The following article serves as an adjunct to my May 19 article discussing whether contemporary art is inclusive of the mass population or exclusive to the 1%. I was heartened to read about the developing trend among some of Asia’s ultra-wealthy to spend some of their money on building art galleries to display their collections to the public. Some critics may contend that these art galleries are simply snobbier derivatives of Bentleys, yachts and mansions or vanity projects that stretch in attempts to convey good taste. However, tycoons are presumably not soon going to be offering rides in their limos or yachts for $5 a piece anytime soon, or turn their palatial living rooms into coffee shops. Art galleries, on the other hand, are a way of sharing, irrespective of the motivation to having them built. Spreading culture is a form of philanthropy, and there is little reason not to applaud the effort.
A new generation of wealthy Asians build their own art museums to display collections they've amassed
Indonesian-Chinese farming tycoon Budi Tek poses in front of a painting by Gerhard Richter during an auction preview in Hong Kong. Tek is set to open the De Museum in Shanghai next year featuring Asian and Western contemporary art, after opening his first in Indonesia's capital Jakarta in 2008. While Asia's new generation of wealthy are usually better known for splashing out on extravagant toys such as private jets, mega-sized yachts and supercars, some instead have built big art collections and now aspire to showcase their refined sensibility to a wider audience. AP Photo/Vincent Yu.
By: Kelvin Chan, AP Business Writer
HONG KONG (AP).- Over the past two years Wang Wei and her husband Liu Yiqian dropped a reported $317 million on their hobby. Now they need somewhere to display the collection they've amassed. The solution: a private art museum that Wang hopes will impart some class to China's flashy nouveau riche.
Wang and billionaire investor Liu are part of a new generation of wealthy Asians that is better known for splashing out on extravagant toys such as private jets, mega-sized yachts and supercars. Some, instead, have built big art collections and now aspire to showcase their refined sensibility to a wider audience.
Wang and billionaire investor Liu are part of a new generation of wealthy Asians that is better known for splashing out on extravagant toys such as private jets, mega-sized yachts and supercars. Some, instead, have built big art collections and now aspire to showcase their refined sensibility to a wider audience.
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