The five-day fair in Hong Kong will see 242 international galleries exhibiting and potential buyers visiting from across the world. In 2022, Chinese buyers accounted for 17% of global art sales, but can they keep the momentum amid the economic slowdown?

Hong Kong Island

Art Basel is set to return to Hong Kong in 2024, hosting a five-day event that will feature 242 international galleries. This gathering aims to draw potential buyers globally, spotlighting the notable participation of Chinese buyers in the art market. Previously, in 2022, Chinese buyers significantly contributed to the art industry, accounting for 17% of global art sales. However, there is speculation about whether this momentum can be sustained considering the current economic slowdown.



Art Basel returns to Hong Kong in 2024

Art Basel's back. But are the buyers exhibitors who've set up shop for the five day long fair hope so. Numbers of galleries showcasing work are up by a third from 2023 matching the fair's pre-pandemic scale. We're two hundred and forty two galleries this year. We're up 37 percent year on year. We're seeing international audiences once again back in Hong Kong from all over the world especially in Asia. There have been a number of pre-sales already which is always exciting. According to UBS global art sales in 2023 eased after two years of growth slipping by 4 percent to around 65 billion U.S. dollars. But in China so far the appetite for luxury art has held up. It's now the second largest art market globally after the U.S. and the only major market to show an uptick in value over the course of 2023. The economy is clearly softened in mainland China so there's no mistaking that. There's also opportunities we feel to bring activity and to centralize and congregate that activity at moments like Art Basel. But it's more than just art for Hong Kong. The city is navigating a consumption and tourism slump with hopes that so-called mega events like Art Basel will revive retail spending. The art market community is clearly invested here and we are as well. And I think collectively we'll see the benefits of that this week and in the future. And I think collectively we'll see the benefits of that this week and in the future.

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Israel-Gaza War

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