"The West Bund Art and Design fair and Art021 opened last week in Shanghai with a burst of commercial energy, as many galleries reported brisk first-day sales that defied a backdrop of economic caution and regional competition. "The energy here feels like a true year-end rebound," Enrico Polato, founder of Shanghai's Capsule Gallery, told ARTnews on West Bund's opening day. "I'm glad to be connecting with new collectors who have shown genuine interest in our program." That optimism, however, was set against a sober economic forecast and a shifting gallery landscape."
"Just days earlier, China's former finance minister Lou Jiwei warned at a major business conference in Beijing that the country's property slump had yet to hit bottom and would continue to weigh on economic growth. Many galleries and collectors ARTnews spoke with ahead of the fairs said they were bracing for a subdued year. This economic uncertainty, combined with the overlap with Art Collaboration Kyoto (November 13-16), which many in the industry say siphoned attention from both international collectors and exhibitors, was evident in how major global galleries approached Shanghai this year."
West Bund Art and Design and Art021 opened in Shanghai and generated strong, commercial energy with many galleries reporting brisk first-day sales. Several dealers described renewed collector interest and a sense of a year-end rebound. Economic headwinds persisted after warnings that China’s property slump had yet to bottom out and could weigh on growth, prompting some galleries and collectors to brace for a subdued year. The simultaneous Art Collaboration Kyoto fair diverted attention from Shanghai, and leading global galleries either sat out or scaled back participation, with some choosing to show at only one fair. West Bund debuted a new, purpose-built venue by Skidmore, Owings & Merrill.
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