Many have noted the lingering effect of Covid on the economy in Hong Kong, but our inaugural report with Mishcon de Reya has observed that opportunities arise in the art market amidst adversity, especially in the more accessible price segment and for young artists. Not only that, the turbo-charged cultural investment by the government and by the private sector, chronicled in Enid Tsui’s latest book Art in Hong Kong, have defended the Asian city as one of the world’s largest Modern and Contemporary art hubs. Still, how has the rest of the local art community benefitted beyond the headline numbers and mega events? And how has the new generation of art collectors influenced organisations’ decision-making at large? To answer that, we reached out to fellow industry players in our new series The Art Lens for a sense check on what’s happening right now, right there.

One of the most vexed discussions in the region is artist dynamics. While Blue Chip Chinese artists such as Zao Wou-Ki traditionally dominate the auction market, fetching millions of dollars in major evening sales over the past decade, international Modern and Contemporary artists have been making waves in recent years. In 2024, they accounted for 44.1% of total sales and 31.4% of lots sold in the region.¹ Notably, Young Contemporary names like Nicolas Party, Lucie Bull and Ayako Rokkaku demonstrate the growing popularity of emerging talents within Asian millennial and Gen Z buyers, who are more inclined to purchase works by artists of their own generation.²

‘Collecting art is a meaningful way to express their aesthetic taste and serves as an extension of their personal identities,’ says Rishika Assomull, Senior Director at Villepin, a gallery. ‘They seek a lifestyle in which art effortlessly integrates into their living spaces.’ That said, certain art forms remain inevitably more favourable than others at this intersection of design, diversity and dialogue. ‘It appears that some young collectors are primarily drawn to painting. While this tendency is understandable, it limits opportunities for young artists to experiment with other mediums like videos and installations,’ comments Tsang Kin Wah, a Hong Kong-based visual artist. So how do we make sure that the success of more familiar art forms complement instead of dimming the light of experimental works in this blooming cultural climate?

Enter art education and community engagement. 1a space, an independent, non-profit contemporary art space and a cultural partner of Art Basel Hong Kong 2025, is bringing an innovative artist residency and exhibition programme to the fair. Nicole Tan, Gallery Manager at 1a space, explains to us that the project "i(n) s(pace):___" will serve simultaneously as a classroom, studio, exhibition space, and performance venue, ‘inviting the public to fill the 'space' with new ideas and perspectives on what art education and art spaces can be.’ Other non-profits and local galleries are also committed to shine light on innovative works. ‘I cannot wait for international visitors to discover the great exhibitions of Hong Kong artists while they are in town for Art Basel, such as Tsang Kin Wah at GDM, Wong Po So at Para Site, Dave Chow at Square Street Gallery, Chan Wai Lap at Exit, and the group show Put On at HART Haus,’ says Elaine Kwok, an art advisor.

But things are not as rosy as they seem. The growing concerns for censorship, geopolitical tensions and China’s economic slowdown continue to stir collecting and business behaviours. Pivoting to entry-level price points is one, as seen in the remarkable growth in the sub-US$50,000 category³. The fall of speculative buying is another. In 2024, artworks resold within five years experienced a sharp decline, with a negative -26.7% compound annual growth rate (CAGR)⁴.In the face of this cautious spending pattern and long-term strategic approach, art professionals’ hopes and dreams live on. ‘That's something a bit outside of my control; the only thing I can do is to keep making work,’ Tsang notes. ‘We just have to stay nimble and be open minded to adapt!’ echoes Yuki Terase, Founding Partner of Art Intelligence Global, an art advisory firm. ‘Honestly, it’s been business as usual,’ Kwok agrees. Perhaps it’s this unbending fortitude and can-do disposition that let light come through the crack in unfortunate circumstances. ‘As the total size of the art market expands in the region, we will undoubtedly see more art marketplaces emerging in Asia. But in my opinion they are not at all competing, in the same way Miami or Los Angeles won’t replace New York. It just demonstrates the resiliency and strength of the Hong Kong art market as a whole,’ Terase concludes.

Such is the famous Hong Kong spirit - unfazed and buoyant. Life goes on and there are plenty of exciting projects to look forward to. ‘I have a year-long solo show in June at the Yalu River Art Museum in Dandong (right next to the North Korean border), exploring the concept of the flow of time, and change,’ shares Tsang. Elsewhere, art is merged with architecture and design, capturing the collecting needs of a younger demographic. On that note, the city will remain to be the embodiment of ‘change is the only constant’, leveraging the multi-cultural, multi-lingual environment to foster a world-class art eco-system in its own right.

_{^{1 Mishcon de Reya x ArtTactic - China Art Market Report 2025, p.9
2 ibid, p. 31}}

_{^{3 ibid, p.27}}

_{^{4 ibid, p.40
Cover image credit: The Hong Kong Tourism Board}}

Tsang Kin Wah, a visual artist based in Hong Kong, who represented the city at the Venice Biennale in 2015. His work has also been exhibited in a myriad of institutions like M+ Museum, Guggenheim Museum, Mori Art Museum and more.

Yuki Terase, the Founding Partner of art advisory firm Art Intelligence Global which is double headquartered in NY and HK. She was the former Sotheby's Head of Contemporary Art in Asia and known for elevating HK auctions to US100m+ sales, achieving an unrivalled market leadership for 7 consecutive seasons during her tenure.

Elaine Kwok, an international arts professional and auctioneer specialising in Modern and Contemporary art with nearly 20 years experience in the art. She was formerly the Managing Partner of Asia at Hauser & Wirth, and the Department Director of 20th and 21st Century Art for Christie’s in the Asia Pacific region for 15 years prior to joining the gallery.

Nicole Tan, a cultural management professional, has studied Cultural Management. Her expertise spans arts administration, cultural project management, and collection management. She has coordinated numerous exhibitions and cultural projects at various museums and cultural organisations including Hong Kong History Museum, M+ Museum and 1a space.

Rishika Assomull, recently appointed as Senior Director of Villepin in Hong Kong. Prior to this, she was an Auctioneer, Deputy Director and Senior Specialist of Modern Art at Sotheby’s, where she integrated Southeast Asian Art within the global Modern and Contemporary Art departments.