Within this innocuous real estate story about the gallery building in Hong Kong that is being purpose built for Pace, David Zwirner, Pearl Lam and eventually others is the information that Zwirner makes 20% of its sales in Asia now. The building is only half leased and not expected to open for another year. By then, or maybe because of the opening, Zwirner’s Asian sales may be significantly more than 20%:
Henderson Land, which is controlled by billionaire Lee Shau-kee, has signed up seven international galleries and auction houses for a new 24-storey art building that will cement Hong Kong’s place as the third most important city in the industry after London and New York. The building, which is in the heart of central Hong Kong, has been specially designed to attract galleries, with high ceilings and a crane that can lift heavy artworks straight on to each floor.
“There’s a lot of growth in the arts here but a lack of good space for galleries in Hong Kong,” said Kristine Li, deputy general manager of leasing for Henderson and the granddaughter of Mr Lee.