Manila's art market, emphasizing local participation, is showcased in the Art Fair Philippines (AFP) which has moved to Ayala Triangle Park. Co-founder Trickie Colayco-Lopa emphasizes that it caters mainly to local collectors comfortable with artworks priced between $10,000 and $20,000. While traditional forms dominate the local market, there's a rising presence of contemporary art. Despite an increase in the Philippines' economic growth, its impact on the art sector remains uncertain. The fair features 48 galleries, strengthening the local art scene while retaining its essence amidst global influences.
"Collectors here are more comfortable within a certain price range of $10,000 to $20,000. International galleries have their price points."
"In terms of value, masters and Modern are 80% of the market. But contemporary art has more sales volume."
"Contemporary here can be fad-driven, focused on the trendy and often buyers just copy each other."
"The Philippines economy has kicked in to gear, with 6.1% to 6.5% GDP growth, Asia's second highest after Vietnam."
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