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Last updated on April 16, 2014 at 5:31 EDT

Yasmin Malhotra Highlights Growth of the Asian Art Market

December 11, 2012

NEW YORK, Dec. 11, 2012 /PRNewswire/ — Christie’s is an auction house that is known for its handling of highly valued cultural items. Among them are artistic pieces from the Asian region, which an article posted by CNN claims have been, traditionally, purchased by investors and the nouveau riche. Today, though, Christie’s asserts that the market, once driven largely by speculation, has begun to show a higher degree of stability. In fact, the article reports that Hong Kong has become a leader in the art world. Yasmin Malhotra, who has written about Asian art, is excited to see the entrance of this market into the global sphere.

Malhotra, who has written in depth regarding several aspects of Asian art, believes that the diversity showcased throughout the Asian region is highlighted through its rich artistic traditions. Even cutting-edge, contemporary artistic works reveal the changing attitudes and environments that are developing in this area. As such, Malhotra was happy to see investors take an interest in the work coming out of Asian countries; however, news that Hong Kong is emerging as a leader in the global art scene, and that speculators are moving on and prices for art pieces are leveling off, are signs of positive growth of the Asian art industry.

“Asian culture has so much to offer the art world,” Yasmin Malhotra comments, “and the role that this region of the world is now playing in the industry is long overdue. I am ecstatic to see the Asian community place so much emphasis on the development of art and the cultivation of virtually all professionals within the art industry.”

The emphasis to which Malhotra refers is the development of the “world’s first financial center for art.” The article explains that the city of Xiamen is planning the development of a $260 million endeavor that will create a place for appraisal services, auctions, art restoration, galleries, and other artistically-related professional initiatives. The city of Hong Kong is planning a similar project, the article reports, that will cost $3 billion and serve as an “integrated arts and cultural district.”

But the emergence of Asian art within the global industry is clear in other ways, as well. Today’s list of the top 10 living artists around the world, based on those making over $10 million, comprises two Chinese artists amongst professionals from around the globe. Additionally, Asian market share regarding global auctions is rapidly rising and Hong Kong is ranked third in terms of the largest art auction markets in the world.

ABOUT:

Yasmin Malhotra is an advocate of the arts who is extremely interested in Asian pieces, as she believes they offer a level of diversity that showcases the rich cultures of the Asian region well. Yasmin Malhotra is also interested in writing, travel, and social work. In her spare time, Yasmin Malhotra supports many charitable initiatives and even uses her talent as a writer to share information regarding these non-profit endeavors.

SOURCE Yasmin Malhotra


Source: PR Newswire