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Art Basel Hong Kong Grows Up

March 31, 2017 by Marion Maneker

Galleria Lorcan O Neill Roma (Photo: Jessica Hromas)
Galleria Lorcan O Neill Roma (Photo: Jessica Hromas)

The Australian Financial Review has art adviser Mark Hughes’s take on the most recent Art Basel Hong Kong. Hughes has attended the fair in all of its incarnations charting the growth of the collecting base’s knowledge and familiarity:

Participating galleries from the West also had to undergo a major re-boot – learning that their artists, famous in their respective regions, were in this region unknown. They had to learn to communicate more openly, and to provide information even on a basic level – with wall labels in English and Chinese and so on. All the “rules” of the standard art fair experience (sales to professional collectors early on, then quiet public weekends) were turned upside down. But the hard work by fair organisers and galleries has paid off and Renfrew’s prediction was right. In five years the fair has established a clear identity, and 2017 heralded the true arrival of Art Basel Hong Kong in all its glory.

Art Basel Hong Kong grows up (afr.com)

Mainland Capital Controls Hamper Art Sales in Hong Kong

March 24, 2017 by Marion Maneker

ABHK17, Levy Gorvy Gallery (Jessica Hromas for Art Basel)
ABHK17, Levy Gorvy Gallery  (Jessica Hromas for Art Basel)

The South China Morning Post reports that Mainland Chinese art collectors are having a harder time buying art in Hong Kong this week due to stricter capital controls:

“The impact of [capital controls] is very significant if you want to buy more paintings,” said Laura Chen, who came to the fair from the mainland.

That is because Chinese nationals are only allowed to convert and freely remit up to US$50,000 or its equivalent per year, an amount that can easily be breached with just a few artworks. A larger amount would need approval from SAFE. The implementation of the policy has also recently become stricter.

So how are they dealing with the problem? Reuters says they’re paying in installments with 40% of dealers having to accept payment beyond 2 months leading to these awkward situations:Continue Reading

Art Basel Hong Kong 2017 Sales Report

March 23, 2017 by Marion Maneker

ABHK17__Misc__General_Impressions__PR__EH_4246_HiRes

Our running tally of sales reported during ArtBasel Hong Kong 2017 is available to AMMpro subscribers. 

Artsy gathered these sales:Continue Reading

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