Hong Kong holds onto Art Basel crown for 5 more years thanks to new deal

Art Basel holds a preview at the Hong Kong Convention and Exhibition Centre.

Photo: Eugene Lee Hong Kong has held onto its crown as the exclusive regional home of Art Basel for the next five years, the culture minister has announced, after a deal was struck to secure the partnership as the city looks to enhance its status as an international art-trading hub.

Some galleries at a preview for the local edition of the world-renowned annual art fair told the South China Morning Post that global uncertainties had prompted collectors to take a greater interest in buying works from established artists that retained value. “We reached an agreement with Art Basel and confirmed that in the next five years, Hong Kong will be the exclusive host of this important fair in the region, which is of great significance,” Secretary for Culture, Sports and Tourism Rosanna Law Shuk-pui said. “We look forward to partnering with Art Basel to further elevate Hong Kong as a world-class art trading platform.” She added that the event’s local edition would expand its scale and reach over the next five years, noting that it had already attracted at least 80,000 visitors annually in 2024 and 2025.

The latest iteration of the art fair is set to run from Friday to Sunday.

The event will be held in Wan Chai and will host 240 leading galleries from countries such as Australia, Japan, Turkey, the Netherlands, France, Spain and the United States.

A visitor poses for a photo with Hu Yinping’s “Potatoes Grow on Trees”.

Photo: Eugene Lee Art Basel CEO Noah Horowitz told the SCMP that he observed that many galleries were showing works by Asian artists and tech-based works, and the fair’s presence in Hong Kong reminded him of “the strength, diversity and enormity of the Asian market”.

Asked if collectors were increasingly buying art as assets of sustainable value, he said: “In particular, where it feels to me like a notable uptick in masterwork, like really exceptional historic treasures … at the higher end of the price spectrum.” He gave examples of established names, including a portrait by the Italian artist Amedeo Modigliani from the early 20th century, a pair of paintings by American painter Joan Mitchell, and works considered “contemporary blue chip” such as those by British artist Tracey Emin.

Alessia Calarota, owner of Galleria d’Arte Maggiore, which operates in Bologna, Paris and Venice, said she had seen a 20 per cent increase in sales in the past month since the US-Israeli war o

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