China’s art-market rebound gives way to mood of uncertainty as economic challenges mount

Dealers at Art Basel in Hong Kong report strong sales this year, with a number of galleries selling out their entire booths during May event

But enthusiasm among Chinese collectors may already be waning, as investment confidence is undermined by poor growth and consumption, industry insiders say

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Demand in China’s art market was strong in the first quarter of the year, but global economic challenges threaten to undermine growth. Photo: Nora Tam

Published: 11:00am, 30 Jun 2022Updated: 12:06pm, 30 Jun 2022

Pent-up demand after more than two years of coronavirus travel disruptions spurred unexpectedly strong sales at Art Basel in Hong Kong this year, but mounting global economic uncertainty is clouding the outlook for the Chinese art and collectibles market.

A number of galleries at the annual art fair sold out their entire booths during the event held in late May, including Hong Kong-based de Sarthe Gallery, Tokyo’s Take Ninagawa and Los Angeles-based Anat Ebgi, according to art publication Ocula Magazine. Numerous works broke the million-US-dollar mark.

Fabio Rossi, the owner of art gallery Rossi & Rossi in Hong Kong’s Wong Chuk Hang, said “collectors had less chance to travel last year due to Covid, so they were excited” when they could join an in-person event again.

Art Basel, which draws collectors from around the world, faced a number of challenges this year, including a muted global economic outlook, postponement of the fair’s usual calendar slot in March, and Hong Kong’s strict seven-day quarantine for overseas visitors.

“It was still tough in March and April. But all of a sudden the mood improved,” Rossi said, adding that many sales at this year’s fair were to new clients or people just dipping their toe into the art world.

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