Art Basel Hong Kong took place in Hong Kong
Art Basel Hong Kong, a major contemporary art fair, took place in Hong Kong from March 27 to 29. This year, the event brought together 240 galleries from 41 countries and significantly expanded with new sections, including digital art and public art.
Forbes reports on this.
Despite subdued global sentiment in the art market, fair participants note that in Asia, particularly in Hong Kong, the situation looks significantly more optimistic. According to estimates, the Chinese art market remains the third largest in the world after the U.S. and the U.K. and is showing steady growth.
Infrastructure development is also being noted: the number of logistics companies working with art is increasing in the city, and demand for specialized storage facilities is growing. Rental costs for such spaces have risen by approximately 10%, and the number of family offices has grown by a quarter over the past two years.
Against this backdrop, the private sales segment remains particularly active. Collectors are reviewing their collections—selling some works, buying new ones, restoring, and rethinking their own collections.
The fair also highlighted clear artistic trends. In particular, interest in works by female artists has grown significantly: among the top sales were paintings by Marlene Dumas, as well as works by Huma Bhabha, Andra Ursuta, and Mamma Anderson. Their works sold for hundreds of thousands and millions of dollars.
Notable deals included the sale of a Pablo Picasso painting for $4 million, a work by Marlene Dumas for $3.5 million, as well as sculptures and paintings by other renowned artists. Japanese artists were also popular, notably Yayoi Kusama, Takashi Murakami, and Yoshitomo Nara.
At the same time, major galleries focused not only on big names but also on experimentation. For example, Gagosian presented light installations by James Turrell, while other participants combined contemporary art with classics—such as a portrait of Amedeo Modigliani surrounded by new works.
For the first time, the fair featured a full-fledged digital art section, where works sold for tens of thousands of dollars. This signals a gradual shift in collectors’ interest toward new formats.
Overall, Art Basel Hong Kong reaffirmed Hong Kong’s status as one of the key hubs of the global art market. Despite global economic challenges, it is here that strong momentum in sales, investments, and infrastructure development in the art sector persists.
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