Art Basel Hong Kong: World's premier art fair meets growing Asian market

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The premium modern and contemporary art show, Art Basel, OPENS in Hong Kong this week from March 29 to the 31. With work from some 250 galleries around the world, the fair turns Hong Kong into a primed Asian marketplace for art sales. Mao Dan reports.

A display of artwork worth millions of dollars. Heavyweight galleries are coming in from all over the world to meet with art dealers and collectors in Asia. Art Basel's return to Hong Kong for a sixth annual presentation marks a fast transformation and taps into a huge potential in the Asian art collection landscape.

LUIGI MAZZOLENI FOUNDING DIRECTOR, MAZZOLENI "We've seen year after year more clients are coming and after four years here in Art Basel, we are setting with some important collectors, every year they come over and hopefully they're going to buy something this year from us."

The world-renowned art fair is also seen as a platform of "encouragement" and "learning".

KELVIN YANG MANAGING DIRECTOR, GALERIE DU MONDE "It really encourages young artist to do more work and the younger generation of collector can get a chance to explore the fair and different regions of art in one time. It's very positive."

MAO DAN HONG KONG At the sixth edition of Art Basel Hong Kong, having seen growing participation and great interest, it's not hard to see that the center of gravity in the art world is shifting to Asia. And it comes as no surprise.

According to an annual art market report, Asia accounts for 23% of global art sales and 15% of private dealer sales, largely due to a surging demand in China.

HOWARD BILTON FOUNDER AND CHAIRMAN, SOVEREIGN ART FOUNDATION "There is a lot more wealth in Asia than the world. So people are looking at further fields for investment. The growth of wealth in China is staggering, you can just look at China and see how many private museums are growing up and they need to fill them with art and this is a good forum for them to come and buy things."

The burgeoning market also bears the hope of greater exposure for regional art forms.

CHEN YUSHU CHINESE CRAFT ARTIST "Art Basel Hong Kong, as the Asian edition of the fair, should present more Asian-style art pieces like Chinese craft, which I believe will bring more deals, enrich the fair and diversify its range, making it a unique destination for both regional and international collectors."

As Art Basel's commitment to Asia caters to the region's growing appetite for art, it looks like there will be no shortage of opportunities. Mao Dan, CGTN, Hong Kong.