Art extravaganza: exhibitors in Hong Kong look at ways to profit in gloomy economic times
Hong Kong hosts Art Basel, Art Central and the Asia Contemporary Art Show in the coming week; organisers will be looking at how good their takings will be amid the downturn and Beijing’s anti-graft campaign
It’s the highlight of the year for arts aficionados as Hong Kong plays host to a series of internationally recognised art fairs, ahead of the spring sales at leading local auction houses.
The marquee event is indisputably Art Basel, which, along with the Asia Contemporary Art Show and Art Central, draws a mix of local industry players and overseas heavyweights to the city.
Auction houses place bets on Chinese buyers picking up Impressionist and modern art in 2016
But while the coming few weeks are set to be the most exciting time of the year for art lovers, they will also be the most critical for the art market.
“All our eyes are on Art Basel in Hong Kong to see whether the market’s best days are ahead or the worst is yet to come. The next 10 days are make-or-break for Asia and will set the tone for 2016,” said Jehan Chu, advisor and director of Vermillion Art Collections.
The art market is showing signs of a slowdown, particularly the Chinese art market. The annual TEFAF Art Market Report, released earlier this month, revealed that 2015 saw a decline in global art sales.
Last year, recorded art sales totalled US$63.8 billion, 7 per cent down from 2014’s all-time high of US$68.2 billion.
Despite last year’s decline, the global art market has expanded 78 per cent over the past decade, according to the report. The China market boom contributed a great deal to the expansion in 2010 and 2011.