PARIS, October 25, 2012 /PRNewswire/ --
As predicted in previous annual reports, Artprice confirms that Asia, as a whole, will represent over 55% of the global art market in 2012 and a minimum share of 65% to 70% by 2015.
However, despite China's apparent domination - with a 41% market share far ahead of the USA with 23% - Asia, with 61% of the world population, is a highly complex market and can even be a veritable nightmare for Western companies that have failed to understand the local terrain.
For example, the question of "market share" on the Asian art market is in fact far more complicated than it first appears. On paper, China looks the obvious leader; but Singapore, Hong Kong, Indonesia, Taiwan, Japan, South Korea and the Philippines could also justifiably make the same claim.In reality, there are only two major entry points to the Asian art market (which includes China, India, South East Asia, the Arabian Peninsula, and Australia & New Zealand) and both are leading financial and wealth management centres: Singapore and Hong Kong. Artprice has been intensely involved in setting up its offices in Hong Kong since early August 2012. However, it still lacked access through the other major gateway and indeed the most important one for Asia as a whole, Singapore… with all of its cultural diversity. Singapore is a cosmopolitan, dynamic and global City-State with a very high standard of living, political stability and financial strength. It also has a significant art scene, a powerful museum industry and a free port that meets the needs of the Asian art market. In addition, Singapore is ranked among the top three countries of the world in terms of broadband Internet penetration. Artprice is pleased to announce that its long-term alliance with the important international art fair, Art Stage Singapore since the latter's inception has been extended into a mature partnership for the joint production and publishing of educational books and permanent digital data streams for major Asian art collectors and the pooling of high-value client databases to create a vital chain of additional value on the Internet (Artprice's PMN®) between editions of Art Stage Singapore.