Art Basel Hong Kong Opens to a More Regional Crowd as Blue-Chip Sales Set a Measured Pace
Art Basel Hong Kong opened its VIP preview on March 25 under the shadow of geopolitical instability, even as the fair’s leadership insisted the city can still function as a dependable meeting point for the global art trade. Angelle Siyang-Le, the fair’s director, said Hong Kong’s standing as a stable commercial hub matters most “in difficult times,” framing the week as an opportunity for the art world to gather, maintain relationships, and keep business moving.
By her account, international VIP attendance has held steady, with numbers “on par with last year.” On the floor, however, the composition of the crowd told a more specific story: the fair is increasingly driven by regional collectors, while European private buyers appeared notably scarce during the VIP preview. Belgian collector Alain Servais summed up the thin European presence with a wry observation: “it’s basically just myself and Patrizia [Sandretto Re Rebaudengo] who showed up.”
If Europe felt quieter, the US presence was more visible, particularly among visitors connected to West Coast institutions in cities with large Asian-diaspora communities. A group from the San Francisco Museum of Art was among those seen at the preview. Curators also arrived in force, including The Museum of Modern Art (MoMA)’s Stuart Comer and Jochen Volz, the general director of the Pinacoteca de São Paulo, both in Hong Kong after participating in the Hong Kong International Cultural Summit (March 22 to 23).
The market context is cautiously improving. After a prolonged downturn, the Chinese art market is showing signs of stabilization: the latest Art Basel/UBS Art Market Report recorded a 1% increase in total sales last year. Siyang-Le noted that while top-tier prices have not yet climbed back to pre-Covid levels, transaction volume remains strong, suggesting a market that is functioning, if less exuberant.
That dynamic was reflected in the first day’s sales. By the end of VIP day, no gallery reported placing a work priced above $5 million. This included what was understood to be the priciest object brought to this edition: an $11 million Amedeo Modigliani painting at Pace. Yet the absence of trophy-level deals did not translate into a stalled fair. By late afternoon, galleries began announcing a steady run of blue-chip placements.
Among the largest reported transactions, David Zwirner sold a painting by Liu Ye for $3.8 million and a 2002 painting by Marlene Dumas for $3.5 million. Bastian gallery placed a 1968 Pablo Picasso canvas for around €3.5 million. Hauser & Wirth reported two significant sales to Asian buyers: a Louise Bourgeois sculpture of a hugging couple for $2.2 million, acquired by a foundation, and a George Condo painting for $2.3 million, sold to a private collector. White Cube, meanwhile, reported around £4 million in first-day sales, including a 2024 painting by Tracey Emin for £1.2 million.
Deal-making at the middle and lower tiers carried a different mood: less speculative, more deliberate. Local players increasingly describe the era of explosive Chinese growth as over, and many say collectors have moved away from the ultra-contemporary boom’s quick-turnover mentality. “Collectors are considered and taking their time,” said Dawn Zhu, the Asia director of Thaddaeus Ropac.
A Hong Kong gallerist echoed that recalibration, describing the day as slow but unsurprising after placing two small paintings and a video work by late afternoon. “We’ve all adjusted our expectations to a new pace,” the dealer said.
At Arario gallery, which operates in Shanghai and Seoul, the stand featured unsettling, doll-like diorama sculptures and video works by Shih Yung Chun. By late afternoon, the gallery had confirmed the sale of one video work for $4,500 to a Beijing collector, with no additional sales announced.
For some smaller galleries, particularly those focused on works under $50,000, the day felt busier than recent editions. Sammi Liu, founder of Tabula Rasa gallery, which has spaces in Beijing and London, said foot traffic was strong: “It’s been busy — I haven’t sat down in six hours.” After five years in Discoveries, the fair’s emerging section for solo presentations, Tabula Rasa has moved into the main section, a shift Liu said allows the gallery to present “a more commercial booth.”
Shanghai’s Vacancy gallery also reported improved results compared with last year. Director Lucien Tso attributed the change to stand placement, noting, “It can make a huge difference.” The gallery sold its largest work: a painting by London-based Henry Curchod for $46,000 to a forthcoming Los Angeles foundation.
Despite the tempered top end and a more regionally weighted audience, the week’s atmosphere was described as notably optimistic, helped along by the opening of four new galleries in Hong Kong — a reminder that, even in a slower market, the city continues to invest in its cultural infrastructure and its role as a crossroads for contemporary art in Asia.
