Art market
Hank Hank Cheung
The art week of Hong Kong’s Market is approaching the Special Region of Administration. This year’s events include the city’s Basel in Hong Kong, the city’s home art central art. It will be a fuzzy opening of the museum and gallery; It will be a water for the city.
The last year has been rollercoaster. The long economic decline in China, along with a wider slowdown in the global art market, has left its brand in Hong Kong. Some galleries and organizations have closed the doors, while others have passed Hong Kong in favor of expanding the regional footprint in cities like Seoul and Tokyo. Beyond economic pressure, changing sociopolitical dynamics also changed the landscape.
The numbers tell the sovereign story. China again in 2023 The second largest second art in 2023, according to the 2024 UBS, 2024 UBS market report, in 2024, Agence France-Presse (between two statistics between Hong Kong). Meanwhile, the city has had significant exodus. Henley & Partners Investment Migration Companies reported that Millions of Hong Kong fell by 4% between 2014 and 2024, and the city has seen a sustainable level of emigration between 2020 and 2023.
“We lost a lot of expat crowds, it was a strong community to buy until,” Katie de Tilly said in 2001 by Katie de Tilly inaugurated.
Internal art view Basel Hong Kong 2024. Art courtesy of basel.
However, it is not everything and darkness. “2024 It was a very difficult year for the general art market, and Hong Kong was no exception,” Elaine Kwok said, former Asian partner in Hauser and Wirth. “And yet, the lights were bright until they continued to invest in long-term presence in Hong Kong.”
Although KWO stressed the challenges of the market, all the important auction houses have made their operations at Hong Kong. Hauser & Wirth, added, was Basel in 2024, proving that Hong Kong Hong Kong has also purchased the highest quality work.
The local art ecosystem in Hong Kong also seems to be a process of change that began in Pandemia. “Hong Kong is not only a market site, becoming a creative site,” Pascal de Sarthe opened his eponym gallery in 2010.
It is a quick city increase, Sotheby and Christie feeds its Auction Auction through Hong Kong, and the transformation of the Arthk Local Fair was carefully focused on speculation in 2013.
But the isolation of Pandemia has changed the dynamics. Sending international galleries with a sharp finite reduction between 2020 and 2022, attention was changed to the city’s talent.
Intanity view of Christie’s Hong Kong in 2024. Christie’s kindness.
Hong Kong artists have long been overwhelmed by their continental and international members, they finally found the spotlights. Commercial spaces and non-profit spaces saw the shoe traffic, M + Museum only 2 million visitors in 2022, considering the visible feat, which was limited under pandemic measurements.
For the first time, many Hong Kong artists were encouraged to show a large-scale, experimental or more conceptual. It was a significant exit from the past when the gallery showed, many smaller pieces adapted to the dense life spaces of local collectors.
Basel Basel since the 2023 edition, Hong Kong artists have also become a regular feature in the Commission programs of the fair to signal the deeper declaration of the city’s artistic community.
Daphne King Yao, Director of Fine Arts in Alisan, means more than visits to show the growth interests of Hong Kong artists; Collectors, local and international, are buying their work strongly. “Hong Kong artists really did very well,” he said. “We had so many artists who didn’t work hard enough to produce exhibitions quickly, because they were selling left and right.”
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In order to meet this growing request, the gallery opened a new space of 1,000 square meters in the port of Aberdeen, south of Hong Kong. It is designed for “environmental environment” than a usual white Cube, the space provides a more setting and intimate for visitors and collectors.
Along with the interesting growth of artists in Hong Kong, the local art market is also growing geographically and demographically.
The Global Global Collector is noticing its presence, and the galleries respond by putting a focus on the Southeast and Southeast Asian artists. 10 Chancery Lane Gallery, for example, will present a group exhibition by artists in Southeast Asia, Commissioner to Singapore History Iolak Lenzi. The show has the most important names of the famous artist Bùi Công Khánh, which transforms his experiences in strong installations of the past colonial and moving government and HTEIN LIN.
In addition, women artists are especially in Hong Kong week, Lynne Drexler from a solo exhibition, from all its unprecedented exhibitions from all his exhibitions from all his exhibitions from all his exhibitions. The three ultra-contemporary artists highlights the solo shows: Hu Xiaoyuan, Alicia Kwade and Maeve Brennan.
“We’ve done a long way since I started working on the field in 2007,” Kwok said. “A big part of it must be done with more leadership roles in the art world.”
He said that women’s collectors are actively creating as a private and important Asian organization and women artists will certainly see greater visibility. Also, the Asian Archive Archive, organizations like M +, are Hong Kong, located within a global context of various Asian parties. Therefore, these changes do not even draw the collector from a broader geographical spectrum, also diversify the basis of the collector.
“Patrons and curator naturally protect and promote art with their personal experiences,” Kwok said.
So the Hong Kong party has changed the melody, but it is far from the disappearance. Despite the promising trends, Hong Kong has an important challenge in the global phase. Collectors and galleries are the gears for the greatest events of the city, a new trade war between China and the United States.
Since the President Trump took in January, the US set up 20% rates for Chinese imports for more potential. Hong Kong, before, in a separate diplomatic situation, he lost a special US trade situation in 2020. This means that Hong Kong goods are labeled “made of China”. While art is exempted from these rates and it is possible to avoid indirect costs and such as art-related supplies, can reduce buyer’s trust from Hong Kong.
This year’s art art Basel Hong Kong makes more than one measure of market trust. Thanks to the long-term challenges, the city’s art scene can be faced in the coming years. It is important so that it is taking a resilient scene of the city art. Yao is sure: “It’s not surprising,” he said. “People have done preparations, plans to be prepared or A, B and C.
