Can Shanghai photo fair persuade Chinese art collectors to invest in contemporary works?
China is the world’s second-largest art market but makes up only 1.2 per cent of art photo sales. Those behind Photofairs Shanghai, featuring works by luminaries such as Ren Hang and Zhang Hai’er, are hoping to change that
Photofairs Shanghai, being held at the Shanghai Exhibition Centre this week, is not just the main trade show in China for international fine art photography.
With four vintage Porsches on display in the exhibition centre’s courtyard, and massive displays of beautiful faces promoting Lancome’s luxury skin products inside, the event has also become a showcase of international consumer brands.
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Art is often described as a classic “Veblen good” – demand goes up as the price goes up because people buy it to impress – and the organiser of the Shanghai photography fair is unapologetic about linking art with the luxury market.
“Visitors to our January fair in San Francisco were mostly established buyers of photography,” says Scott Gray, co-founder and chief executive officer of Photofairs. “In Shanghai, there are fewer established collectors. Instead, we have the luxury brand buyers. That’s why the sponsorship model works so well here.”
China is the world’s largest luxury goods market and second-largest art market. But according to a 2015 report compiled by ArtMarket.com, the country accounted for just 1.2 per cent of art photo sales around the world. For that to change, Chinese collectors need to be convinced that contemporary photography makes a sound investment.