Chinese art collectors’ ‘revenge buying’ makes Shanghai fairs worth the trip for galleries

By Elaine Yau

Shanghai was the world’s party capital last week. Art galleries, auction houses and luxury brands pulled out the stops to put collectors and patrons in a celebratory mood during the first major art fair week held offline since the beginning of the Covid-19 pandemic.

There was a brief moment of nervousness when the wealthy Chinese city reported its first case of coronavirus in five months right before the start of art week on November 11, but that did not dampen visitors’ enthusiasm as they flocked to the two flagship art fairs: the West Bund Art & Design Fair and Art021 Shanghai Contemporary Art Fair. Long queues snaked from the entrances to both events on the days they were open to the public.

Neon-lit artworks made a splash at the K11 Art Mall Shanghai’s party. Photo: Elaine Yau

The number of galleries exhibiting at the West Bund fair shrank from 97 in 2019 to 48 this year because dealers anticipated a smaller attendance than in 2019. But with many buyers of high-value pieces preferring to physically inspect a work before paying, exhibitors who did turn up were optimistic the fair would draw deep-pocked collectors from all over mainland China – who can enter Shanghai without quarantining...READ MORE

Cover Image: Revellers at the UCCA Shanghai fundraising ball, one of the social highlights of the city’s art week, a rare physical affair since the Covid-19 pandemic began 11 months ago. Photo: UCCA Centre for Contemporary Art

The Original title of the article: Chinese art collectors’ ‘revenge buying’ makes Shanghai fairs worth the trip for galleries, and parties light up the night