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

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The world’s premium modern and contemporary art fair, Art Basel, is returning to Hong Kong for its sixth edition. The event will open to public visitors from March 29 to 31, with artwork form 248 galleries around the world.

248 galleries from around the world show their wares. /CGTN Photo

The art show includes several interesting sections.

“Insights” presents projects by galleries based in the Asia and the Asia-Pacific region, while “Discoveries” is focused on emerging contemporary artists. “Encounters” presents large-scale sculptures and installations by leading artists from around the world. There is also an exciting program of short films and special screenings by and about artists.

"Liminal Air Space-time" by Shinji Ohmaki. /CGTN Photo

The exhibition coincides with the expansion of galleries in Hong Kong, which is turning into a major destination on the global art circuit. And it’s clear that the center of gravity in the art world is shifting to Asia, where the increase in wealth appears to be translating into more art sales.

Art Basel Hong Kong enters its 6th edition. /CGTN Photo

According to an annual art market report by Art Basel and UBS, the Asian market accounted for 23 percent of global sales and Asian buyers made up 15 percent of dealer sales last year. Heavyweight international galleries that were previously dipping their toes in the Asian market are now taking the plunge.

Originals of Giorgio de Chirico (L) and Pablo Picasso (R) presented by Italian gallery Mazzoleni. /CGTN Photo

Art Basel stages Modern and contemporary art shows annually in Basel, Miami Beach, and Hong Kong. Founded by gallerists in 1970, Art Basel has evolved into a world-renowned art fair and marketplace which supports the role that galleries play in the nurturing of artists, and the development and promotion of visual arts.