Art market alive and kicking in Hong Kong
- Transactions have surged since pandemic measures were eased, in a sign that the city remains an important global player in this sector
The numbers in a new report paint an optimistic picture of Hong Kong’s future role in the global art market. Art exports from the city jumped by nearly 60 per cent in the first quarter compared with a year ago, buoyed by events like Art Basel Hong Kong.
Though the art market accounts for a small portion of the overall Hong Kong economy, the findings are an encouraging reflection of the outsize value art shows and auctions play in building the city’s international reputation.
The joint report released on November 2 by Swiss-based investment bank UBS and Art Basel polled 2,828 market players across 11 markets including Hong Kong, mainland China, Britain and the United States.
Most high-net-worth collectors said they plan to buy more next year, and they were more optimistic about the market than stock investments.
The export surge in Hong Kong was in sharp contrast with a global 16 per cent decline in art auction sales over the first half of the year compared with the same period in 2022.
Hong Kong art exports jump nearly 60% in first quarter, buoyed by Art Basel: study
That year, the worldwide market was still worth US$67.8 billion despite geopolitical conflicts, high interest rates and a challenging macroeconomic outlook.
Art Basel Hong Kong in March was the first time the fair was hosted in the city since major pandemic-related travel restrictions were eased and the border with mainland China fully reopened.
The first half of the year was subdued for the art trade, according to the report, since the combined sales of global auction houses Christie’s, Sotheby’s, Phillips and Bonhams contracted by 16 per cent over the same period in 2022 – a record year. The recent performance was better than first-half figures for 2019, before the pandemic.
Hong Kong hosts the offices of major auction houses and with 2024 tipped to be an art buyer’s market, the city has every reason to look forward to seeing high-net-worth collectors from home and abroad ready to spend.
The dynamic and fast-growing art transaction scene does not fill Hong Kong’s entire economic canvas, but it should be supported as part of a rich portrait of the city’s many advantages.
