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Continue Order Reprints Print Article Photo by Lucas Schifres/studioEAST Asia's galleries are confident they can brush off a very reprintable slowdown in China's art market. The world's second largest economy looks off-color and this has trickled through to China's art buyers. Data from TEFAF Maastricht shows Chinese purchases of artwork plummeted by a quarter last year to just shy of USD12 billion. At the recent Art Basel exhibition in , however, gallery owners painted a brighter picture of new buyers coming out of the Middle East. How, why and what they buy change, however. Marc Spiegler, Art Basel's global director, says auction sales are the most visible part of the art market, which can be misleading for the health of the market. He claims China's art market is moving away from auctions, with collectors all working directly with galleries. What we hear from galleries we talk to in China is that they do solid business with the core of collectors they've built up, he said. Spiegler, often ranked as one of the most influential figures in the art industry, says Chinese collectors are also building stronger ties with galleries rather than buying at auction. They understand if you work directly with galleries you get discounts and relationships with artists. Gallery owners also say Chinese collectors have brushed up on their art history. Fred Scholle's Galerie Du Monde was one of the first in Hong Kong to exhibit contemporary Chinese art when it opened more than 40 years ago. The gallery specializes in nurturing and promoting artistic talent from the mainland. So Scholle is well suited to observe evolving flavors and buy designs by Chinese collectors. He tells Penta Asia a lot of the hot money dropped out of the market with President Xi Jinping's crackdown on surpluses. They looked at it as an investment just to turn around and make quick money. They had no education in art. Scholle says the market is now more focused on younger, foreign-educated collectors who buy everything from European and American painters to conceptual and installation work. They also hold on longer in it. They're learning the market. But now we see collectors buying because they appreciate the work. There are frustrations, though. One of the more entrepreneurial tendencies of Chinese artists, Scholle says, is to sell directly to collectors and cut galleries out of the loop. This is frowned upon in the U.S. market and may see an artist ostracized. But in China it is a symptom of the art market's relative immaturity, he adds. Greed has a lot to do with it. Pearl Lam, one of the most prominent contemporary artists to come out of Hong Kong and owner of the Pearl Lam Galleries, says Western artists are having their moment in China. Where many collectors who buy Western art, she tells Penta Asia, although there is a warning: they must be blue chip names. Lam has galleries in Hong Kong, Shanghai and Singapore. She works with a number of Western artists, such as Australian oil painter Ben Quilty and Italian mixed-media artist Pino Pinelli. Lam reports of galleries in China are sold out by Western works. Photo by Lucas Schifres/studioEAST On the other side of the art industry, some great international collectors are sharpening their focus on Chinese art. Swiss investment bank UBS's contemporary art collection is among the largest in the corporate world with about 30,000 pieces. Most hang out in corridors and boardrooms, although some are stored. The collection's head, Mary Rozell, tells Penta Asia she is putting a team in Hong Kong that will buy artwork from China and elsewhere. But she says the collection's purchases aren't really driven by potential return on investment. When you buy smart and you buy out of passion that's when you are most likely to have your values go up over time. The latter point is something that strikes a chord with Art Basel's Spiegler. At worst, if it doesn't increase in value you still have something wonderful in your life, he said. Below is a selection of high price pieces by Chinese artists who have changed hands at this year's Art Basel Hong Kong. Long March (Beijing). Wang Jingwei's Dirty Substance No. 3 for CNY750,000 and More No. 3 for CNY950,000. Zhan Wang's Artificial Rock No. 76 for CNY1.1 million. Liu Weis No. 202 for CNY700 000. Hu Xiangqian's Stick Diagram-Drawing for CNY120,000 Longmen Art Project. Ye Yongqing's Draw a Bird to Hong Kong private collector for USD110,000 Pearl Lam Galleries. Su Xiaobai is satisfactory No. 1 for USD195,000 Tina Keng Gallery. Several large pieces of Su Xiaobai for CNY1.3 million each Email: [email protected] Comments? E-mail us [email protected] An error has occurred, please try again later. Thanks This article has been sent to HOTTEST 'HOODS Wan Chai Once known for its slealic bars, the area has smartened up its act with lots of interesting restaurants. /Sai Ying Pun Now with improved transport links, the western side of the island grows from a hipster haunt to an important weekend spot. SHOP Novelty LaneA one-stop-shop for all your fashion needs, Novelty Lane is a unique concept store offering an extensive range of alternative brands from all over Asia. Connecting independent stores and bringing them all together in a convenient location, this place is truly a one-of-a-kind novelty. 2/F, 106 Johnston Rd, Wan Chai (+852 2433 6522/noveltylane.com) ObelleryChannel your inner metalsmith at this modern jewelry studio is located in the heart of Soho. If a practical experience your thing, you can also browse and buy lots of elegant, distinctive jewelry that are designed and made by experienced indie craftsmen. Unit H403, Block B, PMQ, 35 Aberdeen St, Central (+852 2155 4198/obellery.com) Goods of Lust (GOD)No other store embodies the HK spirit as much as GOD. Everything, from furnishings and furniture to clothing and accessories, reflects part of Hong Kong. Its most popular catchphrase is Delay No More, which is a pun on F**k your mom in . And the brand has a sense of humor. 9 Sharp St E, Causeway Bay (+852 2890 5555/god.com.hk). EAT 81/2 Otto e Mezzo Bombana Dubbed the King of Truffles, chef Umberto Bombana whips up rustic, truffles laden Italian dishes while embodying the essence of Italian hospitality through his stadiums exceptional service. Named after Federico Fellini's prized film of the same name, expect things like homemade Cavatelli seafood ragout and sea urinary, Tajima short ribs and fillet of beef with a red wine, plum sauce and whipped potatoes. The three Michelin-starred restaurant is also home to one of Asia's best bars, serving great cocktails and shouldn't be missed either. Shop 202, 2/F, Alexandra House, Central (+852 2537 8859) Ah Yat Harbour RestaurantNamed for its chef, Ah Yat, and its harbour views, this Michelin-starred eatery is the place to come for the finest abalone, dim sum and wok-fried dishes. The modern dining room is set to make the most of its stunning views. 29F, ISquare, 63 Nathan Road (+852 2328 0983)Kam's A spin-off from Hong Kong's iconic Yung Kee roast goose dynasty due to a famous family feud, this hen showed that it could hold its own by gaining a Michelin star this year. 226 Hennessy Rd, Wan Chai (+852 2520 1110). Australian Dairy CompanyAnyone can cook eggs, but no one does it better than the Australian Dairy Company. The breakfast set consists of fluffy and moist scrambled eggs served with rich buttery thick toast, and comes with a plate of macaroni along with char siu in chicken broth. 47 Parkes Street, Jordan (+852 2730 1356) Chilli Fagara In 2005, third-generation restaurateur Tracy Wong established this Sichuan restaurant. It's one of the best in town. Authentic cooking based on recipes that have passed through the generations is the order of the day here. Ma Sichuan peppercorns have a prominent place, as well as spicy added dishes and vibrant tang dishes. A real fiery feast.7 Old Bailey Street, Central (+852 2796 6866/chillifagara.com) Law Fu KeeSometimes eats cheaply means eating candles and eating clean, even for middle-level managers working in Central. Law Fu Kee is the go-to place for Hong Kong's basic comfort food - congee. Made with a fragrant fish broth, it's tasty, clean, soothing, healthy and all for under RM10. 142 Queen's Road 3881) Little Lab DRINK The Woods Hong Kong's most successful molecular bar to date regales patrons with a variety of cocktails that challenge the senses. 17 Hollywood Rd, Central (+852 9132 1802). Little Lab This sweet bar puts itself on the map with creative cocktails with unique Hong Kong ingredients like Pak Chun vinegar and -style milk tea. Shop B, 50 Staunton Ststaunton St(+852 2858 8580). MizunaraHeaded by the award-winning bartender-in-chief Masahiko Endo, Mizunara is a Japanese-style bar hidden on the fourth floor of a commercial building on Lockhart Road. Yes, the atmosphere is often restrained, but if it's delicious cocktails and attentive service you're after, you can't do much better.4/F, Kiu Yin Commercial Building, 361-363 Lockhart Rd, Wan Chai (+852 3571 9797/fb.com/Mizunara.The.Library) Ping Pong 129 Gintoneria Gentrification of Sai Ying Pun was officially underway when Ping Pong appeared in the neighborhood. The room is an elegant Spanish-style ginbar in a former ping-pong hall and is wonderful. Thankfully, as much thought has gone into drinks as swish interior.129 Second Street, L/G Nam Cheong House, Sai Ying Pun (+852 9835 5061/pingpong129.com)THINGS TO DO Walking Hong Kong have some great rural walks that allow you to explore the islands' stunning views, all clearly signposted. Try Dragon's Back for a serious workout or go for a leisurely walk around the Peak. Happy Valley Racecourse here is a local institution, and twice a month on a Wednesday night you'll find it packed with punters enjoying horse racing – and normally a good amount of alcohol as well. 2 Sport Rd, Happy Valley (+852 2895 1523). HIDDEN GEMS PMQ Former police Gift Quarters, the building now plays host to local artists and designers as well as several restaurants and cafes. 35 Aberdeen St, Central. 10,000 Buddha smonats Founded in 1957 by devout Buddhist Yuet Kai, the monastery has ornatedecorated halls with statues adorning a path to the cultured buildings. Tai Po Rd, Sha Tin, New Territories (+852 2691 1067). DON'T MISS The Star Ferry The secret is definitely out on this one, but there really is no better way to take in Hong Kong, overlooking both sides. Tsim Sha Tsui, Kowloon (+852 2118 6208/starferry.com.hk). LOCAL TIP The best way to see the outskirts of Hong Kong is at sea. Go online and charter a junk boat to one of the beautiful remote islands. For the best deals on tour operators, visit junks.hk. visit junks.hk.

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