Coronavirus: why Hong Kong remains Asia’s foremost arts hub despite tough Covid-19 curbs
- Online transactions rose in popularity during the pandemic, driving robust demand in arts world
- City has ability to connect with emerging collectors in mainland China and Southeast Asia, giving it unique advantage
Hong Kong has held on to its status as a pre-eminent arts hub in Asia on the back of robust demand, despite the city’s protracted quarantine measures and social-distancing curbs, industry leaders have said.
The Hong Kong-headquartered Asia-Pacific branch of leading auction house Christie’s posted a record US$1.03 billion (HK$7.85 billion) in revenue from sales last year, despite a return to in-person events only recently.
Francis Belin, the branch’s president, attributed the robust sales to an increase in online transactions, with the latter becoming more prominent during the pandemic.
He also noted the emergence of new collectors from mainland China and Southeast Asia, with collectors on the wider continent accounting for about 40 per cent of its live and online sales last year.
More collectors also took part in auction events via phone or online, allowing Christie’s to maintain its presence in the local arts scene without needing to meet customers in person, Belin said.
“That is also a major transformation in the way we connect with collectors even if they’re not physically in Hong Kong,” he said, adding that a production team had helped broadcast auctions for remote clients.
Dane Cheng Ting-yat, executive director of the Hong Kong Tourism Board, said the local market had adapted during the Covid-19 pandemic, noting it did not need to rely on overseas visitors. He said he believed the Hong Kong market was already experiencing high demand, as more residents had opted to invest in local art pieces because of limited opportunities to travel.
