Chinese Art Market Crisis Fuels Nationalist Reversal
The recent global financial crisis has led to a rise in nationalism within China's contemporary art scene, focusing on decreasing dependence on Western institutions and creating a self-sufficient market. The article examines the speculative bubble of the 2000s, notably the Estella collection controversy, where Michael Goedhui's collection for investors Sacha Lainovic and Raymond Debbane was sold to dealer William Acquavella and auctioned at Sotheby's Hong Kong in March 2008. Following this, Zhang Xiaogang emerged as the second highest-valued artist, behind Gerhard Richter. Advocates now emphasize the importance of local expertise and a national collector base, supported by initiatives like the Asia Pacific Collector Development Program at ShContemporary Shanghai. While museums are growing, challenges in institutional development raise concerns about authentic artistic authority in China.
Key facts
- The Estella collection was sold at Sotheby's Hong Kong in March 2008.
- Zhang Xiaogang became the second highest-valued artist after Gerhard Richter.
- Michael Goedhui assembled the Estella collection for investors including Sacha Lainovic and Raymond Debbane.
- The collection was presented at the Louisiana Museum of Modern Art in Copenhagen.
- William Acquavella bought the collection and resold it at Sotheby's.
- The Asia Pacific Collector Development Program was created at ShContemporary Shanghai.
- The Minsheng Art Museum in Shanghai opens in autumn 2009, funded by Minsheng Bank.
- The Today Art Museum in Beijing gained non-profit status in 2006.
Entities
Artists
- Zhang Xiaogang
- Gerhard Richter
- Liu Xiaodong
- Zeng Fanzhi
- Huang Yong Ping
- Gu Wenda
- Xu Bing
- Cai Guo-Qiang
- Zhou Tiehai
- Fang Lijun
- Sui Jianguo
- Ai Weiwei
- Liu Feifei
- Liu Bolin
- Liu Jia
- Gao Brothers
- Yan Pei-Ming
- Pi Li
- Martina Köppel-Yang
- Lotte Philipsen
- Hou Hanru
- Zhao Li
- Guan Yi
- Zhang Haoming
- Qiu Haoran
- Zhang Lan
- Liu Lan
- Zhang Baoquan
Institutions
- Sotheby's
- Louisiana Museum of Modern Art
- Invus
- ShContemporary
- Shanghai Zendai Museum of Modern Art
- Minsheng Art Museum
- Minsheng Bank
- Today Art Museum
- Academy of Fine Arts of Beijing
- Ullens Center for Contemporary Art
- Haus der Kunst
- La Maison rouge
- Galerie Vallois
- Château de Tours
- Documenta
- Guggenheim Museum
- British Museum
- Centre Pompidou
- Mont Blanc
- Credit Suisse
- Mercedes
- Antaeus Group
- artpress
- Asian Contemporary Art and Culture
- Artvalue
- artron.net
- dslcollection.org
Locations
- China
- Hong Kong
- Shanghai
- Beijing
- Copenhagen
- Paris
- Munich
- Kassel
- Pingod
- 22 International Plaza
- Château de Tours
- Haus der Kunst, Munich
- Ullens Center for Contemporary Art, Beijing
- La Maison rouge, Paris
- Galerie Vallois, Paris
Sources
- artpress —