“So far, we feel like there’s been no impact. We are confident that we will be operating the same way as before,” Ms Siyang-Le said.“It’s an opportunity to get more ,” said Mr M Pravat, a New Delhi-based artist who was exhibiting at Art Basel.Years of harsh pandemic restrictions in Hong Kong have seen other Asian cities, including Seoul and Singapore, vie to supplant it on the international art scene.
“Hong Kong retains the advantage of a well-structured market, with the presence of the major international players… which translates into a considerable lead in terms of sales revenue,” he said. The world’s three main art auction houses are expanding their presence in Hong Kong, where art auctions netted more than US$1.16 billion in 2022.Sotheby’s was projected to generate 12 per cent of its global art auction turnover in Hong Kong in 2022, compared with 13 per cent for Phillips and 8 per cent for Christie’s.
“The potential is extraordinary,” said Mr Alex Branczik, chairman for Modern and Contemporary Art in Asia for Sotheby’s. “The acquisition of this space really shows that we are here to stay”.“These bidders in Asia are fundamentally important to our sales rooms in London, New York, Paris and so forth,” said Mr Branczik.
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