Hong Kong Art Market Adapts to COVID-19 and Trade Tensions with Optimism

Published on 4.7.25

The art world is adapting to the challenges posed by the COVID-19 pandemic and trade tensions. Despite a significant decline in exhibitors from 242 to 104, Art Basel Hong Kong has seen an encouraging start with international visitors returning in large numbers. One notable example of the district's growing popularity is the recent relocation of art galleries from pricey Central to more affordable locations such as Kowloon and South Island. This shift is a testament to the area's growth into an art hub, with non-profit institutions and independent art spaces like Current Plans opening their doors. The fair has also seen a notable sale at the David Zwirner booth, where the Corridor Foundation paid $1.6 million for a Michaël Borremans oil painting. Local dealers are closely monitoring the impact of US tariffs on goods from mainland China, but adapting their businesses accordingly. Mainland Chinese collectors made purchases within hours of its opening to VIPs only, demonstrating the fair's ability to attract international buyers.

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