The Fine Art Asia fair at the Hong Kong Convention Centre wrapped last week with strong sales concurrent with the record-breaking Sotheby's auctions. Dealers who exhibited Asian antiques are now faced with an inventory dilemna---a supply shortage---while dealers in Western art, who offered up big names like Marc Chagall and Andy Warhol, wondered where the mainland Chinese buyers were that they anticipated.
“This Chinese appetite for Chinese art is totally unprecedented,” London-based Michael Goedhuis, who specializes in Chinese art, told the Wall Street Journal. “It’s remorseless, relentless — nothing is stopping them from buying. Nothing.”
About 18,000 visitors from around the world attended the fair which showcased 5,000 works of art and sold HK$320 million (US$41.26 million) in art and antiques, a sum 40% higher than last year.