Are we facing art fair overload?

Hong Kong reached a new peak of art madness last week. Besides the week-long autumn auctions by the major houses, a new fair showcasing emerging artists' works opened side by side of a fine art fair, putting tens of thousands of artworks in the market.

The Asia Contemporary Art Show - the new local art fair featuring works by emerging artists from the region - ends its four day run at the Grand Hyatt today, as does Fine Art Asia, the homegrown fine art and antiques fair seeking to be the flagship event of its kind in the region. Fine Art Asia is open to public at the Convention and Exhibition Centre.

In addition to February's Korean-run Asia Top Gallery Hotel Art Fair; May's modern and contemporary fair ART HK; the new fair Spoon focusing on emerging artists, and the Asia International Arts & Antiques Fair, Hong Kong has already played host to six art fairs this year.

But with the Biennale des Antiquaires in Paris looking to set up a mini version here next year and Art Basel's launch here after its acquisition of ART HK, the question is - just how many art fairs can Hong Kong swallow?

"It's great that Hong Kong is taking the centre stage, but it has become a bit frantic," says art critic Oscar Ho Hing-kay. "As the art markets in Europe and the US have gone downhill because of the pessimistic economic outlook, dealers are banking their hopes on Asia.

"The success of ART HK has created a network of infrastructure, from logistics to world media attention, supporting the art fair business.

"There's no tariff, free flow of capital and freedom of expression here. In Asia, there's no better place than Hong Kong to stage an art fair."