In her book “Seven Days in the Art World,” Sarah Thornton said, “As the art world is so diverse, opaque, and downright secretive, it is difficult to generalize about it and impossible to be truly comprehensive.” She communicates this to her readers – art enthusiasts seeking to explore and potentially collect art.
Thornton guides her readers through the major art markets of New York, London, Los Angeles, and Berlin, illuminating the multi-million dollar deals at art auctions.
The intersection of “art” and “investment” is increasingly nuanced. Dong Rui, chief researcher at Beijing’s Central Academy of Fine Art’s Art Market Research Centre (AMRC), says, “Over the past two years (2021-2022), Asia has surpassed North America and Europe to become the world’s largest art market [by auction sales], accounting for about 36% of the world’s turnover.”
Looking at Vietnam’s art market, it’s in a dynamic state of evolution. A growing number of artists are emerging, with individual/group exhibitions and private art spaces flourishing and various art auctions that draw considerable interest.
Art Accessible Like Never Before
Reflecting on Thornton's depiction of the art world as “diverse," “opaque," and “secretive," these descriptions are apt, reflecting not only the elusive nature of artists’ expressions but also the art market's intricate workings, often clouded with biases.
Nonetheless, public access to art is easier than ever. People can regularly visit art exhibitions at galleries, private venues, and public museums.
There’s a surge in solo/group exhibitions by Vietnamese artists, both past and present, displaying a myriad of artistic styles. These events spark a passion for art and cultivate an appreciation habit among new audiences.
Finding information about these artists and their works is easier than ever through various media and social channels. The discussions around art and artists are more vibrant, broadening the horizons for both artists and connoisseurs. Thornton notes that these platforms showcase the diverse voices of artists, revealing the essence of the artistic world and societal ethos.
Exhibitions like “Giao Biên - Traversing Realms” by Nguyen Thi Chau Giang, Nguyen Thuy Hang, Duong Thuy Duong, and Nguyen Quoc Dung at Wiking Salon (72 Nguyen Thi Minh Khai, Ho Chi Minh City, starting December 23, 2023) are a testament to this.
It's a journey into the concept of “boundaries” in today's society, allowing artists to express their thoughts and audiences to connect with contemporary narratives.
Here, viewers can immerse themselves in artworks, each narrating stories with the artist’s unique touch. Engaging with art is engaging with a spiritual life manifested through artistic endeavor and expression.
From mediums like ink and watercolor on silk, lacquer, to themes of horizons, gender, and daily life, all articulate the “boundary” stories that deeply resonate with viewers.
This emotional and aesthetic connection motivates many to frequent galleries and exhibitions, seeking enjoyment and reflecting on themselves in the artistic narrative.
As one delves deeper into art, the desire (perhaps subconsciously) to own beloved pieces grows. This aesthetic appreciation for beauty and respect for artists inspire the creation of personal art collections.
Becoming Curators of Personal Art Collections
Art investment typically starts as a personal passion. For many, evolving from art enthusiasts to collectors is a seamless journey, beginning with casual gallery visits and leading to the first and subsequent art purchases. Gradually, a personal collection emerges.
This trajectory demonstrates how a love for art can evolve into a habit and an aspiration to collect. For instance, Ace Lê, initially an art aficionado and collector, has become an advisor for the international auction house Sotheby’s for their inaugural non-commercial exhibition in Vietnam.
In Vietnam, it's evident that art collectors have become their independent curators, creating collections that express their unique appreciation of beauty, aesthetic sensibilities, and individual tastes.
Each piece in a collection carries both cultural significance and financial investment value. Artworks provide enriching experiences to viewers and can serve as appreciating financial assets.
Globally, affluent individuals diversify their investments, with art becoming a key component. They often allocate 5-10% of their wealth to art. The largest art markets extend beyond the US and Europe to Asia.
Although Vietnam's art collection scene is relatively small compared to other regional markets like Bangkok and Singapore, it is experiencing rapid growth. The increasing frequency and diversity of exhibitions, coupled with a growing audience, forecast a vibrant future market.
Major auction houses such as Sotheby's and Christie's are now focusing on Vietnam, energizing the art market further. While commercial art auctions have yet to be fully established, this movement is an important milestone for the art market. It signifies the emergence of a promising market and highlights the timeliness of art investment.
Vietnamese audiences increasingly engage with art, sparking a rise in collecting and turning them into curators of their collections.
Exploring Art Investment Strategies
Investing in art is investing in beauty and a collector’s cultural values. It involves owning pieces with potential future returns, contributing to Vietnam's contemporary art development.
A common query among new collectors is whether their purchased artwork will appreciate over time. This question encompasses a complex investment equation, hinging on knowledge and personal intuition.
Knowledge here means understanding the artist and the artwork, starting with personal preferences and recognizing the artist's significance and role in their oeuvre.
Appreciating art is distinct from investing in it. Artworks deemed “important,” featured in exhibitions or museums, are key indicators for art investment.
Personal intuition plays a crucial role in collecting. It involves making astute choices about an artist’s and artwork's future prominence. Recognizing pieces by both past and contemporary artists becomes a significant reference.
"Buy art that you love without overly focusing on profit," advises a Vietnamese art curator. Purchasing from living artists is not only about valuing their work but also about engaging in dialogue with them.
This approach becomes integral to a collector's lifestyle. Engaging in the art market is also the most effective way to nurture artistic talent and the creation of masterpieces.