Pyramid, 2001, by Yue Minjun.

Zeng Fanzhi’s oil painting, Mask No.14, is sold at a price of 8 million yuan. Xinhua

A clerk at Sotheby’s considers the Big Family series by Painter Zhang Xiaogang. Xinhua

Mother and Son, by Zhang Xiaogang, displayed as part of an exhibition on May 21, 2008. Experts anticipated a final sale price of HK$10-15 million. It eventually sold at auction for HK$17,687,500. by Liu Lianfen/Xinhua

Painter Yue Minjun and his work. CFP

The ongoing financial crisis sweeping the globe is moving some Chinese oil painters to reconsider their creative inclinations and reevaluate their position in the field of art. Some are looking at the downturn as an opportunity for self-realization, seeing it as a sort of boot camp – a test of their dedication and ability to produce truly fine art. They are committed to their art, and they intend to overcome and prevail.

The Upside

At the end of 2008, the UK-based newspaper The Independent published an article entitled “The Remarkable Renaissance in Chinese Art.” Therein was a list of the world’s best-selling contemporary artists, according to a survey tracking 2,900 auctions around the globe between July 2007 and June 2008. The list revealed that of the world’s 20 top-selling artists, 11 are Chinese, with five ranked among the top 10. They are Zhang Xiaogang (ranking 5th), Zeng Fanzhi (6th), Yue Minjun (7th), Wang Guangyi (9th) and Liu Xiaodong (10th).

Of particular note, Zhang Xiaogang’s sales came in at ￡32.3 million (about 342 million yuan) during 2007 and 2008.

The Independent thus concluded that Chinese art had taken a substantial share of the market previously dominated by Western art over the past 500 years. However, the unexpected financial crisis cast a cloud over the revival of Chinese artists, especially those engaged in contemporary art.

The Downside

“Since the 1990s, the link between artists and their market has become more direct. Contemporary oil painters are no exemption. Economic conditions will directly affect the artists,” says Wang Shugang, a renowned oil painter.

During a time of global financial crisis, oil painters are substantially impacted, in that their works may not sell well. Oil painter Wang, who held a solo exhibition in the United States early this year, is a victim of the global financial crisis. His clients ordered five paintings, but finally those orders were cancelled.

So it is no surprise that Wang agrees that the economic crisis has severely and negatively impacted contemporary Chinese oil painters. The works of contemporary Chinese artists were, not too long ago, the highlight of many international art shows, and many galleries were dealing in works of Chinese artists. However, this is not so true today, with few stalls at influential art expositions displaying contemporary Chinese art. Wang believes that this signals the decline of contemporary Chinese art in the international market, and that this is a natural result of an evolution in the market.

Tong Zhengang, also an oil painter, concurs. He explains that due to the global financial crisis, some clients, who already booked pieces, went into bankruptcy just before they paid the deposits.

The economic chill is even fiercer in the auction market. In April 2008, Zhang Xiaogang’s work, Bloodline: The Big Family No.3, sold for HK$47,364,500 at Sotheby’s in Hong Kong, much higher than its estimated price, which ranged from HK$19.5 million to HK$27 million. In the fall of 2008, another piece of the same series, Bloodline: The Big Family No.1, sold for only HK$23.06 million at Sotheby’s in Hong Kong, although experts had predicted a price ranging from HK$20 million to HK$25 million. His next project, Bloodline: Sister and Brother, was aborted at auction because no buyer offered higher than the base price of HK$10 million.

The Derailed

Oil painter Sun Dawei says that the impact of the stumbling global economy on artists varies depending upon their position in the market. For those who have already captured a certain share and enjoy a strong reputation, surviving may be easy. For those who have won fame and received orders from consigners to be completed next year, they also may be fine. Likely, it will be the newly rising artists who will be hardest hit.

“The artists who were just starting to rise in the market,” says Tong Zhengang, “have not accumulated enough earnings yet and probably will not survive the economic crisis.”

Chen Ke, a representative of con-temporary Chinese oil painters who were born in the 1970s, says, “The economic crisis has to some extent affected young oil painters who just began their careers. In the past when the art market was bullish, they didn’t worry about their future, but now art circles are questioning how contemporary art can survive and develop in times of economic recession.” Doubtlessly, many young Chinese artists would agree with Chen.

The Elite

According to Wang Shugang, the financial crisis may mean more opportunity for some artists because collectors are inclined to buy more art after the prices drop. “Smart collectors will bottom-fish the market, picking up superb works at comparatively low prices,” he says. “Many contemporary Chinese oil painters are overvalued due to the operation of speculators, and their works cannot survive the test of market competition.”

Tong Zhengang also thinks that in times of economic recession, the market can wash out unspectacular artists, but the elite will survive.

The key for contemporary Chinese oil painters in surviving economic downturns is to remain faithful to their art and implement a “quality first” policy in art creation.

According to oil painter Li Xinhui, in the face of economic crisis artists are not of the same sentiment. Real artists may feel pressure every single day, but that pressure derives from their endless pursuit of further creative excellence. The global economic crisis is not a major concern.

Li believes that an artist is not born to pursue market benefit, and oil painters should recognize this point when they choose art as their lifelong career. Li is now a successful artist, but in the first decade of his career, he did not sell a single piece. “For those who really love art, money isn’t the most important thing,” Li says. “Real artists devote all of their energy to creativity, whether the art market is bullish or not.”

“Of course, there are some who are committed to art for the money,” he adds. “They soon quit when the market turns bearish. Those who are dedicated to their art won’t quit.”

According to Li, the global economic crisis will to some extent sort out who are the true believers.

Qi Wenqing, a representative of Chinese avant-garde oil painters who were born in the 1980s, is a direct victim of the global financial crisis. His pieces are not selling well this year. “A painter shouldn’t merely take into consideration market benefit,” he says. “I wouldn’t quit even if I couldn’t sell anything, ever.” Many of his friends gave up their art to take other jobs for a while, but they soon returned when they realized how much they love art.

“Artists may reselect their profes-sions,” Chen Ke says. “For instance, some young artists who just began their career will probably transfer to other professions, but those who hold on to their passion and faith in art will insist. The economic crisis will wash out some unfaithful artists. In fact, the world of art doesn’t need so many artists, but rather just the more elite.”

The Effect

Tong Zhengang explains that the economic crisis presents an opportunity for artists to focus on improving the quality of their art. He has sensed that many artists are different from before. For instance, some who catered to pop culture before have turned to more academic tastes, and those who were inclined to academic tastes have become more realistic. As the economic crisis unfolds, many artists have changed their artistic styles, and themselves.

Tong says that in times of economic recession, some artists will concentrate on creating, instead of dumping their works at lower prices. He believes that as more artists settle down to creating, more artistic masterpieces will emerge when the economic crisis comes to an end. This will produce a market even more prosperous than before.

“Many flooded into the field of art in the past two years, when contemporary Chinese art witnessed a rapid growth in market value,” says Chen Ke. “At that time, there were many opportunities for young artists to present their work. However, they advanced too fast to lay a solid foundation. Now, as the economic crisis goes on, young artists can slow down and focus on creating. Taking myself as an example, I can now spend more time perfecting my work. This is helpful, forcing the field of contemporary Chinese art to more solidly lay a foundation.”

Zhang Miao, another oil painter born in the 1980s, has also sensed that the art market is not as impetuous as before. “From a different perspective, the economic crisis is not so bad because it can drive China’s oil painting market to mature,” she says.

After the market again prospers, will the field of art return to an impetuous state? In answering this question, artists are not in consensus. Tong Zhengang believes that the economic crisis will prod artists to refocus on creation and realize that only genuine creativity will maintain and advance their position in the marketplace. Such a realization will help to enrich their art. However, Wang Shugang is not so optimistic. He sees the economic crisis as a strong impetus, but a driving force that may be short-lived in terms of positive influence.