What to catch during Art Basel Hong Kong 2024: from the fairs Insights and Kabinett thematic pres
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The Art Basel and UBS “Global Art Market Report 2024”, a macroeconomic analysis of the state of the global market written independently by cultural economist Dr Clare McAndrew, found that China has returned to being the second-largest art market globally, with its share rising to 19 per cent, overtaking the UK.
Sales in China bucked the decline of the past three years, increasing by 9 per cent to an estimated US$12.2 billion. As the country reopened in January 2023, there was a surge of activity in the art market in the first six months of the year, with postponed auction inventories sold to enthusiastic post-lockdown buyers.
“Although 2023 was a challenging year for growth in the art market, at the end of the year and looking forward to 2024, most of the businesses operating in it are optimistic for at least a stable year ahead,” said Siyang-Le, who also stressed that the fair is committed to showcasing exceptional art from across Asia-Pacific.4 times Pharrell visited Hong Kong, ahead of his Louis Vuitton menswear show
But as well as ensuring regional galleries are represented, Art Basel Hong Kong also has curated sections that are unique to this year’s Hong Kong fair, such as Insights.
“Here, galleries propose thematic presentations by one or two artists on the most important developments from the art scene in Asia over the last 100 years, including exceptional historical material and strong thematic exhibitions,” Siyang-Le said.
Encounters, another curated section, this time dedicated to large-scale projects, comprises 16 artworks, 11 of which were made especially for Hong Kong. This year’s off-site installation at Pacific Place is by celebrated Australian artist Daniel Boyd.How wearable is sculptural fashion off the runway? We ask the designers
Kabinett, which is comprised of thematic presentations within participating galleries’ booths, will feature 33 galleries – the highest number in the fair’s history – with a strong emphasis on historical and contemporary solo presentations from Asia.
Free to the public, the Conversations and Film programmes take place in a dedicated auditorium at the Hong Kong Convention and Exhibition Centre, while a site-specific “architectural film” called Sparrow on the Sea by artist and filmmaker Yang Fudong will be projected on the M+ Facade. Siyang-Le noted that the art community in Hong Kong has grown exponentially over the last decade, with new galleries opening and existing galleries expanding.
“With Hong Kong’s unrivalled position in the region, I firmly believe that the art scene will continue to flourish throughout Asia, extending beyond the city itself,” she said. “As this growth unfolds, my aspiration is to witness local artists gaining greater prominence on international platforms and having increased opportunities to showcase their work globally,” she continued. “I would like to see more collaborations between different sectors in the art community – for example, non-profit with the commercial sector.”
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Having said that, and while the market in the region has demonstrated great resilience, “Hong Kong remains the pre-eminent hub for the art trade in Asia, bolstered by the significant investments galleries and auction houses continue to make in their spaces and business operations within the city,” said Siyang-Le.
“We maintain a positive outlook towards the future development of the Hong Kong and Asia markets.”
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