Written by: Tang Kai Xian

Museum of Modern Art (MoMA) (New York), Tate Modern (London), Museum of Contemporary Art (Tokyo) share a similar focus - contemporary art takes center stage. MoMA boasts an extensive collection of contemporary art, encompassing a diverse range of mediums including paintings and media art. They feature works by renowned artists including David Hammons, Robert Rauschenberg, and Paul Chan.

This week, we will explore the world of contemporary art: the essence of contemporary art, iconic artworks, and the thriving contemporary art market. 

Characteristics of Contemporary Art

Contemporary art simply refers to the art that is being created in our current time. Some historians postulate that contemporary art began from the 1960s/1970s. It includes a wide range of artistic forms like paintings, sculptures, installations, videos, and more.

Contemporary art emphasises on exploring new ideas and experimenting with different ways of making art. Contemporary artists like to think outside the box and challenge traditional rules. They often focus on big ideas and important topics like who we are, how we connect with the world, and what's happening in society. 

Ai Weiwei is a Chinese contemporary artist, activist, and filmmaker. He has garnered international recognition for his powerful and critical commentary on political and social issues in China and around the world, through art. One of his most famous works is “Dropping a Han Dynasty Urn” which is a series of three photographs capturing the artist deliberately dropping a valuable Han dynasty urn. The Han Dynasty urn was an emblem of cultural heritage and historical significance. This art questions the commodification of art and history, and the selective preservation of cultural heritage. By destroying a precious artefact, he compels viewers to reassess their perceptions of value and reconsider the weight placed on material objects. As the artist himself aptly put "It's powerful only because someone thinks it's powerful and invests value in the object." 

Contemporary art can take on many different forms. Sometimes it's a painting on a canvas, but other times it can be something totally unexpected like a pile of everyday objects or a performance where artists act or do something interesting.

Less than two weeks ago, a Seoul National University art student gained viral fame by consuming the banana integral to the renowned artwork "Comedian" by Italian artist Maurizio Cattelan. This artwork comprising a banana taped to the wall, first went viral when its initial edition sold for US$120,000 at Art Basel Miami Beach in December 2019. Aptly named "Comedian," the artwork draws inspiration from vaudeville, evoking the timeless visual gag of slipping on a banana peel. Beyond its comical reference, the “Comedian” stimulates dialogue about the boundaries of art and the definition of an artwork. By presenting a mundane object in an art context, Cattelan challenges the audience to reconsider their preconceived notions of what constitutes art and the criteria used to evaluate its quality or significance. In doing so, it prompts viewers to reflect on their own perceptions, inherent biases, and expectations when appreciating contemporary art.

Spotlight: "The Physical Impossibility of Death in the Mind of Someone Living" by Damien Hirst

One of the most famous Contemporary Art is Damien Hirst’s "The Physical Impossibility of Death in the Mind of Someone Living". It was originally commissioned in 1991 by Charles Saatchi, founder of Saatchi gallery. Saatchi later sold it to Steven A. Cohen in 2004, with the exact figure of the transaction undisclosed but rumoured to be a staggering US$12 million.

Damien Hirst gained significant recognition as a prominent member of the Young British Artists (YBAs) movement in the 1990s. His approach to art is distinguished by its conceptual and provocative nature, consistently pushing the boundaries of traditional aesthetics, values, and artistic expression. His job at a mortuary, when he was studying at Goldsmiths University of London, influenced his artistic direction to explore themes connected to life, mortality, and the nature of existence. Thus, his artworks often feature meticulously preserved animals, such as sharks, cows, and butterflies, enclosed within formaldehyde tanks. Furthermore, he is fascinated with pharmaceuticals and medicine. His famous pieces such as "The Pharmacy" and his renowned "Spot Paintings" series employ vibrant hues and repetitive patterns to delve into themes of structure, authority, and the commercialisation of art.

The focal point of Hirst's artwork, "The Physical Impossibility of Death in the Mind of Someone Living," is the preserved tiger shark—a symbol of life's impermanence and the inevitability of death. The stark contrast between the once-majestic predator, measuring an impressive 4.3 metres in length with its imposing jaws and penetrating gaze, and its current lifeless state confined within an artificial habitat, evokes a disconcerting sense of unease and prompts viewers to confront their own mortality. 

Contemporary Art Market

According to a Citi market report, contemporary art as a whole has seen an average return of 7.5% per year since 1985.  Over the last 4 years, Art Basel reported that contemporary art sales increased 25% from US$2.0 billion in 2019 to US$2.5 billion in 2022. 

In 2021, the contemporary art sales peaked at US$3.40 billion. Notably, the first half of the year alone surpassed the entirety of 2020 in terms of contemporary art auction sales. This extraordinary performance in the first half of 2021 stands as the highest ever first-half year. This surge in sales can be partly attributed to a growing influx of new buyers who are eagerly venturing into the realm of contemporary art. Their active participation underscores the expanding appeal and allure of this dynamic art category.

Despite the 26% fall in sales between 2021 and 2022, Sotheby’s brought in US$319.4 million from auctions on 15 and 16 November 2022, with a sell-through rate of 82%. The second lot of the evening, Four Friends (2019) by Slaman Toor, sold for US$1.6 million. This was a new record for a painting by the artist and exceeded its pre-sale estimate of US$300,000 by more than three times!

Furthermore, women artists working in figuration also exceeded expectations at Sotheby’s mid-November 2022. Elizabeth Peyton’s portrait of a sleeping acquaintance, Nick with His Eyes Shut (2003), sold for US$2.5 million. This was more than twice the pre-sale estimate of US$1 million!

Contemporary Art Collectors

Susan and Michael Hort, based in the USA, are one of the largest Contemporary Art collectors with a collection of almost 4,000 artworks with a strong focus on supporting young artists.  “If an artwork moves you in some way and it’s within your budget, buy it and enjoy living with it for a long time. The only things we regret are the things we didn’t buy.” shared Susan Hort in her interview with the fineartmultiple. 

Celebrities, such as Leanardo DiCaprio, are collectors of contemporary art too. DiCaprio has curated a collection that encompasses works from some of the most influential and celebrated artists of our time. A centrepiece of his collection is Jean-Michel Basquiat’s “Red Man One” painting that he reportedly purchased for US$9.9 million in 2005. Basquiat was a trailblazer of the 1980s New York City art scene. His artworks revolved around themes such as race, politics, and social justice. His “Red Man One” painting features Basquiat's signature graffiti style of motifs of skulls and crosses that intertwines with the bold and expressive red, black, and white brushstrokes. 

Our Emerging Artists

Perhaps the best part of Contemporary Art is its accessibility and affordability to art buyers. You need not be part of a secret club to find contemporary artists. #MeetArts is your gateway into the art community. We carry many affordable contemporary art by promising emerging artists.

Miliati is an emerging artist who specialises in Mixed Media, especially pour art. Her artwork, Towards Flourishing, portrays the feeling of confidence and openness that comes when a nation leaves its old ways behind and tries something new. The blue dripping background brings out the vibrant feathers of the peacock. The feathers are made up of nine Joaquim Orchids, which are representative of the date of Singapore’s National Day (9 August) and Singapore’s national flower, the Orchid. The grassland at the bottom of the painting comprises finely cut threads, and the painting is finished with a strong integrated identity that is watchful and inventive, against the uncertain horizon. 

Chloe is a painter who is currently dabbling in abstract art. Her painting, I Have Known You Though We Have Not Met, was inspired from the people she met and the things she encounters everyday. She believes that everything happens for a reason, be it the person we met, or the things that happen around us. The colourful and vibrant colours and fine brushstrokes represent the positive energies constantly flowing in and out of our lives.

The artwork delves into the artist's nostalgic recollection of familial moments. The question “Nak kopi tak?” (Would you like coffee?) was often thrown around in the artist’s home, a question that serves as a prelude to the members of his family sitting together, sipping hot drinks and enjoying each other’s company. The artist also reminisces the time when his parents imparted the traditional practice of weaving palm leaves into diamond-shaped pouches to create ketupat, a Javanese rice cake. These recollections are the artist’s cherished memories. Through this artwork, the concept of interaction and bonding is thoughtfully explored, reflecting upon the profound connections that are forged through cultural traditions and familial ties.

The artist employed a unique technique in crafting the artwork. He meticulously cut a painting into strips and skillfully weaving them together. The interplay of painted elements gives rise to a pattern reminiscent of the traditional ketupat. Furthermore, the artist incorporated black and white ribbons that intricately weave in and out of the composition, artfully forming the silhouette of a coffee cup. Through this artwork, the artist poignantly conveys a profound sentiment of longing for home, evoking a sense of nostalgia and a yearning for the familiar comforts of one's roots.

Closing Thoughts

In a nutshell, contemporary art is the art being made right now. It's all about new ideas, pushing boundaries, and exploring different ways of making art. It can be anything from a painting to a performance or even digital creations. Its dynamism and ever-evolving form of artistic expression reflects the complexities and diversity of the present era. In essence, it's all about experiencing it and having your own interpretation.

References:

https://www.guggenheim-bilbao.eus/en/learn/schools/teachers-guides/ai-weiwei-dropping-han-dynasty-urn-1995

https://www.bbc.com/news/world-asia-65446331

https://www.vogue.com/article/the-120000-art-basel-banana-explained-maurizio-cattelan

https://www.clc.sllf.qmul.ac.uk/?p=391

https://theartmarket.artbasel.com/download/The-Art-Basel-and-UBS-Art-Market-Report-2023.pdf

https://www.artnews.com/art-news/news/sothebys-november-2022-contemporary-art-auctions-sales-report-warhol-1234646994/

https://fineartmultiple.com/blog/collector-interviews-susan-and-michael-hort/

https://www.artnews.com/art-collectors/top-200-profiles/alison-and-peter-w-klein/

https://www.artworks.com.sg/wp-content/uploads/2023/03/The-Experts-Guide-to-Fine-Art-Investment-2023-Art-Works-Advisory.pdf

https://finance.yahoo.com/news/basquiat-banksy-inside-leonardo-dicaprios-172351370.html