Editor's note
The Chinese art market is in a period of transition. At the 2nd Art Market New Year Academic Forum 2024 held in Beijing on January 5, Xi Mu, a professor at Xi'an Academy of Fine Arts, pointed out that the Chinese art market is changing from diversification to multipolarization. The key drivers behind this include the rise of aesthetic culture, changes in the structure of collectors, the growth of online transactions, and the new business formats brought about by the wave of digitalization. The art market has taken on new characteristics: shrinking transactions, flattening the market, and multipolarization. Xi Mu emphasized that only by grasping the most prominent feature of the multipolar market can we find a new direction for development.
Ximu: The Chinese art market is in a turning position
Wen Aojie. On January 5, 2024, the "2nd Art Market New Year Academic Forum 2024" was held in Beijing. The forum was co-sponsored by the School of Culture and Media of **University of Finance and Economics and the Songzhuang Institute of Li Keran Painting Institute, and organized by the Art Market Development Research Center of **University of Finance and Economics. Professional seminars will promote the joint development of innovation and practical exploration in the Chinese art market, continue to inject vitality into the art market with Chinese characteristics, and make positive contributions to the development of the economy, culture and art in the new era.
The forum was presided over by Zong Yacong, deputy secretary of the School of Culture and Media of **University of Finance and Economics, Liu Shuangzhou, Dean of the School of Culture and Media of **University of Finance and Economics, and Shi Yuefeng of Songzhuang Institute of Li Keran Painting Institute delivered speechesHuang Jun, professor and doctoral supervisor of Chinese University, gave a speech on the topic of what digital technology brings to the art marketNing Qiang, professor and doctoral supervisor of Beijing University of Foreign Chinese, gave a speech on the new characteristics of the art market in the digital ageLuo Hongcai, professor and doctoral supervisor of Shanghai University, gave a speech on the recognition and exploration of the value and significance of art market literature under the influence of digital technology**Zhao Li, professor and doctoral supervisor of the Academy of Fine Arts, gave a speech entitled "Digital Research and Application of the Art Market";Shi Yuefeng, President of Songzhuang Institute of Li Keran Painting Institute, gave a speech on the topic of art finance as a key force to promote the transformation and upgrading of the art marketLiu Xiaodan, professor and master's supervisor of Anshan Normal University, gave a speech on the topic of digitalization and innovation of art evaluation systemOu Shuying, Deputy Secretary-General of the China Auction Industry Association, gave a speech on the topic of 2023 Art Market Review and 2024 Market OutlookLan Chen, senior auctioneer of Beijing Poly Auction Company, made a speech on the marriage between art and auction. Finally, Liu Shuangzhou, dean and professor of the School of Culture and Media of **University of Finance and Economics, introduced the research results of the major project of national social sciences and arts.
The art market has shown new characteristics in the new form, and these characteristics can be summed up in a core point, that is, the transformation from diversification to multipolarization. Multipolarity is not a simple concept, it is gradually formed in the process of the development of the art market, and it matches the new form of the art market. By grasping the most prominent feature of the multi-polarization of the art market, we have grasped the general switch for the development of new forms of business in the art market.
Professor and doctoral supervisor of Ximu Xi'an Academy of Fine Arts.
Keynote speech at the 2nd Art Market New Year Academic Forum 2024.
In his keynote speech, Xi Mu pointed out that the Chinese art market is in a state of flux. The Chinese art market has never been as chaotic as it is today, nor has it been as bottomless as it is today. Traditional business formats are shrinking and new business formats are growing and expanding, but we are accustomed to using the thinking inertia, analytical discourse and analytical methods of traditional formats to look at the market and the market that has changed. Therefore, I feel that the new business format of the market is extremely complicated and chaotic, which is the inertia of traditional perspective and logic. How to look at the market of new formats and new forms of the market requires new perspectives, new paradigms, new logics, and new methods to observe the market.
He believes that the art market is sluggish in the general environment, there are market reasons, there are reasons for observation, and more importantly, the market is not in transformation, but in turn. In the process of this transition, the most critical reason is that the art market is transforming from diversification to multipolarization, and the dynamic evolution of this transformation is of great practical significance. For such a market transformation and development mode transformation, the current market is obviously not ready.
Regarding the specific manifestations of the transformation of the Chinese art market, he believes that the following aspects are worth observing: first, the shrinkage of traditional transactions;Balance sheet reduction in secondary market transactions;Third, the market pattern is changing;Fourth, the market is flattening, especially online auction carnivals, live auctions, free auctions and other forms of online transactions have become a new trend in the marketDigitalization is not only manifested in the form of transactions, but also makes it more convenient to buy, and the introduction of new models such as Sotheby's BuyNow, Phillips Dropshop, and Poly Hong Kong's "Instant Purchase" model has promoted the trend of market flattening. Fifth, the market state is multipolar;Sixth, the market should serve both high-net-worth individuals and mass populationsSeventh, art financial services are indispensable.
Regarding the evolution of the market dynamics of the Chinese art market, he believes that the first is the rise and transformation of aesthetic culture. Aesthetic TransformationThe rise of aesthetic culture is the driving force behind the multipolarization of the market, and the transformation of aesthetic interest is the foundation of the development of multipolarizationThe second is the promotion of the younger collectors;The third is the growth of online transactionsThe fourth is the trend of digitalization and the emergence of new business formatsFifth, re-internationalization is underwayThe sixth is the support of art financial services.
Xi Mu emphasized that the art market has shown new characteristics in the new form, and these characteristics can be summed up in a core point, that is, the transformation from diversification to multipolarization. Multipolarity is not a simple concept, it is gradually formed in the process of the development of the art market, and it matches the new form of the art market. By grasping the most prominent feature of the multi-polarization of the art market, we have grasped the general switch for the development of new forms of business in the art market.
Finally, Xi Mu pointed out that the development of multipolarization in new forms of art is a major trend, and its evolution not only has its own laws, but also has its own dynamic integration and promotion. Only by understanding these underlying logics of the development of the art market can we clearly understand the development status and general trend of the art market, and in the face of the trend, we can be more rational, more targeted, more explanatory and more intelligent.