March kicks off art month in Hong Kong with an impressive line-up of fairs and events that paint a bright picture of the city’s stature as a thriving art centre. As one of the world’s top three art markets alongside London and New York, coupled with its position as a gateway between East and West, Hong Kong is instrumental in facilitating the flow of ideas, talent and cultural exchange.
According to the Culture, Sports and Tourism Bureau (CSTB), the creative industries accounted for 4.5% of Hong Kong’s GDP in 2021, with a workforce of over 225,000. Despite the impact of the pandemic, the total added value of the industry in 2021 increased by 8% compared to 2020, reaching HK$124.8 billion.
“The Government is committed to promoting the development of arts and culture,” said Kevin Yeung, Secretary for Culture, Sports and Tourism, adding that it is also playing an active role in bringing in different cultures while facilitating Chinese culture to go global.
The launch of Art Basel Hong Kong in 2013 – the city’s first large-scale modern and contemporary art fair and the biggest in Asia – helped to boost the city’s reputation as an art hub. Last year, the fair attracted 86,000 visitors, pointing to an ever-growing demographic of local, Mainland and international collectors seeking contemporary art, and offering a slice of optimism in a world beset by a sluggish economy and geopolitical conflicts.
Adding to the city's attractions is the international appeal of West Kowloon Cultural District (WKCD)’s M+ Museum and Hong Kong Palace Museum (HKPM), which play a vital role in fostering cultural exchange and innovation.
And from Wong Chuk Hang to Tai Kwun, the city is home to over a hundred art galleries, some representing world-renowned contemporary artists. Nikki Ng, Chairman of the Retail and Tourism Committee, pointed out that the city’s favourable tax policies and free-trade environment have encouraged art businesses and auction houses to flourish.
Hong Kong is primarily a secondary art market: besides art fairs, auctions are the main purchasing venues in the city. Hong Kong serves as the Asia Pacific headquarters of Sotheby’s and Christie’s, which have been based in the city since the 1970s and 1980s, as well as Phillips, which held its first auctions here in 2015.
Thanks to the rising demand, each maison is pursuing expansion to allow for year-round auctions and events. Last year, Phillips inaugurated its new headquarters at WKCDA Tower, designed by Herzog & de Meuron, comprising six floors of exhibition halls, auction room, offices, coffee shop and a VIP lounge. Christie’s new home will be The Henderson, designed by Zaha Hadid Architects, with an in-house saleroom and gallery spaces spread over four floors. And Sotheby’s is moving into Landmark Chater, occupying two storeys in the retail podium and offering street-level access.
Art for Everyone
Meanwhile, anticipation is building for this year's art fairs. Art Basel Hong Kong runs from 28-30 March at Hong Kong Exhibition & Convention Centre. Art Central, a homegrown fair founded in 2015 to celebrate avant-garde artists, will be held at Central Harbour front from 28-31 March. The Affordable Art Fair, a popular event in the city, will open from16-19 May at HKCEC.
“Our goal is to connect guests from all around the world in our home, Hong Kong, by offering possibilities of collaboration and innovation inspired by art and artists,” Angelle Siyang-Le, Director, Art Basel Hong Kong, said in a statement. “As the key strategic cultural hub in Asia and Asia Pacific, the city plays an important role, more than ever, in bridging the evolving art landscape across regions.”
Regina Zhang, Director of the Affordable Art Fair, is excited about this year’s edition. “We are in full speed planning for 2024 fair, with 96 galleries hailing from over 15 countries,” she said, adding that the fair welcomed over 26,000 visitors in 2023.
The fair, which launched in Hong Kong in 2012, prides itself on supporting first-time art collectors and those who want to get their foot in the door, with works costing between HK$1,000-HK$100,000. “We ensure that our programming provides an introductory ground to all things art,” explained Zhang. “We hope this price range provides a friendly entry level for the Hong Kong public to fall in love, get inspired by and, ultimately, collect art.”
Other citywide happenings include Art@Harbour in Tamar Park and the Central promenade, where installations of luminous ovoids will change colour and sound based on visitors’ interactions. Running from 15 March-2 July at Edinburgh Place is A Path to Glory – Jin Yong’s Centennial Memorial, a tribute to the literary giant in the form of sculptures and digital technology.
Hong Kong’s major street art festival, HKwalls, is also returning from 23-31 March, promising to transform various districts with graffiti art murals. Last year, the festival included an art battle, public tours and workshops.
West Kowloon Cultural District
Occupying 40 hectares of land at the Victoria harbourfront, WKCD plays a catalyzing role in boosting Hong Kong’s standing as an international arts centre. With the opening of M+ in 2021 and HKPM in 2022, WKCD has emerged as Hong Kong’s cultural heart, showcasing the best Chinese and Western cultural elements.
“The National 14th Five-Year Plan supports the development of Hong Kong as a centre for cultural exchange between China and the rest of the world, and the WKCD plays an important role in this regard,” said CEO Betty Fung. “We produce unique arts and culture programmes, curate world-class exhibitions, performances and host international arts and cultural events that promote international cultural exchanges in the Greater Bay Area, Asia and beyond.”
From 24-26 March, WKCD will host the inaugural Hong Kong International Cultural Summit 2024, themed “Connecting Culture, Bridging Times.” More than a thousand leaders and visionaries from Hong Kong, the Mainland, Asia and beyond will explore how arts shape a city across social and economic aspects.
“We are thrilled to be welcoming over 20 eminent speakers from 12 countries and regions, including the heads of some of the world’s most important cultural institutions,” said Fung, adding that M+, HKPM and the Performing Arts Division of WKCDA will also sign MOUs or collaborative agreements with institutions from around the world during the event. “To us, HKICS is more than just a summit – it’s a collaborative effort to achieve long-term development and partnership in the global arts and cultural sector.”
The two museums are scheduled to host seven special exhibitions in 2024, in addition to the rotation of Palace Museum objects in HKPM, and new thematic exhibitions in M+. This month, HKPM will present a major show featuring the Yuanmingyuan imperial gardens with over 160 spectacular paintings and works associated with the Qing dynasty imperial garden-palace, once the principal residence of five emperors, while September brings a major exhibition focusing on new archaeological discoveries in China, and tracing the development of Chinese civilization. HKPM and M+ will also present special shows this year to commemorate the 60th anniversary of Sino-French diplomatic relations.
Asia’s Auction Capital
Hong Kong is the world’s second biggest destination for contemporary art sales after New York, and ahead of London. According to Fung, Hong Kong’s art auction turnover surpassed London for the first time in 2020, becoming the world’s second-largest art auction market, and continued to maintain this leading position in 2021. The total turnover increased from about HK$17.3 billion in 2017 to about HK$66.6 billion in 2021, nearly tripling.
As Asia continues to grow as a unique and dynamic market, young collectors are spending millions of dollars on art, whether for investment or passion. “Especially for contemporary art, millennials now represent 52% of the market for contemporary art and a growing percentage of the market above $1 million,” said Nathan Drahi, Managing Director, Sotheby’s Asia.
The volume of Asian demand remained strong in 2023, with collectors from the region accounting for nearly 30% of the total value of the house’s global luxury sales. 2023 also saw it achieve the most valuable Chinese art sales in nine years.
Heidi Yang, Global Managing Director, Asian and World Art, Christie’s, said their Hong Kong Autumn Auctions in 2021 realized the house’s highest auction total in Asia: US$495 million. “Since then, the market here has been incredibly resilient. In 2023, Christie’s Asia achieved an annual auction total of over US$800 million across sales in Hong Kong and Shanghai,” she said.
Yang agreed that there is continuing demand in Asia at the top level for 20th and 21st century art. “For example, we sold a remarkable and rare Sanyu masterpiece, Nude on Tapestry, in our 2023 Hong Kong Autumn Auctions for US$24 million.”
Buying from the Asia Pacific region in 2023 remained robust in Christie’s auctions both regionally and around the world, with Asian buyers contributing 28% of the house’s global auction sales total of US$5 billion – an increase from 26% in 2022, with the majority driven by Greater China. Notably, the Asia Pacific region was the leading source of both new and millennial buyers.
The numbers confirm that while the top-end of the art market softened in 2023, top quality works are still attracting prominent art collectors in Asia. At Phillips, a valuable Gerhard Richter work, Abstraktes Bild (636), sold at auction in 2023 to a collector based in Asia for US$35 million.
“Compared to the high-end of the market (over $10 million), which saw sales value fall by 43.9% in 2023, the low-end of the market has remained resilient throughout a turbulent period,” said Robert Sleigh, Managing Director, Asia, Phillips. “New and younger buyers are likely to be an important force behind this trend. Last year, 45% of buyers for our auctions in Hong Kong were first-time buyers, out of which 48% were millennials and Gen Z.”
Sleigh said Phillip’s Hong Kong sales in 2023 produced resilient results, with an annual auction sales total of over HK$1.36 billion in times of market uncertainty, the second highest total in Phillips Asia’s history.
State of the Art
Encouraging new talent is a crucial element in the overall ecosystem for promoting the development of arts, culture and creative industries. Referencing the Chief Executive’s 2022 Policy Address, Yeung said the Government had announced new and enhanced internship schemes for graduates interested in pursuing a career in arts and culture in Hong Kong, covering performing arts, arts technology and conservation.
“Providing clear career pathways, exposure to the international arts scene and opportunities in the GBA will help equip the younger generation of artists with the skills and experience for achieving excellence, hence expanding the talent pool in Hong Kong,” he said.
The Hong Kong Museum of Art and the Art Promotion Office (APO) under the Leisure and Cultural Services Department (LCSD) offer development opportunities for young artists through exhibitions and arts projects. “In recent years, the APO has organized outbound programmes, enabling young artists to participate in international events,” explained Yeung. The LCSD has also established the East Kowloon Cultural Centre Academy for Arts Tech, which offers short-term courses and internships.
Meanwhile, Art Basel Hong Kong has been doing its bit for years. Special booths are set aside at the fair each year for local non-profit cultural institutions, whose work over the past two decades has been crucial in developing what once was a nascent arts scene. These include 1a Space, Asia Art Archive, Para Site, WMA, Asian Cultural Council, and Hong Kong Arts Centre, among others. The fair also supports local universities, including HKU University Museum & Art Gallery, Academy of Visual Arts, HKBU, and Art Museum of CUHK.
To further boost the sector, Ng said Hong Kong must focus on strengthening public-private partnerships. as well as cooperating with the creative industries in GBA to foster innovation and increase funding for arts education and talent development.