Art Basel 2019: Why Hong Kong is a lightning rod for luxury art in Asia
- Top fairs like Art Basel and Art Central are bringing in the world’s best collectors, which drives the quality of art and galleries being showcased in the city
Worldwide art sales grew 6 per cent to US$67.4 billion in 2018, according to the latest Global Art market report.
Auction houses, an important point of sale in the art ecosystem, also report strong growth in line with the trends outlined in the report produced by Art Basel and UBS, an international bank.
And 2018 was the best year in the history of Sotheby’s Asia, says CEO Kevin Ching.
“With an auction total of US$1 billion, well ahead of our competitors for the third consecutive year, the results cement our leadership in Asia,” says Ching.
Asian clients account for 26 per cent of Sotheby’s worldwide auction sales. Buyers from the region also accounted for six of the top 20 lots auctioned by Sotheby’s around the world.
Though there remains a gap in data as to where precisely those buyers are from, it is fair to say Hong Kong is becoming a lightning rod for luxury art in the region, especially with the plethora of art events over the next few months.
Fabio Rossi, the owner of London and Hong Kong-based gallery Rossi & Rossi, believes this points to a maturing of the market.
“I believe Hong Kong is a mature market already. But at the same time, it is also developing so there are great opportunities for growth,” says Rossi.
