OpinionHow Hong Kong became a cultural and commercial arts hub for Asia

For years, the city lacked the reputation for art and culture enjoyed by other financial centres like London and New York

After much nurturing and investment, Hong Kong now boasts an array of platforms for artists and art lovers, drawing interest from all over the world

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A visitor reads information about a painting at the M+ Museum in Hong Kong’s West Kowloon Cultural District. Photo: Sam Tsang

Published: 10:15pm, 28 Jul 2022Updated: 10:52pm, 28 Jul 2022

It is said that art transcends cultural boundaries, and I could not agree more. I love the quote from Pablo Picasso: “Art washes away from the soul the dust of everyday life”. As an arts graduate, chairman of the Palace and M+ museums, and of Tai Kwun Culture and Arts Co Ltd, I have been a lifetime supporter of the arts.

However, some 30 years ago, art graduates in Hong Kong could not expect much of a future, as there wasn’t really an established arts ecosystem. Indeed, for the arts to flourish in any city, it is not enough to just have a couple of museums and galleries.

A thriving ecosystem needs to be nurtured from a community of artists, performing arts venues, museums and creative support services. Last but not least, there must be an underlying commercial and financial structure to sustain the artistic community. Without funding or a market, there can be no healthy arts ecosystem.

Hong Kong is a premier international financial centre, historically serving as a bridge between mainland China and the rest of the world. However, compared to other international financial hubs, such as New York and London, Hong Kong for many years lacked a vibrant arts and culture scene.

This is no longer true. Hong Kong has emerged as a cultural and commercial arts hub for Asia. In keeping with its position as an international financial centre, Hong Kong is now one of the world’s biggest art trading centres.

In 2020, Hong Kong’s global art market share rose to 23.2 per cent, overtaking London. Largely owing to the rise in wealthy and middle-class Chinese, we are now the second-largest contemporary art auction market in the world, behind New York. Even during the pandemic, Hong Kong saw record-breaking art sales.

The commercial aspect is important because it engages the private sector and provides a platform to showcase regional and local artists. International auction houses and art galleries have flocked to Hong Kong, driving cultural diversity. Hong Kong was the first overseas outpost for Art Basel in 2013, attracting 60,000 people in its first year.