Arts |

Indonesia’s Art Market Potential

Arts | 5 October 2019
The leading auction house, Phillips Asia, at Art Jakarta 2019. Photo by Raditya Fadilla/NOWJAKARTA

Indonesia has an opportunity to be the next global art destination in Southeast Asia thanks to the progress of the industry’s ecosystem and regional economic outlook confidence.

Following the demise of Art Stage in Jakarta and Singapore, Art Jakarta has a strategic position to lead Southeast Asia’s art market, especially considering the growth of domestic economy, which is expected to be able to catalyse the market by 2050. Through the spirit of collaboration or ‘gotong-royong’, Art Jakarta aimed to strengthen the ecosystem by expanding both collector and community base, as well as engaging stakeholders within the industry.

Based on reports, initial Art Moments held May this year had over 10,000 visitors and a total transaction value of USD 6 million (IDR 85 billion). Currently the biggest market, Art Jakarta received over 39,000 visitors this year along with a positive response from a number of galleries who have confirmed to participate again next year. This year’s fair saw 30 per cent of the 70 participating galleries made their debut at Art Jakarta, reflecting the potential reputation of Art Jakarta.

Tom Tandio, Fair of Art Jakarta 2019 said that having a more established local art ecosystem is a fundamental factor that could create confidence in the market at large. “We have changed the identity of Jakarta’s art fair to be more approachable and relevant to the community. We dared enough to debut Jakarta Art Week this year as a collaboration with local government to extend the event in public,” Tandio said.

“Those are the ways to prepare the future of homegrown artists and to create industry readiness in welcoming potential economic growth, so the art industry could contribute optimally in the larger economy,” Tandio added.

According to Art Economics in 2019, in Asia, Chinese auction sales fell by 9 per cent in 2018—a dip of 6 per cent in mainland China and a precipitous drop of 22 per cent in Hong Kong—to USD 8,5 billion, Artsy reported.

On the other hand, industry players start to glance at the potential art market in Southeast Asia’s emerging economy. Indonesia is predicted to be among six of the seven largest economies in the world along with China, US and India by 2050. Responding to this fact, more people are supporting artists and art communities in Indonesia. “I believe that, if the economy grows, more will appreciate and purchase art. If other government institutions help us promote the event, it will extend the market influence even more to global art communities. That’s why we are starting to work on this now,” said Tandio.