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With works by Chinese contemporary artists fetching millions of dollars at auction and the number of Asian collectors multiplying, it was only a matter of time before a major Manhattan art gallery announced plans to put down roots in Beijing.
The first to do so is PaceWildenstein, which this summer will open Pace Beijing, a 22,000-square-foot space in a former munitions factory. The site is in the heart of the city’s gallery neighborhood, the Factory 798 District.
The $20 million project is scheduled to open on Aug. 8, in time for the Summer Olympics.
“Beijing is a crossroads” for Taiwan and Hong Kong, said Arne Glimcher, chairman of PaceWildenstein. “Shows there sell out to other parts of Asia.”
Mr. Glimcher is not the first to recognize the growing importance of the Asian art market. Sotheby’s has sent its traveling exhibitions to mainland China since 1995 and held auctions in Hong Kong since 1973, and it opened an office last year in Beijing.
Sotheby’s recent four-day series of spring sales in Hong Kong — including Modern and contemporary Chinese and Southeast Asian art, watches and jewelry — brought in more than $227 million, the company’s highest total ever in Hong Kong.
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The first to do so is PaceWildenstein, which this summer will open Pace Beijing, a 22,000-square-foot space in a former munitions factory. The site is in the heart of the city’s gallery neighborhood, the Factory 798 District.
The $20 million project is scheduled to open on Aug. 8, in time for the Summer Olympics.
“Beijing is a crossroads” for Taiwan and Hong Kong, said Arne Glimcher, chairman of PaceWildenstein. “Shows there sell out to other parts of Asia.”
Mr. Glimcher is not the first to recognize the growing importance of the Asian art market. Sotheby’s has sent its traveling exhibitions to mainland China since 1995 and held auctions in Hong Kong since 1973, and it opened an office last year in Beijing.
Sotheby’s recent four-day series of spring sales in Hong Kong — including Modern and contemporary Chinese and Southeast Asian art, watches and jewelry — brought in more than $227 million, the company’s highest total ever in Hong Kong.
Discuss Add this link to... Bury
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