熱錢退去後的藝術市場
The art market after the withdrawal of hot money
本刊據香港當代藝術市場的現況和趨勢，指出亞洲市場對優質當代藝術品的需求仍然存在，但受全球不確定性影響，市場競爭不斷加劇。本刊發現，相較去年的表現和香港市場，歐美市場現在更加保守，藍籌作品價格攀升，而新興藝術家表現卻乏人問津。然而，去年同期的歐美市場表現火熱，從當代、現代、超現實、印象派到古典大師都湧入了大量新血，年輕一輩的藏家也大量投入以往平均年齡層較高的類別（如印象派和古典大師類別）。而香港市場在經濟逐漸復甦下則開始表現出色，新興藝術家的作品逐漸受到藏家和收藏機構的關注，成交價格也逐漸攀升。
According to the current situation and trends in the Hong Kong contemporary art market, this magazine points out that there is still demand in the Asian market for high-quality contemporary artworks, but market competition is intensifying due to global uncertainty. The magazine found that compared to the previous year's performance and the Hong Kong market, the European and American markets are now more conservative, with prices of blue-chip works rising while emerging artists struggle to attract attention. However, the European and American markets performed exceptionally well during the same period last year, with a influx of new blood in contemporary, modern, surreal, impressionist, and classical master categories, and younger collectors investing heavily in previously older age categories such as impressionist and classical masters. On the other hand, the Hong Kong market has shown remarkable performance as the economy gradually recovers, with works by emerging artists gaining attention from collectors and institutions, and prices gradually increasing.
圖片來源：蘇富比 / Image source: Sotheby's
藝術交易市場現況
Current state of the art trading market
2023年的春季，蘇富比和富藝斯在香港分別舉辦了春季當代藝術拍賣。本刊結稿前已公佈之蘇富比和富藝斯的春季拍賣數據，以及2022年的整體數據來進行分析和報告。
In the spring of 2023, Sotheby's and Christie's held their spring contemporary art auctions in Hong Kong respectively. This magazine analyzes and reports on the data from the announced results of Sotheby's and Christie's spring auctions, as well as the overall data from 2022.
蘇富比和富藝斯的春季當代藝術晚拍結果良好。其中，蘇富比四場晚拍總共錄得15.2億港元（1億9,280萬美元），成交率高達92.4％ ；富藝斯總成交額為3.5億港元，成交率達九成，較去年香港春季晚拍增長65%。從單件拍品看，兩家拍賣行都有多件拍品成交價超過一千萬港元，富藝斯最高成交之作為奈良美智的《尋找寶藏》以8,385萬港元（1068萬美元）易主；而蘇富比有五位年輕當代藝術家締造個人紀錄，當中三位突破百萬美元關口，包括5,230萬港元（666萬美元）的王俊傑《黃昏的河流》、2 , 4 6 5 萬港元（3 1 4 萬美元）的郝量《神學與進化論》以及1,799萬港元（229萬美元）的洛伊・霍洛韋爾《站立於紅色》。這顯示了市場對當代藝術的強烈需求，尤其是對於優質的藝術品。
Both Sotheby's and Christie's had successful spring evening auctions for contemporary art. Sotheby's recorded a total of HK$1.52 billion (US$192.8 million) with a high sales rate of 92.4% across its four evening auctions, while Christie's achieved a total sales amount of HK$350 million with a sales rate of 90%, showing a 65% growth compared to last year's Hong Kong spring evening auctions. Looking at individual lots, both auction houses had multiple lots sold for over HK$10 million, with Christie's highest-selling work being Yoshitomo Nara's "Hunting for Treasure," which changed hands for HK$83.85 million (US$10.68 million), and Sotheby's had five young contemporary artists setting personal records, including Wang Junjie's "River at Dusk" sold for HK$52.3 million (US$6.66 million), Hao Liang's "Theology and Evolution" sold for HK$2.465 million (US$314,000), and Luo Hao's "Standing in Red" sold for HK$17.99 million (US$2.29 million). This demonstrates the strong demand for contemporary art in the market, especially for high-quality artworks.
然而，相較於2022年的整體數據，今年兩家拍賣行在香港的總成交額均有所下降。這或許可以歸因於全球經濟的波動和不確定性，以及藝術品市場的逐漸飽和。
However, compared to the overall data from 2022, both auction houses experienced a decline in total sales in Hong Kong this year. This may be attributed to global economic fluctuations and uncertainty, as well as a gradual saturation of the art market.
表格來源 / Source of the table：Artnet Price Database and Artnet Analytics
歐美市場與香港市場的表現存在一些出入香港的藝術市場似乎並沒有受到歐美市場悲觀情緒的影響。隨著香港經濟逐漸復甦，Art Basel香港終於如期舉行；新興藝術家在香港市場上也開始表現出色，他們的作品逐漸受到藏家和收藏機構的關注，成交價格也逐漸攀升。反觀歐美市場，大家對於CPI指數戰戰兢兢，銀行危機、戰爭都還在發生中，過去幾個月歐美市場對未來較悲觀。藝術市場也不例外，人們更加謹慎地進行投資，選擇更為穩健的投資方式。在這樣的情況下，藝術市場的保守趨勢尤其明顯，藍籌作品價格繼續攀升，而新興藝術家的作品卻難以得到市場的認可。相較之下，香港的藝術市場顯得更加活躍和有活力，新興藝術家們的作品也在這裡得到了更好的發展和表現。
There are some differences in the performance between the European and American markets and the Hong Kong market. The art market in Hong Kong seems unaffected by the pessimism in the European and American markets. With Hong Kong's economy gradually recovering, Art Basel Hong Kong finally took place as scheduled, and emerging artists started to perform well in the Hong Kong market, gaining attention from collectors and institutions, with prices gradually increasing. In contrast, in the European and American markets, concerns about the CPI index, ongoing banking crises, and wars have created a more pessimistic outlook. The art market is no exception, as people are more cautious in their investments and opt for more stable investment strategies. In this situation, the conservative trend in the art market becomes more apparent, with prices of blue-chip works continuing to rise while works by emerging artists struggle to gain market recognition. Compared to this, the art market in Hong Kong appears more vibrant and dynamic, providing better development and opportunities for emerging artists.
表格來源 / Source of the table：Artnet Price Database and Artnet Analytics.
高端藝術再度劃破市場天花板
High-end art breaks through market ceiling once again
圖片來源：佳士得 / Image source: Christie's
去年底，佳士得拍賣行舉辦了"The Paul G. Allen Collection"拍賣，成為有史以來最貴的私人藝術品拍賣。這場拍賣的成功是由多種因素綜合作用的結果。這些因素包括藝術品本身的品質和來源，市場的供需關係和經濟情況，以及時間的選擇等等。這些因素相互交織，創造出了這場破天荒的拍賣盛況。在上一期刊中，已經對這場拍賣進行了詳細討論。
Last year, Christie's auction house held "The Paul G. Allen Collection" auction, which became the most expensive private art auction in history. The success of this auction was the result of various factors working together. These factors include the quality and provenance of the artworks, the supply-demand relationship in the market, the economic situation, and the timing of the auction, among others. These intertwined factors created an unprecedented auction event. Detailed discussions about this auction have already been conducted in the previous issue.
Paul G. Allen的收藏品不僅品質極高，而且來源顯赫，充分體現了他對藝術的熱愛和追求。在這場拍賣中，他不僅突破了多個藝術家的最高價，還在一場專拍中就出現了5件破億拍品。這些作品的高價，反映了藝術市場對它們的高度認可，也反映了通膨的威脅，讓這些藝術品超出了預期的高價。
Paul G. Allen's collection not only exhibits extremely high quality but also boasts an illustrious provenance, reflecting his passion for and pursuit of art. In this auction, he not only surpassed the previous highest prices for several artists but also had five pieces surpass the one-billion mark in a single dedicated sale. The high prices of these artworks reflect the art market's high recognition of them and the threat of inflation, causing these artworks to exceed the expected high prices.
然而，這並不是一個突發事件。在Paul G. Allen專場之前，一億美元的門檻已經有18次被突破，這是經過20年逐漸累積的數字，平均一年不到一件。而在20年前，沒有作品超過一億美元。這表明，高端藍籌藝術品一直都是投資者的避險工具，在市場動盪的時候更是如此。因此，這場拍賣的成功不僅是對這些藝術品的認可，也是對投資者信心的肯定。
However, this was not a sudden occurrence. Prior to the Paul G. Allen dedicated sale, the threshold of one hundred million dollars had already been surpassed 18 times, accumulating gradually over 20 years at an average of less than one piece per year. Twenty years ago, no work exceeded one hundred million dollars. This indicates that high-end blue-chip artworks have always been a safe haven for investors, especially during market turbulence. Therefore, the success of this auction not only acknowledges these artworks but also confirms investor confidence.
總之，這場拍賣的成功反映了藝術品市場的現狀和發展趨勢，也反映了投資者對藝術品的看好和對經濟的信心。多種因素的綜合作用創造了這場高價的拍賣盛況。
In summary, the success of this auction reflects the current state and development trends of the art market, as well as investor optimism towards artworks and confidence in the economy. The combined effect of multiple factors created this high-priced auction spectacle.
當代藝術近期表現預估
Recent performance forecast for contemporary art
表格來源 / Source of the table：Artnet Price Database
最近幾年來，當代藝術市場一直在不斷變化。這種變化受到多種因素的影響，包括經濟環境、政治環境和技術進步等。在歐美地區，疫情對當代藝術市場造成了一定的負面影響。新興藝術家和市場不穩定的藝術家的作品市場大幅萎縮，而一些被認為保險和穩定的作品的價格和成交量則有上漲的趨勢。在亞洲地區，當代藝術市場的狀況也類似。新興藝術家市場依然強勢，但低端作品的市場則出現了明顯的萎縮。不過，中高端市場的表現大致上仍然不錯。近幾個月的市場雖然不如去年同期，但並未出現過去的低迷情況。此外，大多數藏家對後半年和明年的市場前景感到樂觀。
In recent years, the contemporary art market has been undergoing constant changes. These changes are influenced by various factors, including the economic environment, political climate, and technological advancements. In Europe and America, the COVID-19 pandemic has had a certain negative impact on the contemporary art market. The market for works by emerging artists and those from less stable artists has significantly contracted, while there has been an upward trend in prices and transaction volumes for artworks considered safe and stable. The situation in the Asian region is similar. The market for works by emerging artists remains strong, but there has been a noticeable shrinkage in the market for lower-end works. However, the mid to high-end market continues to perform relatively well. Although the market in recent months hasn't been as strong as the same period last year, it hasn't experienced the downturn seen in the past. Additionally, most collectors are optimistic about the market prospects for the second half of this year and the following year.
對於即將進行的晚拍，香港市場對超當代的需求仍然相對較高。從Art Basel到蘇富比最近的拍賣，我們都可以看到市場對超當代藝術仍然抱持很高的期望。
Regarding the upcoming evening auctions, the Hong Kong market still shows a relatively high demand for ultra-contemporary art. From Art Basel to recent auctions by Sotheby's, we can see that the market still holds high expectations for ultra-contemporary art.
儘管當代藝術市場最近出現了頭重腳輕的現象，但長遠來看，當代藝術市場仍然具有很大的潛力。當代藝術作品的創新性和獨特性是吸引藏家和投資者的重要因素。此外，隨著科技的不斷進步，當代藝術市場也在不斷發展和變革，為藏家和投資者帶來更多機會。
Although the contemporary art market has recently shown some instability, it still holds great potential in the long run. The innovation and uniqueness of contemporary art are crucial factors that attract collectors and investors. Furthermore, with the continuous advancement of technology, the contemporary art market is constantly evolving and transforming, bringing more opportunities for collectors and investors.
總體來說，當代藝術市場表現雖然近期有些不穩定，但仍然具有很大的潛力和發展前景。對於藏家和投資者來說，了解市場的變化和趨勢，選擇適合自己的投資策略非常重要。
In conclusion, although the performance of the contemporary art market has been somewhat unstable in recent times, it still holds great potential and development prospects. It is essential for collectors and investors to understand the changes and trends in the market and choose an investment strategy that suits their needs.
展覽推薦
Exhibition recommendations
展覽：恬謐負荷
藝術家：朱里安
展覽期間：2023.5.13 - 2023.7.1
展覽地點：糊塗里國際藝廊（台北市松山區新中街6巷6號1樓）
Exhibition: Tranquil Burden
Artist: Jhu Lian
Exhibition Period: May 13, 2023 - July 1, 2023
Exhibition Venue: Dotard Village Gallery (1st Floor, No. 6, Lane 6, Xinzhong Street, Songshan District, Taipei City)
身體的表面變化無聲的揭示了我們自身存在。這些變化可以是肌肉的收縮、皮膚的皺褶、疤痕或者任何其他形式的改變；這些質變都是我們獨特的標誌，是我們內在世界和外在世界之間的碰撞。這些變化不僅是個人經歷的象徵，也可以是文化、歷史和社會的脈絡。
The silent revelation of surface changes on our bodies unveils our very existence. These changes can be muscle contractions, wrinkles on the skin, scars, or any other form of transformation; they are unique markers of who we are, the collision between our inner and outer worlds. These variations not only symbolize personal experiences but can also reflect cultural, historical, and societal contexts.
在展覽中，藝術家通過各種媒介和技法，呈現了身體表面的變化和其背後的意義。觀眾可以透過藝術作品，深入探索身體與情感、歷史與文化等之間的關聯，並啟發自己對身體的理解和體驗。
In this exhibition, the artist presents the changes on the surface of the body and their underlying meanings through various mediums and techniques. Through the artworks, viewers are invited to delve into the connections between the body and emotions, history and culture, and to inspire their own understanding and experience of the body.
