Party mood at Art Basel, but this is no return to normal for Hong Kong

The festive atmosphere as Hong Kong begins its annual celebration of art cannot hide concerns about the city’s future as an art market

Tepid interest from mainland VIPs and the rise of alternative venues in Seoul and Singapore suggest the city has a way to go to turn the corner

3-MIN READ3-MIN

Visitors study exhibits during a private viewing at Art Basel Hong Kong, at the Hong Kong Convention and Exhibition Centre in Wan Chai, on May 26. Photo: Jonathan Wong

Enid Tsui

Enid Tsui is the Post's Arts Editor.

Published: 10:15am, 29 May 2022Updated: 3:57pm, 29 May 2022

Art Basel Hong Kong seems to still have that recognisably festive atmosphere. This year, there is good reason for the party mood. The annual international art fair, which opened to the public on Friday, coincides with the partial relaxation of border controls and social distancing rules.

There is much to see around town during “art month”, both inside and outside the ticketed fairs that are Art Basel and Art Central at the Hong Kong Convention and Exhibition Centre. They include The Shape of Light, a new video by Ellen Pau shown every evening on the external facade of the M+ museum, and plenty of excellent exhibitions around town. But “normal” this isn’t.

Since MCH Holdings – the Swiss parent company of Art Basel – bought a majority stake in Art HK in 2011, the Hong Kong edition of the global contemporary art fair franchise can justifiably claim to be the leading, or perhaps the largest, international art fair in the Asia-Pacific region.

That was definitely the case based on the number of exhibitors and value of art that is bought and sold. In 2019, the fair opened during the first of the mass protests against extraditions to mainland China, which dissuaded visitors from flying in. Even so, 242 galleries took part and a record 88,000 people attended across five days.

Then Covid-19 hit. The 2020 fair was called off, to be replaced by a boutique fair called “Hong Kong Spotlight by Art Basel” with just 22 exhibitors that November. Last year, the fair was less than half the size of 2019’s with just 104 booths sold. This year, it crept back up to 130, with a mostly local audience and the notable absence of international VIPs.

Worryingly, the big money has been coming in more slowly than before. On Wednesday, the first of the private viewing days for VIPs, confirmed sales according to Art Basel were mostly mid-range works. There were few works above HK$1 million (US$127,000) sold, let alone hitting the US$1 million mark, the segment for which a number of the international galleries always aim.