Asia’s biggest art fair, Art Basel Hong Kong, will test market for high-end works in face of economic headwinds
With more art bought through private sale than at auction in 2016, there could be a lot of action at art fair, which opens to VIPs first, and at the scores of gallery exhibitions riding on its coattails
Top dealers, billionaire collectors, museum directors and maybe even a few Hollywood film stars will congregate at the Hong Kong Convention Centre from Tuesday as Art Basel Hong Kong kicks off.
Watch: Colours of Art Basel Hong Kong 2017 in 60 seconds
The high-octane annual event is Asia’s biggest art fair by sales and attendance, and it will test the market for high-end art amid a slowing mainland Chinese economy, tighter curbs on capital flows from the country and other international economic and political concerns.
Amalia Dayan and Daniella Luxembourg, founders of their eponymous galleries in New York and London, have taken a booth at Art Basel Hong Kong for the first time because they see art fairs as increasingly important channels for meeting new clients – even if sales do not necessarily materialise.