Art Basel Hong Kong paints rosier picture as 242 galleries sign up for 2024 fair after downscaling for 2 years amid Covid pandemic

The number of exhibitors taking part in next year’s Art Basel Hong Kong will rival levels from before the Covid-19 pandemic, organisers have said, weeks after a report showed high-net-worth collectors were eager to buy amid a period of economic uncertainty.

Angelle Siyang-Le, director of the city’s mega art fair, on Tuesday said 242 exhibitors, a 37 per cent rise from this year, would come from 40 countries and territories to sell their artwork at the Hong Kong Convention and Exhibition Centre from March 28 to 30, with previews available two days before launch.

“Our goal is to connect guests from all around the world in our home, Hong Kong, by offering possibilities of collaboration and innovation inspired by art and artists,” she said.

“As the key strategic cultural hub in Asia and Asia-Pacific, the city plays an important role, more than ever, in bridging the evolving art landscape across regions.”

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The uptick in participating galleries marks a change in fortunes after Hong Kong contended with three years under the pandemic, which prompted organisers to cancel the event in 2020, before running smaller-scale fairs in 2021 and 2022.

Before the pandemic, Art Basel Hong Kong welcomed 242 exhibitors for its 2019 event, with the figure dropping to 104 and 130 for 2021 and 2022, respectively. This year’s art fair saw a gradual return to form when 177 galleries took part.

Among the exhibitors joining next year’s event, 25 are international galleries making their debut in Hong Kong and another 68 are returning after a brief hiatus.

Galleries making a comeback include Galerie Lelong & Co from France, Italy’s Galleria d’Arte Maggiore G.A.M, as well as Kurimanzutto and Experimenter from Mexico and India, respectively.

Exhibitors coming to the arts fair in Hong Kong for the first time consist of galleries from locations such as Saudi Arabia, Denmark, Ghana, New Zealand and Portugal.

Earlier this month, Art Basel and its lead partner UBS found its event in spring had fuelled a 59 per cent jump in Hong Kong art exports during the first quarter of this year compared with the same period in 2022.

A joint report from the Swiss-based investment bank and global fair also showed sales at art auctions around the world in the first half of the year declined 16 per cent compared with the same period in 2022.

But they said high-net-worth collectors intended to buy more art next year as they were more optimistic about the market than stock investments.

The Hong Kong government earlier expressed hope that mega events, such as the art fair, could boost tourism and the wider economy.

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Authorities aim to revitalise the city’s prospects after they downgraded this year’s growth estimate from an increase of 4 to 5 per cent to a more sluggish 3.2 per cent.

Last year, the economy shrank 3.5 per cent year-on-year.

Fresh from the recent Apec forum, Financial Secretary Paul Chan Mo-po over the weekend warned that world leaders were concerned about the prospects for a global economic recovery.

The Asia-Pacific Economic Cooperation forum, which brings together 21-member economies, held its first post-pandemic meeting last week in San Francisco.

Hong Kong’s finance chief said state leaders at the event believed it would take two to three years before the world economy returned to pre-pandemic levels, with the current high-interest-rate regime expected to continue for the foreseeable future.