Crowds at Hong Kong's M+ museum, Asia's first global museum of visual culture. [Photo provided to chinadaily.com.cn]
Hong Kong, known for its blend of Eastern and Western cultures, is experiencing a thriving art scene, with affluent collectors seeking to make significant art purchases this year.
A telling example is the Art Basel show held in March in the special administrative region - a barometer of the global art market. For the first time since 2019, the exhibition regained its pre-pandemic magnitude, featuring 242 prominent galleries from the Asia-Pacific, Europe, the Americas, Africa and the Middle East. Among them, 69 galleries made a comeback after a hiatus, while 23 galleries participated in the fair for the first time.
"This edition reflected the city itself to the world - utterly alive and teeming with energy, a meeting place of tradition and the avant-garde, a port of cultures and an essential bridge in the evolving art landscape across regions," said Angelle Siyang-Le, director of Art Basel Hong Kong.
Haegue Yang's monumental Contingent Spheres is a highlight of the Encounters sector of Art Basel Hong Kong 2024. [Photo by Janice Jiang/chinadaily.com.cn]
According to official data, the value added for cultural and creative industries in 2021 reached HK$124.8 billion ($16 billion), representing 4.5 percent of Hong Kong's gross domestic product. More than 225,000 people were employed in these industries that year, contributing to 6.2 percent of the city's total workforce.
With the support of the nation's 14th Five-Year Plan (2021-25), the SAR government has been ramping up efforts to cement the city's role as an "East-meets-West center for international cultural exchange".
Over the past few years, several significant arts and cultural establishments, such as M+ museum and Hong Kong Palace Museum in the West Kowloon Cultural District, have been launched, creating additional platforms for the arts sector to host a wide range of local and international arts and cultural events. These new facilities have expanded opportunities for artistic expression and engagement within the vibrant local arts scene.
Visitors enjoy the exhibits in the exhibition hall of Hong Kong Palace Museum. [Photo by Zou Hong/chinadaily.com.cn]
For Hong Kong officials, the city boasts a strategic location in Asia that links the Chinese mainland and the world. In addition, Hong Kong's low tax rate and thriving art fairs have attracted art lovers from all over the world to participate in the city's art trading events, said Secretary for Culture, Sports and Tourism, Kevin Yeung Yun-hung.
"These qualities have contributed to the emergence of Hong Kong's art trading and auction market, making Hong Kong one of the world's top three art trading centers," he said.
Sotheby's, which considers Hong Kong as its primary hub in Asia, is capitalizing on the city's expanding art market and leveraging its "free-market economy, efficient business infrastructure, and well-established professional services".
Nathan Drahi, managing director of Sotheby's Asia, says Hong Kong is a prominent global art hub with robust cultural and commercial foundations. "Its strategic location makes it easily accessible for clients from the Asia-Pacific region and beyond."
