Contemporary Art investors Wanted in China
While the past year witnessed ever-growing enthusiasm from both local individuals and businesses in regards to buying Chinese contemporary art, this year efforts are being stepped up a notch to further boost the trend in the long run.
Asian Landmark: Toyota Project, an art initiative launched by the Iberia Center for Contemporary Art, one of the most influential art centers in today's Chinese art world, is aimed at introducing art to potential investors.
"With this project we hope more Chinese entrepreneurs get to know more about Chinese contemporary art and think about making financial contributions," explained Xia Jifeng, director of the Iberia Center for Contemporary Art, at the project's launch on Saturday.
Xia said that although Chinese contemporary art has been widely acclaimed in the international art world, it is still in urgent need of attention within China and it is time to change the fact that foreign collectors are the main promoters of Chinese contemporary art.
Overseas, many large corporations are making huge investments in funding contemporary art, some foreign companies even have their own art foundations, which not only boosts the vitality of art, but also helps build the reputation of their business, he explained.
However, in China few companies are interested in spending on art, Xia added.
As part of the project, 300 entrepreneurs have been invited to attend an exhibition of 20 Chinese artists, with a wide range of art on display, including paintings, installations, sculptures and video works.
Most of the works are the artists' personal interpretations on building corporate culture and the result of a visit to Toyota's factory in Japan late last year, according to Sun Jianchun, curator of the exhibition.
Many of the entrepreneurs invited to the project's launch said that they knew little about Chinese contemporary art and found great interest in the works on display.
"I'm so excited that I have the chance to enjoy these interesting artworks," exclaimed Lu Jianqin, owner of Tianlan Department Store that has more than 15 branches across the country.
"They are all imaginative in concepts. I think it would be helpful for my career!"
Lu added that maybe she would think about buying artwork in the future, when she knew more about art itself.
Lu's response is exactly what the organizers were hoping for when conceiving the project.
"It would be great if several of the 300 entrepreneurs fell in love with art through their first experience here," Sun said. "We are trying to build a lasting relationship between Chinese contemporary art and potential collectors from home."
According to Sun, Chinese contemporary art has been propped up by foreign collectors' continuous support and purchase of art, boosting the development of the industry, but now, it is time to "change the situation."
He explained that the grass-roots art form, once excluded by major Chinese museums, is widely acclaimed in the international art world today, the emergence of the Chinese contemporary genre dependant on foreign individual collectors' continuous interests.
While enabling the sustained growth of Chinese contemporary art, the strong influence from abroad has also determined the direction of emerging artists, which has had some negative influences, according to Sun. For example, because of Western collectors' enthusiasm for Political Pop works, many young artists began to create works with the same style rather than relying on their own innovation and creativity, he explained.
"If things continue this way, Chinese contemporary art will lose its vitality," Sun told the Global Times. "What if Western collectors no longer favor works of this style?"
Sun said that it is crucial for Chinese contemporary art to receive financial support from domestic private companies, to help build the nation's own evaluating system for contemporary pieces.
"We have made great achievements in economic development, but little has been spent on buying artworks each year," he added. "Chinese contemporary art needs steady financial support to boost its healthy development. A continuous influx of private capital offers a chance." "Any form of financial support would be warmly welcomed in today's
"Chinese contemporary art needs steady financial support to boost its healthy development. A continuous influx of private capital offers a chance."
"Any form of financial support would be warmly welcomed in today's Chinese contemporary art world," Sun said. "For example, establishing art foundations, or simply buying Chinese contemporary artworks."
Despite the call for funding, many artists and critics believe that there are also negative effects that follow the involvement of private capital.
"Unlike foreign companies' lasting investment in art, Chinese investors are often eager for quick success and instant benefit," explained Du Bing, an independent art researcher.
"You can never expect instant benefi ts from funding art," Du said. "It needs time to build a reputation for your company and it will not help you earn money instantly."
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