With the world's art galleries buzzing in part due to the demand coming from Asia, this publication spoke to practitioners in the market about current trades.

New wealth and demand for greater culture are driving the art scene in Asia, Fabio Rossi, a veteran in Asian art dealing and co-founder of Rossi and Rossi, a London-based gallery, has told this publication.

Chasing the promise of good fortune in the East, Rossi recently partnered up with Jean Marc Decrop, an expert in the contemporary art of China, Asia and Middle East at the French national chamber, CNES, to open “Yallay Space” in Hong Kong.

The new gallery will be devoted to art from the regions of Rossi and Decrop’s combined expertise: Asia and the Middle East.

“Yallay Space will showcase the art and artists of these regions, away from the dominating North Atlantic sphere; Hong Kong, the new hub of the art world, seems to me the perfect place to become established,” said Decrop in a statement.

It seems Rossi and Decrop are onto the right track with their chosen genre, if Christie’s recent sales figures are anything to go by. The auctioneer’s highest selling artwork in Hong Kong was an item from the Asian 20^th century and contemporary art collection, “La forêt blanche II” by Chu Teh-Chun, which sold for close to $8 million, setting a world auction record for the artist.

“Demand in Asia has been definitely growing over the last decade, both for traditional and for contemporary Asian art. Not only is the number of sales increasing, but additionally, many of the top sales are now being achieved in Asia,” Rossi said in an emailed statement to WealthBriefingAsia.

Experience

Based in Hong Kong since 1993, Decrop has been in involved with first generation Chinese contemporary artists for over 15 years.

“When Chinese contemporary art exploded in 2005, I turned to Indonesia, which for me is the second most interesting art scene in Asia, and later to the Middle East, where new talents are developing new paradigms. Recently, I have become fascinated by a new generation of artists that is again booming in China and I strongly believe in their developing talent," said Decrop.

Rossi said that the emergence of new wealth and an increasing desire for culture are fuelling demand for art in Asia, adding that the heightened interest is not just coming from collectors, but also from the general public, who are keen to be exposed to more art.

According to Time magazine, East Asia had only one art fair of note 20 years ago, which was Art Taipei, founded in 1992. Today, it seems every major city in the region has a fair, and Hong Kong, for instance, held six fairs last year.

What makes Hong Kong (and Singapore) attractive to investors is the lack of import tax on art. But before they jump into a purchase for a profit-making purpose, Rossi insisted that some fundamental boxes should be ticked.

“Though it is likely that over time art will appreciate at least in line with other type of investments, such as shares and property, art should be first and foremost acquired for the love of it. Therefore, my first advice to a new collector would be to look, look and look until he/she knows what he/she really likes. Visit the galleries, go to museums, meet other collectors. Ideally, find a gallerist whom you can trust, and build a relationship with him/her.”

He added: “Then, set aside a budget and try to buy the very best within that budget - though, sometimes, you’ll have to go over that budget! Mostly, enjoy what you acquire. If you really love it, you might end up living with it for the rest of your life.”