Step aside, Banksy: Asian art and toys are taking over world markets
The growing popularity of southeast Asian works, street art and toys among Hong Kong collectors has rippled across world markets and fashion brands
If one was to create a year-end collage of “top art auction highlights”, Banksy’s Girl with Balloon – whoops, Love is in the Bin – will perhaps top the list. Or will it be David Hockney’s Portrait of an Artist (Pool with Two Figures), sold for more than US$90 million? Closer to home, Zao Wou-Ki’s 33-foot-long Octobre 1985 smashed records at Sotheby’s Hong Kong.
Yet, away from the few headliners, there is a wealth of art trading between a few hundred thousands to a few million that could perhaps give a better indication of where the market is headed.
Three categories raked in strong numbers at the Hong Kong Autumn sales: street art, toys and southeast Asian art.
Four Foot Dissected Companion (Grey)Untitled Companion
KAWS’ rising popularity is emblematic of a larger acceptance of street art in the upper echelons of the art market.
“If you look at Banksy or KAWS, they’re making art for the masses,” said Jonathan Crockett, head of 20th century and contemporary art, and deputy chairman, Asia, Phillips. “KAWS produces high-end collectible art, but he is also more flexible. Many more people can collect his work. These artists are also engaging with fashion brands, making them more inclusive.”
Another category popular at Phillips’ Hong Kong is toys, with Nara’s L’Angel est Tombée selling for HK$1.75 million, nearly double its high estimate.
What’s unique about the rising interest in street art and toys is that both originated in Asia. “As a collecting region, Asia has been collecting art longer than any part of the world, but the focus had been on traditional mediums such as Chinese works on paper and art,” Crockett notes. “This huge interest in Asia is stimulating interest around the world. We have seen this happening in the past few years.”