The Blossoming Art Buying Scene in Hong Kong

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The art scene in Hong Kong has grown exponentially over the past two years, which may not necessarily be a bad thing. With the likes of international players such as the Gagosian Gallery and White Cube bringing their first Asian branches to the city, and the local art galleries becoming as well-known as their counterparts in New York and London, interest in art has risen like never before.

The signs are there as well. Flip through a Hong Kong city guide such as the one published by the Guardian here and you could easily find somewhere to splash your cash on an art piece for investment, if you play your cards right.

Whether you are a serious collector or a novice, the future for art as investment is looking very rosy indeed. 2013 is shaping up to be the year of new beginnings as two major art exhibitions make their way here.
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Art connoisseurs will rejoice as the world’s premier modern and contemporary art show, Art Basel, makes its debut in Asia. As seen in their website here, the show will replace the existing Hong Kong International Art Fair, Asia’s current leading art fair. Visitors will be treated to a distinctly different experience – something characteristic of and unique to the area – this time, Asia and the East. Art Basel Hong Kong will showcase paintings, sculptures, drawings, photographs, installations and multi-media projects of the finest quality from more than 250 galleries and 2,000 artists. If you are interested, Art Basel Hong Kong will run from 23 to 26 May 2013 at the Hong Kong Convention and Exhibition Centre.

For an art exhibition which has come and gone but made no less of an impact, Hong Kong’s very first Affordable Art Fair in March 2013 stood out for its ingenuity. Art fans shopped for thousands of original paintings, prints, sculpture and photography under one roof, all of which were priced between HK $1,000 and HK $100,000, with 75% below HK $75,000.
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Through these major art exhibitions as well as publicity afforded by that of renowned auctions such as Christie’s and Sotheby’s, the reputation of artists from China are also given a boost. In a recent Sotheby’s auction, Chinese artist Zhang Daqian’s painting, ‘The Drunken Dance’ went under the hammer for a cool USD 3 million.

With avenues for procuring collectible art so readily available, the growing popularity of art collecting is certainly shaping the investment landscape in Hong Kong.

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