artnet has announced a series of awards for Chinese contemporary artists, to honor new and established names alike, in recognition of the importance of cultural projects and the Chinese art market.

A November 7th gala in Shanghai marks the release of the latest Global Chinese Art Auction Annual Report, and it coincides with the Shanghai Biennale, the West Bund Art & Design Fair, and the coming ART021 Shanghai Contemporary Art Fair.

It all takes place at the new, 4,000-square-foot Fosun Foundation, designed by Foster + Partners and creative director Heatherwick Studio; the space will host a variety of events including art exhibitions, fashion shows  and conferences.

Coutresy of artnet

The awards are the first in China that are based on a combination of auction data and computer algorithms in an effort to bring greater transparency to the Chinese market, said Jessica Zhang, director of Greater China at artnet and publisher of artnet News China. All of the candidates are Chinese artists that have been evaluated on a variety of factors, including exhibition history, their presence in private and public collections, media coverage, and auction records culled from the artnet Price Database.

There are three categories of awards: Artists of the Year; Most Valued Award; and Millennial Artists. There will be five artists chosen for Artists of the Year, two chosen for the Millennial category, and one chosen as the Most Valued.

The final list of artist candidates will be revealed at the award ceremony on November 7th.

Those immersed in contemporary Chinese art see the awards as an opening. “[The awards are] an acknowledgment that the art world is not just the market but a a complex set of valuation and recognition,” says Melissa Chiu, director of the Hirshhorn Museum and Sculpture Garden in Washington DC, and former director of the Asia Society in New York. “After 40 years, we’re looking at an art world in China that is becoming much more nuanced in its ability to think about art and artists. It’s also more complicated today, which is a good thing.”

Adrian Cheng, founder of K11 Art Foundation in Hong Kong, is excited for a China-based event supporting millennial artists. In an email to artnet News, he writes, “I am happy that they are getting more attention in the market.” He continues, “This [award] will help improve the transparency of art/auction market in China.”

The Fosun Foundation in Shanghai. Courtesy The Fosun Foundation.

At the new Fosun Foundation space, Japanese sculptor and installation artist Tatsuo Miyajima will create an innovative public installation piece. Counter Sky Garden is comprised of 300 numbered LED lights and invites audience participation by allowing users to control each light switch independently.

Fosun has also invited additional artists to produce public art projects, including Julian Opie, Leandro Erlich, and Felice Varini, along with a  number of established Chinese contemporary artists.