Art Basel Hong Kong Returns to Full Scale After 4 Years... Until 25th
Asia's Largest Status Shaken by COVID-19 and China's Crackdown
South Korea and Singapore are challenging the authority of Hong Kong, Asia's largest art market. (From Singapore to Seoul, Asia's rising art capitals vie for Hong Kong's crown)
CNN published an article with this headline on the 22nd (local time), the day Art Basel Hong Kong, Asia's largest art fair, opened. Art Basel Hong Kong is held every March in Hong Kong but was unable to operate normally for the past three years due to the COVID-19 pandemic. CNN noted that while Art Basel Hong Kong's return after four years is noteworthy, its status has changed from previous years, creating an opportunity for other Asian countries to break into the market.
Kim Hong-seok's work "Silent Solitude" exhibited in the "Encounters" section of Art Basel Hong Kong. Photo by Yonhap News
The biggest reason Art Basel Hong Kong's status is not what it used to be is the significant change in art purchasing patterns caused by the COVID-19 pandemic. During the pandemic, the online art market grew rapidly. According to a report jointly published by Art Basel and Swiss investment bank UBS, the size of the online art purchasing market more than doubled from 2019 to 2021. Although online purchases still account for only about 20%, the growth rate poses a threat to traditional large art fairs.
Another threat to Art Basel Hong Kong is the increasing crackdown on democracy in Hong Kong by China. Human rights issues, which artists particularly value, have been continuously raised during the crackdown, increasing the likelihood that artists will avoid Art Basel Hong Kong.
In fact, the number of galleries participating in Art Basel Hong Kong, which once approached 250 at its peak, dropped to 177 this year.
On the other hand, new art fairs are emerging in Singapore and South Korea, expanding their market sizes.
In South Korea, Frieze, considered one of the world's largest art fairs alongside Art Basel, was held in Seoul last September. 'Frieze Seoul' was the first Frieze art fair held in Asia. Recently, Hanwha Group attracted attention by securing a branch of the Pompidou Center, one of France's top three art museums along with the Louvre and Orsay. Hanwha Group plans to open the Pompidou Center branch in the 63 Building in Yeouido, Seoul, in 2025.
In Singapore, a new art fair called 'ART SG' was held in January. Previously, Sotheby's, one of the world's top three auction houses, held its first exhibition in 15 years last year. In July, a new art fair called 'TOKYO GENDAI' is scheduled to launch in Yokohama, Japan.
CNN described Singapore as still too early to compete with Hong Kong, while South Korea is already a large market, making it unfair to call it an emerging market, referring to it as a 'sleeping giant.'
Hwang Dalseong, CEO of Geumsan Gallery, who was elected president of the Korea Gallery Association in February, boldly declared that he would start expanding the country's largest art fair, the Korea International Art Fair (KIAF), overseas within this year.
Exhibition view of artist Lee Bae's booth from Johyun Gallery participating in Art Basel Hong Kong. Photo by Yonhap News
Meanwhile, Art Basel Hong Kong opened on the 21st with a preview for VIPs and the media at the Hong Kong Convention and Exhibition Centre (HKCEC) in Wan Chai, Hong Kong. It welcomes the general public from the 23rd and continues until the 25th.
Art Basel Hong Kong began in 2013 and, before the COVID-19 pandemic, attracted about 80,000 visitors annually with art sales totaling around 1 trillion won. About two-thirds of participating galleries are Asian galleries. This year, 12 Korean galleries participated, including Hakgojae, Kukje Gallery, LEEAH Gallery, Cho Hyun Gallery, One and J Gallery, PKM Gallery, Arario Gallery, Gallery Baton, Gallery 2, Whistle, Jason Haam, and Wooson Gallery.
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