Key Points
One of the most commented upon displays at Asias biggest art show, Art Basel Hong Kong, was a video art work called Cut Suits by Fuyuhiko Takata..
It looked as if an otherwise disciplined Japanese executive had suffered a mid-life crisis and lost even his sense of propriety..
Every visit to Art Basel Hong Kong, which was back at full force this year, taking over downtown Hong Kongs largest convention halls, leaves me convinced that contemporary art is a surreal theatre of the absurd..
A report from UBS observes that last year, global art sales eased to an estimated USD 65 billion, showcasing resilience despite a slowdown of 4% year-on-year The US maintained its position as the leading market worldwide, accounting for 42% of sales by value..
Still, for all the silly money spent on contemporary art, records are always set, as was the case in 2023, by artworks by established geniuses of yesteryear, such as Pablo Picasso and Gustav Klimt, both of which sold for well over $100 million..
