Pearl Lam, a prominent figure in Hong Kong’s art scene, says the market is slow right now. She notes that conditions seem particularly challenging this time around. Despite the difficulties, Lam, known for her optimism, is in preservation mode.
She is reducing her participation in art fairs this year. She is also postponing the opening of her new three-storey space in Hong Kong’s Central district. Lam observes a trend among new Chinese collectors who copy Western tastes.
“If you have a George Condo, I must have a bigger one — and I must have two,” she says. This highlights the competitive nature of art buying among wealthy collectors. Hong Kong’s art market has been impacted by the city’s recent social and political upheavals.
These include pro-democracy protests and COVID-19 shutdowns. As a result, many businesses have relocated to Singapore. Singapore seems to be emerging as a strong competitor.
It has its flagship art fair Art SG and a growing number of private art foundations and galleries. However, Lam remains doubtful about the sustainability of its art scene. She cites infrastructure concerns and limited financial support from the government.
“The National Gallery [of Singapore] does not have enough funding,” Lam points out.
art market faces new challenges
She stresses the importance of substantial state support for building robust cultural institutions.
Despite its challenges, Hong Kong has significant cultural assets. These include M+, the Hong Kong Museum of Art, and the Palace Museum. Lam cites these as benchmarks for other cities.
Lam recalls the early 1990s when Hong Kong was considered a “cultural desert.” She remarks on the transformation that has since occurred. The first Sotheby’s New York auction of contemporary Asian art in 2006 was a major turning point. It propelled Chinese artists onto the global stage, resulting in soaring prices for their works.
Lam’s galleries have diversified over time. She continues to bridge Eastern and Western art by showcasing Chinese abstractionists alongside American artists. Recently, she has focused on artists from Africa.
Displaying works by Lagos-born painter and sculptor Alimi Adewale at the 1-54 Contemporary African Art Fair in London was an educational experience for her. Lam admits that she initially struggled to appreciate figurative art but has since evolved. Her itinerant lifestyle reflects her passion for discovering new talent.
“I visited 80-something artists in four days during my last visit to Johannesburg,” she shares. This worldwide search for artistic innovation characterizes her dynamic approach to the contemporary art scene. While Lam acknowledges the current market difficulties and the rise of competing art hubs like Singapore, she remains focused on nurturing and showcasing diverse artistic talent.
She firmly believes in the symbiotic relationship between great collectors and strong cultural institutions.
Photo by; RhondaK Native Florida Folk Artist on Unsplash
