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Global Impact: caution over economy, national security law looms over Hong Kong’s ‘Art March’ as city seeks to paint a better picture
- Global Impact is a weekly curated newsletter featuring a news topic originating in China with a significant macro impact for our newsreaders around the world
- In this week’s issue, we take a look at Hong Kong’s ‘Art March, as the city seeks to hang on to its tag as Asia’s commercial art hub
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Google “commercial art hub in Asia” and Hong Kong will top the search results. How that translates in reality is harder to gauge, given the 2019 anti-government protests and strict Covid-19 pandemic restrictions in the subsequent three years had tarnished the city’s reputation.
Rival cities, including Seoul, Singapore, Taipei and even Shenzhen, have either hosted or introduced arts events to position themselves as the destination for buyers and collectors from around the region.
This week’s Art Basel Hong Kong, which ended on Saturday, left little doubt that the city is still Asia’s premier art hub – at least for now.
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Art Basel Hong Kong 2024 opens as city boosts mega-events to draw visitors
Art Basel Hong Kong 2024 opens as city boosts mega-events to draw visitors
The fair received a more international crowd compared with last year and early sales were brisk for bigger galleries, such as Hauser & Wirth and David Zwirner, during the VIP preview day early in the week.
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But the overall mood was one of caution, as China is still grappling with property market woes, which have tough implications not only for the country’s economy, but also the global luxury goods sector. Many believe the art market will not be spared.
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