In an exciting development for art collectors worldwide, Hong Kong's international airport is set to unveil a state-of-the-art art storage facility later this year or early next year, as reported by the South China Morning Post. This new facility will offer a temperature-controlled environment, ensuring that valuable art pieces are preserved in optimal conditions.

According to Jason Fong, the global head of family office at InvestHK, this facility is part of the city’s strategic initiative to create a “comprehensive system for family offices.” InvestHK, a government department dedicated to attracting foreign direct investment, is poised to make Hong Kong a premier hub for wealthy families looking to establish their legacies through art collection.

The proposal for the art storage facility was first introduced by Chief Executive John Le Ka-Chiu in October 2022. It was included among eight initiatives aimed at attracting at least 200 family offices to Hong Kong by the year's end. The establishment of this facility marks the final component of the government's ambitious plans, further solidifying Hong Kong's reputation as a crucial center for both wealth management and the arts.

"Many affluent families have turned to art as a means to secure their family legacy," Fong noted. "This facility will provide a secure and climate-controlled space for their valuable collections."

Lok Yim, the regional head of global private banking for Asia-Pacific at HSBC, emphasized the importance of a specialized art storage facility with top-tier logistics services located near the airport. He believes that such amenities are vital for elevating Hong Kong to the ranks of leading global art destinations.

“The initiatives will further solidify Hong Kong’s position as a premier hub for family offices and the arts,” Yim stated. “Improving modern storage capabilities will not only support art financing but also allow family offices to manage high-value art collections with greater efficiency.”

In a broader context, the Airport Authority Hong Kong recently announced plans for an ambitious project branded “Skytopia,” which encompasses much more than art storage. This airport city will include a marina boasting 500 berths, hotels, markets, and a large indoor performance venue designed to accommodate 20,000 attendees.

While Hong Kong already has several art storage providers, Fong argues that existing options do not meet the comprehensive needs of the market. “Overseas buyers can easily visit our airport-storage facility to inspect art, negotiate deals, and take items back with them,” he explained. “Transactions could be completed within hours, positioning Hong Kong as a key player in the art trading arena. The high security and comfort of our facility, combined with our airport's ability to handle special cargo safely and efficiently, will undoubtedly reassure collectors globally.

In a booming art trading landscape, Hong Kong saw a staggering 50 percent increase in art transactions in 2022, as highlighted by the latest Art Basel and UBS Survey of Global Collecting. The city's imports of art and antiques surged to a record-breaking $30.7 billion in 2022, while exports also rose to an impressive $33.4 billion, ranking as the second-highest ever recorded.

Moreover, the same report revealed that an astounding 69 percent of individuals in Hong Kong possessing investable assets of $1 million or more made new art acquisitions last year. As the art world eagerly anticipates the launch of this facility, it is clear that Hong Kong is positioning itself as a transformative force in the global art market.