The art market in Hong Kong is full of players who bet on art auctions and exhibitions. These players distort the market and overinflated prices. However, there are also some fair and logical guarantees available in the auctions and exhibitions.

Hong Kong art market players are still betting on art auctions and exhibitions

The Hong Kong art market has grown into one of the three main international art market hubs. With the largest number of Western galleries in the Asian region, the city has become the center of the global contemporary art scene.

The region has a cultural history of over five thousand years. Its people are very interested in collecting and sharing discoveries. There is a good infrastructure to support the industry. In fact, the art auctions in Hong Kong have the highest average prices for Contemporary artworks in the world.

Xi Jinping’s regime has tightened its grip on freedoms in Hong Kong. The art market in the city has been impacted by political unrest. However, the market will pick up in the second half of this year.

One reason for the recent decline in the Hong Kong auctions was the correction of the Chinese art-buying frenzy. ArtPro and Artron analysts said lockdowns in China were the main cause.

The United States and the UK are driving growth in the art market. They account for almost half of the global market.

They distort the market and inflate prices

This week I read an article about the art market and in particular the main auction houses of London and New York. It is a pity there isn’t a bit of schadenfreude, but the authors piqued my interest by pointing out that a few players have a leg up in this part of the global trading ecosystem. A few notable names include Gagosian, Sotheby’s, Phillips & Vineland, and Christie’s. While these players do a good job of covering their bases, the art world still feels like a sandbox. Hence, it is a matter of time before we see an ebb in the yawning tide.

The question is how long will the art market remain the domain of the ogi les? As of late, a number of players have vowed to make a stand and take the market by storm. Some have even resorted to bribery to secure deals. These neophytes aren’t just interested in making a quick buck, they’re also interested in keeping their clientele happy. With that in mind, the competition will be tougher than ever.

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