Art world sophisticates will flock to the Art Fair Philippines 2020 today for the strictly invitation-only collectors preview.
The event will likely see some of the biggest tycoons who are well-known art patrons. There are, after all, many billionaires who invest in art.
Fernando Zobel, for instance, is known for his love of art as much as for his business leadership. Antonio “Tonyboy” Cojuangco is also a known art patron. Ports and casino tycoon Enrique “Ricky” Razon’s decadent five-star hotel Solaire Resort & Casino, meanwhile, is home to some of the country’s finest art. Davao-based Dennis Uy’s Makati home is also filled with artworks, with some still in bubble wrap, at least at the time I visited more than a year ago. Real estate scion Robbie Antonio is likewise well known around the world as an art connoisseur.
According to wealth intelligence firm Wealth X, some of the world’s billionaires invest 0.5 percent of their net worth in art.
Luxury goods billionaire Francois Pinault, for one, has an art collection worth over $1.2 billion. Some 3,000 paintings from all over the world are part of his collection.
Photography as the hottest new investment choice
But in recent years, the art world has noticed an emerging trend. Some of the world’s uber rich are shunning paintings and investing in photography instead.
Classic cars and works of fine art tumbled in value in 2016, while photography and rare musical instruments emerged as the hottest collectors’ items, global private bank Coutts said in an article published on The Guardian in September 2017 titled “How photography became the hottest new investment choice.”
Fine art has fallen out of favor among the world’s billionaires, with prices down 6.2 percent in 2016, according to the article.
“Old Masters have fallen from favor, with prices down 40 percent from their peak a decade ago. Oriental carpets and rugs are completely out of fashion, with prices back to where they were in 2005... But Coutts said photography has emerged as the hottest new investment for the very well-off,” the same article further noted.
In fact, in the past years, auction houses have been able to sell photographs at very high prices, from $3 million to $4.3 million.
Strange Fruit
This year’s Art Fair offers at least 10 photo exhibitions, including Strange Fruit, which I had the pleasure to preview.
Strange Fruit, which I also had the honor to introduce, is a group show by Filipino photographers Raena Abella, E.S.L. Chen, Jason Quibilan, Veejay Villafranca, Francisco Guerrero and Jes Aznar. It is for those who want to see vignettes of the layers that make up our society. The images are subtle, yet intense — visceral, strange, surreal.
Here’s an excerpt from the exhibit notes I wrote:
“Strange Fruit is a disentanglement of everything that we are. It is a homage to the gods, a tribute for the forlorn, a lament for the dead. It is an ode to the strange and surreal that continue to haunt us as a nation.
“The exhibition is undoubtedly a presentation and study of the idiosyncrasies of the Philippines in relation to our neighboring countries and the rest of the world...
“Strange Fruit does not pretend to make sense of things nonsense and otherwise; of the shadows and the blinding lights... But it allows the audience to see through the layers upon layers that make up our society. And that, at the very least, is cathartic.”
Art Fair 2020
For sure, the place of photography in art can no longer be ignored.
No less than Sotheby’s has recognized that investing in photography is getting bigger.
To know which photographs to collect, Sotheby’s said it is important for collectors to look primarily at the artist and the image.
“Find out if they’ve featured in exhibitions and magazines, or won awards,” it said.
Sotheby’s also said that investors should look at the size of the edition of the photographs. The smaller the edition, the more valuable the print is.
“Editions are designed to cultivate rarity so, as a rule, avoid big ones,” Sotheby’s said.
In all, more and more investors are turning to art, especially photography, the auction house added.
This isn’t surprising. After all, while stocks and bonds are good, art, like rare finds, is sexy.
But whether it’s painting or photographs you want to invest in, there’s something for you at the Art Fair for sure. That in itself is a good start.
I hope to see the Philippine art scene become a more vibrant, dynamic and inclusive place, one that isn’t just for billionaire collectors, but also for as many individuals as possible.
Art after all is for and about all of us. It tells us who we are and tells us amazing stories of our time. It can inspire people to act or care, or to simply stop in their tracks. And isn’t that what it means to be alive?
Iris Gonzales’ email address is eyesgonzales@gmail.com. Follow her on Twitter @eyesgonzales. Column archives at eyesgonzales.com