Hong Kong Art Market Booms in Q1 2022, Poised for Growth Despite Global Slowdown
-
Hong Kong art exports jumped by nearly 60% in Q1 2022 compared to 2021, boosted by events like Art Basel Hong Kong.
-
A new report by UBS and Art Basel surveyed over 2,800 art market players globally, most of whom plan to buy more art in 2023 and are optimistic about the art market over stocks.
-
Global art auction sales declined 16% in the first half of 2022 compared to 2021, which was a record year, but still reached $67.8 billion.
-
Art Basel Hong Kong in March was the first time the fair was held in Hong Kong since pre-pandemic travel restrictions were lifted.
-
With major auction houses present and 2024 tipped as an art buyer's market, Hong Kong is poised to see high-net-worth art buyers from home and abroad ready to spend.