Indonesians and Chinese billionaires, that’s who. According to Bloomberg‘s Le-Min Lim, Contemporary Asian art has a long way to go . . . up:

“Demand for the best Chinese contemporary artworks is back,” Eric Huang, a Taipei-based buyer and dealer, said in an interview at the auction. “Don’t be surprised to see prices match or even beat pre-crisis levels very soon.” […]

At yesterday’s auction, Wang Wei, wife of millionaire stock-investor Liu Yiqian, bought the Liu Ye painting, among others, said Tian Kai, a Beijing based dealer who advises Wang. Earlier, she won a Zao Wou-ki painting for HK$15.2 million. The two Lius aren’t related.

Asked if prices have risen too much, Wang said, “Not even if the sellers were to add another zero to the tag.”

In a black tracksuit and toting a patent-red bag, she then turned toward her posse of friends and advisers to shout, “Children, let’s now go look at the Ju Ming sculpture in the exhibition hall.” […]

“The Indonesians are buying quite aggressively at this auction,” said Tian Kai.

China Contemporary Art Soars; Liu Ye Makes Record $2.5 Million (Bloomberg)