ArtBasel announced late last week that it was buying a majority stake in ArtHK, the Hong Kong art fair that has quickly established itself as the leading event in the region. In the press release, Art Basel reveals its immediate plans for the event which takes place at the end of May this year:

The mid-term goal is to convert ART HK to the Art Basel brand as the third platform for this leading international art show. The 2012 edition will remain under the show’s current ART HK name, with Magnus Renfrew remaining as its director, but will take place from February 2 to 5, 2012, moving from the current late-May timing.

Georgina Adam spoke to one of the owners of the fair:

One of the owners of the Hong Kong fair, Tim Etchells, told The Financial Times, “It makes perfect sense to partner with Basel; it has an unrivaled VIP database and enormous brand value. But we are not selling out and will remain very involved.” While the amount of the sale has not been disclosed, Etchells said, “We are very happy with the consideration.” He said he was “now working on new plans” which he couldn’t yet reveal.

Art Basel Buys Hong Kong Art Fair (Financial Times)