By all accounts ‘palpable excitement’ circumscribed the return of Art Basel Hong Kong and was clearly welcomed by the city, regional and international collectors, and the exhibiting galleries and artists. 

Proudly espousing some stats, media releases noted that 177 galleries were taking part in this year’s iteration, up from the 130 exhibitors in 2022, making ABHK the “largest fair in Hong Kong since 2019”.

Early indications suggested a plethora of healthy sales during the VIP day.  Selected notable sales were several acquisitions by Asian museums: “Birdcage Man”, Yinka Shonibare at £200,000, from Stephen Friedman; “Truffaut” by Elizabeth Peyton at $2.2m from David Zwirner. The George Condo 2011 work on Hauser & Wirth’s stand, “Purple Compression” sold for $4.75m to a private collector, and the large-scale abstraction by Mark Bradford, “A Straight Line” also sold for $3.5m.  White Cube enjoyed some solid sales of works by Anslem Kiefer (EUR1m), Damien Hirst (USD525K), Antony Gormley (GBP500K) and three works by Park Seo-Bo.

Strong, buoyant attendance was also evident, although there was a visible difference in numbers between the VIP and Public days, with the latter becoming painfully congested.

Mainland Chinese collectors accounted for “a big chunk” of attendees; Korean, Japanese, and Taiwanese collectors were also highly visible at the fair, especially younger collectors.  European collectors were in the minority.

Whilst there has been speculation that Hong Kong’s formerly draconian measures regarding the pandemic would have a negative impact on the international position of Hong Kong, as a global city, and it is certainly a changed city now, the tax advantages are driving the market and maintaining its position.

Additionally, substantial investment in the city’s cultural infrastructure is a factor: M+ Museum finally ‘fully’ opened to the public with a major survey show by the ubiquitous Yayoi Kusama alongside showcasing the 1500-strong Uli Sigg collection.  The West Kowloon Cultural District (WKCD) precinct, which ‘houses’ the Museum will likely become a destination arts hub, with the addition of Phillips new Asian headquarters, also based in the WKCD.