Market Trends of Asia-Pacific Arts Promoters Industry
The Rise of Art Fairs and Exhibitions in Asia-Pacific Region
As Asia's population continues to grow, Asian art collectors are increasingly interested in art from the rest of Asia. With an increasing number of collectors from China and Indonesia, as well as from India, Asia's high-end galleries and modern art fairs have started to show interest in Asia. Although art sales in China dropped to second place behind the United States in the previous year, Chinese collectors are showcasing their interest in art as sales to Chinese buyers are particularly strong in the first six months of the current year.
In January 2023, the inaugural edition of ART SG featured around 164 world's leading galleries and also welcomed 43,000 guests from Singapore and Southeast Asia, as well as from all over the Asia Pacific region.
Art Assembley, a company that organizes art fairs in the Asia-Pacific region, announced the launch of a new international fair in Japan called Tokyo Gendai with 80 to 100 international art galleries.
The governments in the Asia-Pacific region are making every effort to develop the sector and make the most of its potential.
NFTs / Digital Collectibles are the most popular in the Chinese market
As the popularity of NFTs in China continues to grow, several of the biggest internet companies have established their trading platforms for NFTs. These platforms serve as either an exchange or a marketplace for Chinese consumers to buy and sell various digital assets. More and more investors are interested in getting involved in the China NFT market.
Some of the reasons why NFTs have gained popularity among consumers include the fact that consumers in China are tech-savvy and the country's high penetration rate of smartphones and the Internet. The ban on cryptocurrencies by the Chinese government also contributed to the growth of NFTs in the past year.
According to a Wangyi report, in less than one year, the platform has gained over 800k registered users, 80k artists, and 400k NFT digital works.
