Art Basel Hong Kong, the largest and most significant art fair in Asia, opened to VIPs on Wednesday with approximately 240 galleries showcasing their works at the Hong Kong Convention and Exhibition Centre. This number was slightly less than last year’s 243 exhibitors. While there was a consensus among dealers that there was high energy and a diverse group of serious collectors from various regions attending the fair, sales reports suggested two different stories.
At the blue-chip and mega-galleries, sales were brisk, with many works already pre-sold or put on hold before the fair officially started at 12 pm. However, smaller and medium-sized galleries reported slower sales, with most only selling a few middle-tier or lower-priced works by the end of the day.
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“A sales director of a US-based gallery mentioned that this is not a first-day fair and requested to wait until later in the fair to report sales, which runs until Sunday,” the article stated.
Despite the slow start, many dealers expressed optimism due to the variety of collectors present, the quality of conversations, and the familiarity with navigating a soft market after two years.
Mathieu Borysevicz, the founder and director of Shanghai’s Bank gallery, noted that there was less urgency among buyers this year. He mentioned that people were more interested in studying, understanding, and taking their time before making a purchase, a shift from previous years where items would sell quickly.
Borysevicz recalled that at last year’s Art Basel Hong Kong, it took a lot of effort to make sales, and he expected a similar experience this year as well.
White Cube’s managing director for Asia, Wendy Xu, shared a similar sentiment, stating that collectors were more conservative and selective in their purchases this year. Despite this, White Cube had a successful day, selling several works at varying price points.
While some dealers reported a more deliberate approach to collecting at the fair, others at the higher end of the market experienced more robust sales. David Zwirner reported significant sales, including a Yayoi Kusama painting for $3.5 million, indicating a positive trend in the market.
Art Basel’s global director of fairs and exhibition platforms, Vincenzo de Bellis, confirmed that there were institutional acquisitions happening at the fair, particularly from collectors in greater China. This was seen as a positive sign for the region’s art market.
Mega-gallery Hauser & Wirth also had a successful day, selling a Louise Bourgeois sculpture to a private Asian collector for $2 million, following a recent exhibition of the artist’s works at their Hong Kong space.
Hauser & Wirth berichtete auch über den Verkauf eines Christina Quarles Gemäldes, Push’m Lil’ Daisies, Make’m Come Up (2020), für 1,35 Millionen Dollar; ein unbetiteltes Avery Singer Gemälde von 2025 für 575.000 Dollar an einen Sammler aus Hongkong; Rashid Johnsons Gemälde Soul Painting „Comedian“ von 2024 für 550.000 Dollar an einen asiatischen Sammler; ein Gemälde von 2021 des in Shanghai ansässigen Künstlers Zhang Enli für 475.000 Dollar; und zwei Werke von Lee Bul, der gerade der Galerie beigetreten ist, für 260.000 und 275.000 Dollar an eine europäische Stiftung. Die Galerie hat über ein halbes Dutzend weitere Verkäufe für Werke im Preisbereich zwischen 110.000 und 285.000 Dollar.