deal of exposure in recent years, including high-profile appearances at the Venice Biennale and in London during Frieze Week, as we reported, but the country’s art market has yet to catch up. Data from the Artnet Price Database shows that the country is the fourth biggest in terms of fine art and design auctions, totaling around $70 million, or 2.5 percent of the auction market in Asia, which includes South Asia, West Asia, and the Asia-Pacific regions. 

China (including mainland China and Hong Kong) is still the biggest market, claiming the top spot with more than $2.4 billion, or 85.5 percent of the market, despite reports about the country’s economic uncertainties and recent stock market upheavals. (That figure includes traditional Chinese ink paintings and calligraphy.) Nearly 50 percent of China’s auction total was generated at sales staged in Hong Kong. 

Japan came in second with $143.8 million in total sales, 5.1 percent of the market. The world’s fourth-largest economy does not often receive thorough coverage in reports on the global art trade, but while its auction market is relatively small compared to China, it remains robust, and international players are eying the country. 

India ranked third, with $80.8 million generated from local auctions, 2.9 percent of the Asian market. Now home to more than 1.4 billion people, it has a larger population than China, according to U.N. estimates, and it is a market to watch. The World Bank’s India Development Update said that the country has the world’s fastest-growing major economy, with a positive outlook, despite global challenges. The New Delhi-based Indian Art Fair is expanding to Mumbai in November 2025, and the country’s artists, patrons, and galleries also are actively getting exposure internationally. It is an exciting moment. 

Trailing behind the leaders are the Philippines, which came in fifth with $37.4 million (1.3 percent), and Taiwan, ranked sixth with $25 million (0.9 percent). Singapore, where Sotheby's began hosting in-person auctions again in 2022, after a 15-year hiatus, came in seventh with $19.7 million. 

Top 5 Asian Artists  

1. Zhang Daqian (1899-1983), $197,399,293, for 508 lots sold 
2. Yayoi Kusama (born 1929), $166,499,362, for 670 lots sold 
3. Qi Baishi (1864-1957), $111,162,287, for 476 lots sold 
4. Zao Wou-Ki (1920-2013), $80,889,336, for 317 lots sold 
5. Yoshitomo Nara (born 1959), $68,065,054, for 315 lots sold 

Top 5 Living Asian Artists 

1. Yayoi Kusama (born 1929), $166,499,362, for 670 lots sold 
2. Yoshitomo Nara (born 1959), $68,065,054, for 315 lots sold 
3. Liu Ye (born 1964), $29,269,278, for 28 lots sold 
4. Zhou Chunya (born 1955), $17,927,310, for 50 lots sold 
5. Zhang Enli (born 1965), $15,554,751, for 42 lots sold 

Top 5 Auction Houses 

1. Christie’s Hong Kong, $533,130,779 (20 sales) 
2. Sotheby’s Hong Kong, $462,186,532 (32 sales)  
3. China Guardian Auctions Co., Ltd., Beijing, $370,105,289 (55 sales)  
4. XiLingYinShe Auction Co. Ltd., Hangzhou, $129,183,321 (22 sales) 
5. Yongle Auction Co., Ltd., Beijing, $106,068,366 (12 sales) 

Top 5 Price Database Searches 

1. Yayoi Kusama, 19,049  
2. Yoshitomo Nara, 8,384  
3. Zao Wou-Ki, 5,234  
4. Takashi Murakami, 3,964  
5. Lee Ufan, 3,466 

Top 5 Sales 

1. Christie’s Hong Kong, 20th/21st Century Evening Sale, September 26, 2024, $133,203,579  
2. Christie’s Hong Kong, 20th/21st Century Art Evening Sale, November 28, 2023, $88,990,535  
3. Sotheby’s Hong Kong, Modern & Contemporary Evening Auction, April 5, 2024, $79,819,572 
4. China Guardian Auctions Co., Ltd., Beijing, fine Chinese paintings and modern and contemporary art sale, November 30, 2023, $78,775,735  
5. China Guardian Auctions Co., Ltd., Beijing, fine Chinese paintings and modern and contemporary art sale, May 23, 2024, $77,949,738 

—Vivienne Chow 

The View From...

Throughout the past 25 editions of TAP, we have asked key industry players from Asia and its diaspora to share their insights. Here is a recap of some of their thoughts.

—Cathy Fan and Vivienne Chow

“For a good while, there was a huge amount of speculative money being poured into the market. But the frenzy is over.” —Yuki Terase, founding partner of the art advisory firm Art Intelligence Global, Hong Kong and New York 

“[O]ur tastes—what we deem ‘good’—may not align with those of the Western press, and even when they do, the art and artists may not get much attention from them.” —Emi Eu, executive director, STPI—Creative Workshop and Gallery, Singapore 

“As a collector who’s interested in both domestic and international artists, I see that a not-so-hot market may serve collectors better.” —Qiao Zhibing, art collector and founder of Tank Shanghai   

“Australia was far ahead of our American and European counterparts. Alternative spaces in the region had real momentum, enabling artists to create connections where institutional structures didn’t exist.” —Alexie Glass-Kantor, curator and former executive director of Artspace, Sydney 

“It’s crucial to examine how Asian artists are promoted in the West: which and how the institutions are involved, what are the angles of storytelling, and the extent of the local market’s understanding and acceptance.” —Rain Lu, founder of Rainrain Gallery, New York 

“There have been a lot of misconceptions and misunderstandings about commercial galleries in Korea, even today.” —Soo Choi, founder of P21, Seoul 

“There are basically two ways you can run a gallery. One is rooted in empathy and mutual support, and the other is a version of business which is self-serving, profit-driven. Only a few people are talented at running a business the latter way.” —Jeffrey Rosen, co-director of Misako and Rosen, Tokyo  

“Looking at the region’s development, I don’t think these Asian cities should pitch themselves against each other. Each of them has different offerings. It’s like having different cuisines.” —Alan Lau, vice-chair of the M+ museum, Hong Kong 

“The art market in the Philippines is very vibrant. In fact, we are probably the strongest in Southeast Asia [...] we have put ourselves on a level that is very attuned to the international art market, particularly in the auction business.” —Jaime Ponce de Leon, founder and director of León Gallery, Manila 

“There needs to be a sensitivity and understanding when showing artists from Asian backgrounds, and this goes beyond the Western-centric perspective of understanding.” —Michèle Ruo Yi Landolt, director of Asymmetry Art Foundation, London

“Organizing art fairs is currently quite challenging. Mega fairs already have fixed models, making it hard to pivot and adjust. On the other hand, smaller regional fairs find it difficult to expand.” —Kylie Ying, co-founder of the ART021 Shanghai Contemporary Art Fair 

“It is a widely accepted fact that the calendar of fairs in Asia is becoming more packed. Given the rising costs, it is wise to evaluate our participation in art fairs and likely reduce the number.” —Alice Lung, partner at Perrotin

“Another trend I am pleased to see is the improvement of the overall presentation of Asian artists in the West—looking at Asian aesthetics from an Asian perspective, rather than trying to define it with a Western lens.”
—Patrick Sun, founder of the nonprofit Sunpride Foundation, Hong Kong 

“A lot of people think that, for auction houses, exquisite objects are the most important part of their business. But my personal experience tells me that objects may not be the most important thing. The people we work with are of equal importance, if not more.” —Kevin Ching, Christie’s Asia chairman    

“After several generations of dealers, we now have a strong, homegrown gallery scene in Tokyo [...] We’ll see what happens as more international galleries seek to expand their presence in Japan. Many of them seem to be attracted to Japanese painters from a younger generation who are still relatively unknown even within Japan itself.” —Atsuko Ninagawa, owner and director of the Tokyo-based gallery Take Ninagawa and the co-founder of Art Week Tokyo 

State of Play

The gateway to the pulse of the Asian market

Art Fairs

– The 12th edition of the ART021 Shanghai Contemporary Art Fair will have 125 galleries from 42 cities across 20 countries and regions. David Zwirner, Galerie Chantal Crousel, and White Cube are among the international firms returning, and 30 exhibitors will be participating for the first time. (Press release) 

– The Hong Kong Tourism Board is kicking off its three-year global partnership with Art Basel this week with a pop-up cha chaan teng, a Hong Kong-style cafe, at Art Basel Paris. Featuring works by Hong Kong artist Trevor Yeung, the diner serves local favorites like milk tea and egg tarts and will run from October 16 to 20 at the Grand Palais. (Press release) 

– Art Jakarta ran from October 4 to 6 amid political protests and controversy surrounding the alleged domestic abuse allegations against Berlin-based Indonesian artist Bandu Darmawan, whose work was removed from the fair. Fair director Tom Tandio said the Southeast Asian art market has been growing steadily even as the global market is down. (The Art Newspaper)  

Galleries

– Veteran Hong Kong gallery Alisan Fine Arts has expanded, opening Alisan Atelier, a 10,000-square-foot art and living space in the Aberdeen district. Located in the same building as the gallery’s previous location, the venture includes a gallery, a library, art storage, and various project and entertainment rooms. (Press release) 

– On October 24, Silverlens, a New York and Manila gallery, will open at its Chelsea location a three-person show organized by Christopher Y. Lew, the founder of C/O: Curatorial Office and a former curator at the Whitney Museum. Titled “Fugitive Land,” it will feature work by artists Santiago Bose, Michael Joo, and Stephanie Syjuco. (Press release)

Institutions and Biennials

– London’s Asymmetry and New York’s SculptureCenter have announced a new partnership, the Asymmetry Curatorial Fellowship, which will start next summer. It’s Asymmetry’s first international fellowship outside the U.K. and Europe. (Press release) 

– Hong Kong’s M+ museum revealed its 2025 programming. One key highlight: “Picasso for Asia: A Conversation,” the first major Picasso exhibition in the city in over a decade. It will be the first collaboration between an Asian museum and the Musée National Picasso-Paris. Also, six artists have been shortlisted by M+ for the third edition of its Sigg Prize: Bi Rongrong, Ho Rui An, Heidi Lau, Pan Daijing, Wong Ping, and Hsu Chia-Wei. (Press release) 

– The third edition of the Lahore Biennale in Pakistan opened last week and runs through November 8. Titled “Of Mountains and Seas,” the biennale was curated by John Tain, who was previously head of research at the Asia Art Archive in Hong Kong. It features around 60 artists from over 30 countries. (Press release) 

– The Centre Pompidou opened its new exhibition, “目China, a New Generation of Artists,” which is part of a partnership with the West Bund Museum in Shanghai. The multidisciplinary show features work by 21 artists and offers, for the first time in France, a survey of Chinese artists born between the late 1970s and the early 1990s. (Press release) 

– The Seoul Museum of Art, which hosts the Seoul Mediacity Biennale, appointed Anton Vidokle, Hallie Ayres, and Lukas Brasiskis as the artistic directors for its 13th edition, which is scheduled for 2025. They have proposed an exhibition concept based on the mechanics of a séance. (Press release)  

Auctions

– The China Guardian Hong Kong 2024 Autumn Auction concluded on October 8. Consisting of 13 sessions with 2,000 lots, it achieved a total of HK$488 million (about $62.2 million) with a sell-through rate of 71 percent. Six lots sold for over HK$10 million ($1.27 million) each. Online sales accounted for 23 percent of lots sold, totaling HK$62 million ($7.9 million). (Artnet News)

– Following its inaugural 20th/21st Century Sale at the Henderson in Hong Kong, Christie’s will stage its Shanghai 20th/21st Century Evening Sale on November 7, timed to the ART021 fair in the city. The auction will feature Zao Wou-Ki’s 30.09.65, and include significant works by Chen Yifei and Sanyu for the first time. (Press release) 

People

– Artist-activist Ai Weiwei will open a solo exhibition titled “What You See Is What You See” at Faurschou New York on October 24. It will be his first show in eight years in the city where he lived during a transformative period for his practice, from 1981 to 1993. (Press release) 

– Taiwanese American artist Tehching Hsieh donated to the Dia Art Foundation 11 works that cover his entire career, from 1973 to 1999. Dia will mount his first retrospective in 2025 in Beacon, N.Y. (Artnet News) 

– Elaine Kwok has left her position as managing partner Asia of Hauser and Wirth. Kwok joined the gallery in February 2022, after a 15-year career at Christie’s, where she served as director of 20th- and 21st-century art and principal auctioneer. (Artnet News) 

– Takashi Murakami will give a talk at the V&A in London on December 8 as part of the Japan Cultural Expo 2.0. It will be his first public event in the U.K. since 2018. (Press release) 

– What is the scent of a Lee Ufan perfume? The cosmetic brand Guerlain has invited the renowned South Korean artist to collaborate on a unique bottle and fragrance. This partnership has resulted in a new edition of the brand’s Flacon Quadrilobé, crafted in porcelain by Maison Bernardaud. (Press release) 

Talentspotter

Dianna Settles

Who: Dianna Settles (b. 1989, Los Alamitos, Calif.)  

  
Based in: Atlanta 

 
Gallery: March Gallery (New York) and Galerie Marguo (Paris) 

Why we care: Dianna Settles is a Vietnamese American artist based in Atlanta, where she lives on an urban farm as part of a close-knit community. Her art features vibrant color palettes, poetic compositions, and playful, subtle details, and often focuses on collective experiences. A pivotal trip to her father’s homeland of Vietnam in 2014 significantly shaped her artistic approach, allowing her to depict figures with whom she could personally relate. This journey also led her to develop a distinctive language that blends traditional Vietnamese art with European colonial influences. A sense of in-betweenness marks her art, which aims to reach people who may feel unseen. 

Settles thrives on discovering connections across different experiences. Her work often centers on marginalized bodies, using them to convey feelings of alienation that she transforms into sources of empowerment. She captures fleeting moments of joy, isolation, strength, and friendship, aiming to shape these transient emotions into something that is enduring and yet still fluid. 

Alongside her art practice, Settles runs Hi-Lo Press, a collective print studio and art gallery in Atlanta, which she founded in 2016. 

Up next: Galerie Marguo will present a solo booth with Settles at the upcoming Asia Now fair at the Monnaie de Paris during Art Basel Paris, from October 17 to 20. The artist produced the work that will be on view during a recent residency at Casa Marguo, which is run by the gallery in Menorca, Spain. A sketchbook, published by the gallery, will debut at the fair’s opening. 

—Cathy Fan 

Thanks for joining us for The Asia Pivot.

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