The Hong Kong Standard is groping toward the same question that haunts the art market in the West: how to regulate a market that has no independent measure of value?

As such, a universal regulatory set of governing laws has proven difficult to formulate, and the situation will likely remain so. It must also be said that many of those within the art trade thrive on and prefer the current system.

They hold an ask-no-questions – insider dealing is part and parcel of the trade – mentality that has contributed to the continuous growth of the art market, even while the global economy was on the brink of collapse.

A critical pillar of the self-regulating market is scholarship. This, by traditional definition, is an independent research, review and analysis of key art trends and achievements, providing proof of provenance and professional expertise behind an artist’s critical reception and their market value.

As the art business continues to expand and globalize, its long-term sustainable growth depends on ensuring and supporting high- quality, uncorrupted, reliable and accessible scholarship.