A new niche: Myanmar’s art market

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“Chaw Ei Thein” by Myanmar artist Nann Nann

Yangon-based consultancy Thura Swiss has shed light on an interesting aspect of new investment opportunities in Myanmar: The country’s undervalued art market.

In an analysis, Thura Swiss says that “Myanmar (…) has historically been known for its handicrafts including its lacquer ware, pottery, woodwork and embroidery. Years of craftsmanship have made the Myanmar eye wary of the finest of details and the technical skills required of traditional media have found its way into contemporary art making.”

There are a lot of galleries especially in Yangon and Mandalay, and with the new foreign direct investment law in place, Myanmar art investments are set to grow, the report concluded, with foreign buyers, often having little previous exposure to Myanmar art, finding the styles intriguing and unique – and start buying.

As for the prices, some large impressionist paintings and unique abstract works can sell for over $10,000. But most artworks go from $1,000 to  $5,000 depending on the reputation of the artist and the quality of the paint and material used.

Prominent galleries in Yangon are named as River Gallery, Pansodan Art Gallery, Myanmar INK Art Gallery, Inya Art Gallery, New Treasure Art Gallery, New Zero Art Space and Lokanat Galleries. Companies like US-based Visto Images, an international art consulting firm, has already begun its market research to enter the Myanmar art scene, the report says.

What makes Myanmar art unique in a sense is that artists combine Eastern and Western techniques and merge Buddhist concepts with Western abstract art, and the previous suppression of artistic expression in Myanmar has made Myanmar art all the more complex and informed, so the analysis’ verdict.

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Reading Time: 1 minute

“Chaw Ei Thein” by Myanmar artist Nann Nann

Yangon-based consultancy Thura Swiss has shed light on an interesting aspect of new investment opportunities in Myanmar: The country’s undervalued art market.

Reading Time: 1 minute

myanmar_art
“Chaw Ei Thein” by Myanmar artist Nann Nann

Yangon-based consultancy Thura Swiss has shed light on an interesting aspect of new investment opportunities in Myanmar: The country’s undervalued art market.

In an analysis, Thura Swiss says that “Myanmar (…) has historically been known for its handicrafts including its lacquer ware, pottery, woodwork and embroidery. Years of craftsmanship have made the Myanmar eye wary of the finest of details and the technical skills required of traditional media have found its way into contemporary art making.”

There are a lot of galleries especially in Yangon and Mandalay, and with the new foreign direct investment law in place, Myanmar art investments are set to grow, the report concluded, with foreign buyers, often having little previous exposure to Myanmar art, finding the styles intriguing and unique – and start buying.

As for the prices, some large impressionist paintings and unique abstract works can sell for over $10,000. But most artworks go from $1,000 to  $5,000 depending on the reputation of the artist and the quality of the paint and material used.

Prominent galleries in Yangon are named as River Gallery, Pansodan Art Gallery, Myanmar INK Art Gallery, Inya Art Gallery, New Treasure Art Gallery, New Zero Art Space and Lokanat Galleries. Companies like US-based Visto Images, an international art consulting firm, has already begun its market research to enter the Myanmar art scene, the report says.

What makes Myanmar art unique in a sense is that artists combine Eastern and Western techniques and merge Buddhist concepts with Western abstract art, and the previous suppression of artistic expression in Myanmar has made Myanmar art all the more complex and informed, so the analysis’ verdict.

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