Singapore and South Korea are emerging as potential competitors to Hong Kong’s position as the leading art marketplace in Asia. The recent ArtSG event saw 177 galleries from over 30 countries attracting Asia’s wealthy collectors, resulting in at least six transactions exceeding $1 million. The event was part of Hong Kong Art Week, which includes shows, exhibitions, parties, and talks. Despite the pandemic, the global art market has managed to adapt, but the Hong Kong marketplace has been shut off to international visitors.
New Art Markets Emerging
In response to Hong Kong’s closure, collectors and galleries have begun exploring new art markets. Singapore and South Korea have become more prominent as collector hubs, with Singapore attracting affluent Chinese residents during the pandemic and expanding its customer base. Mandarin is widely spoken in Singapore, making it easier for mainland Chinese collectors to feel at home while shopping for art. In addition to private galleries, major new art fairs have launched in Seoul and Singapore, and Taipei Dangdai fair is preparing for its fourth edition in Taiwan’s capital. The inaugural Tokyo Gendai fair will launch in Japan in July.
Competition with Hong Kong
Although Singapore and South Korea’s art markets are growing, they still face challenges in competing with Hong Kong’s long-established marketplace. While Singapore’s Mandarin language and expanding customer base offer some advantages, it lacks the logistical capacity to handle the volume of art trading seen in Hong Kong. South Korea’s art market is considered a sleeping giant, and Hong Kong’s recent challenges have catalyzed a new drive to capitalize on their wealth. However, different cities can serve different regional audiences and collectors.
Hong Kong Remains a Primary Gateway
Despite the emergence of new art markets, Hong Kong’s role as a primary gateway into and out of China remains unchanged. Auction houses, including Sotheby’s, Christie’s, and Phillips, have all announced plans to open new physical headquarters in the city within the last two years. Although the city has been accused of censoring sensitive art, it remains a significant player in the art world. The global art market has shown resilience during the pandemic, and it will be interesting to see how it continues to evolve and adapt in the coming years.
