The art market, particularly in Asia, is feeling the impact of the US and Israel’s war in Iran as the shipment logistics tremble.
Since the conflict began in February, oil prices have seen a massive surge, largely due to Iran’s blockade of the Strait of Hormuz. In a couple of weeks, the international air freight charges saw a 3x increase in costs. This has impacted art shipments as well, according to Wang Jianmin (founder of the art shipment company Top Space Art Service). Only China seems less impacted by this due to its own reserves of oil, which have absorbed the oil shortage for now.
The logistics issues have already started impacting the ongoing art scene in Asian countries. An exhibition by Danish artist Per Kirkeby did open in China recently, but with much fewer works. Many artworks scheduled to be exhibited at Art Basel Hong Kong have been stuck at sea for weeks now.
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Some shippers are now ditching the sea and opting for the China-Europe rail route, like the Chinese pavilion for the upcoming Venice Biennale. However, it cannot accommodate the massive volume of art that usually ships between Europe and Asia. According to Jianmin, many exhibitors and gallerists have already postponed or cancelled their upcoming projects in China owing to the costs. The impact is the same in reverse, as the upcoming Art Dubai might see significantly fewer works from Asia and the Americas.
