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 Asia, which accounts for 23 percent of global art sales and 15
percent of private dealer sales, continues to rely heavily on
mainland Chinese demand although collectors from South Korea,
Japan and Southeast Asia are helping to spur growth.
"We also get clients from everywhere in Asia. A large number of
the collectors come from South Korea," said Leng Lin, partner
and Asia president of Pace Gallery, which has bases in 10
locations including Beijing, Hong Kong, and Seoul.
Pace Gallery opened a new space in Seoul last year and a second
outlet in Hong Kong this month to tap growing demand.
As buyers from across the globe descend on the former British
colony, dealers are also ramping up their presence, with 14
galleries from the Americas and Europe making their debut at the
fair this year.
Chinese buyers have been a huge boon to the global art market,
with sales reaching $13.2 billion in 2017, up 13 percent from
$11.5 billion a year earlier, according to a report by UBS and
Art Basel.
The bulk of that came from auctions, which comprised $9.3
billion, up from $7.5 billion in 2016 although down nearly 40
percent from a peak of $15.2 billion in 2011.
The global art market achieved total sales of $63.7 billion in
2017, up from $56.6 billion in 2016.
Amanda Hon, managing director of Ben Brown Fine Arts, which has
galleries in Hong Kong and London, expects solid sales from Art
Basel based on strong appetite at fairs in the Netherlands and
New York.
She acknowledged that increased scrutiny by Beijing on capital
outflows had made it difficult to receive payment from some
clients although for the most part, she had not experienced
trouble as she had a number of long-standing clients.
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"Usually the people we sell to are people we know and trust," Hon
said. "It's rare that we'll sell to someone new that we just heard
of that day ... So we do have a clear understanding with our clients
and sometimes we'll ask them to put down a deposit and we have a
credit card machine ready. It's always a little bit touch and go."
Art fairs have grown increasingly in importance, with Art Basel Hong
Kong, which runs from March 29-31, featuring 248 galleries from 32
countries and territories, up from 241 galleries in 2017.
The exhibition coincides with the expansion of galleries in Hong
Kong, a key hub for art transactions thanks to the absence of tax
and its proximity to mainland China, although rising rents in one of
the world's most expensive property markets pose challenges.
Soaring rents have seen many galleries set up shop in the formerly
industrial district of Wong Chuk Hang on the outskirts of Hong Kong
island, transforming the area into a new arts hub.
Henrietta Tsui-Leung, owner of Hong Kong-based Galerie Ora-Ora and
co-founder of the Hong Kong Art Gallery, believes there's plenty of
room for growth in the city's art market.
"We only have 100 galleries in Hong Kong ... definitely below 120.
Any established city like New York or London will have over 1,000 or
2,000. There is definitely a lot of wealth in Hong Kong as well. We
have a lot of room for growth," she said.
(Reporting By Carmel Yang; Writing by Anne Marie Roantree; Editing
by Michael Perry)
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