Art Basel and a Shift in the Market

As Art Basel Hong Kong and Art Central Hong Kong dazzled with 420 galleries from around the globe, the Art Basel and UBS Global Art Market Report revealed an unexpected twist: while global art market sales dipped by 12% in 2024, particularly at the higher end, smaller dealers thrived. Sales for art pieces under $5,000 surged, and dealers with less than $250,000 in revenue experienced a remarkable 17% growth for the second straight year. This indicates a dynamic shift in the art world, where affordability and accessibility are gaining traction.

A Gathering of Art Enthusiasts

Despite the decline in high-end sales, enthusiasm for art remains fervent. Over 91,000 attendees flocked to the Hong Kong Convention and Exhibition Centre during the five days of Art Basel. Since its debut in 2013, the event has aimed to position the Asia-Pacific region as a global art hub, a goal that remains vital according to director Angelle Siyang-Le, especially as over half of the participating galleries are based in Asia.

Reconnecting the Art World

Siyang-Le emphasized that 2023 was about reopening after the pandemic, while 2024 focuses on bridging East and West. Looking ahead to 2025, she envisions a transformation of the art fair experience, turning it into a vibrant intersection for creative opportunities rather than merely a marketplace.

Emerging Artists Shine

While blue-chip galleries like David Zwirner celebrated substantial sales—with Yayoi Kusama’s work fetching an impressive $3.5 million—emerging talent took the spotlight. Highlights included Bologna-based P420’s solo presentation of Irma Blank and a striking installation by Korean artist Shin Min, which won the inaugural MGM Discoveries Art Prize for its bold commentary on women in the corporate food industry.

A New Generation of Collectors

The art scene is witnessing an influx of younger collectors. Amy Lo, chairman of UBS Hong Kong, noted that 69% of high-net-worth individuals are exploring works by new artists with a strong local focus, signifying a shift toward supporting emerging talent.

Art Central: A Playground of Creativity

Art Central returned for its 10th edition, embracing a youthful, experimental vibe. The fair showcased vibrant kinetic sculptures, bold optical illusions, and a renewed emphasis on photography. Artists pushed creative boundaries, like Vanessa Barragão’s knotted wall sculptures made from recycled materials, demonstrating how accessible and relatable contemporary art can be.

A Commitment to Cultural Exchange

Reinforcing its role as a cultural incubator, Art Central showcased 15 emerging galleries from around the world, deepening Hong Kong's reputation as an artistic hub. Siyang-Le articulated the fair’s mission to elevate art appreciation across the city, ensuring that art is for everyone—not just the elite.