Hong Kong (Taiwan News) – Art Basel Hong Kong concluded its five-day run on March 30, reaffirming its role as Asia's premier art hub.
The fair attracted 91,000 visitors, a 15% increase from the previous year, with 240 leading galleries from 42 countries.
This year's edition saw a record-breaking 11 galleries from Taiwan. Among them, Asia Art Center graduated to the main sector from the satellite section, while Yiyun Art (異雲書屋) made its debut.
Chair of the Art Galleries Association Taiwan and founder of Liang Gallery, Chen Ching-ying (陳菁螢), noted a return of international collectors post-pandemic, with a particular influx of buyers from Europe, South Korea, and Southeast Asia.
Chen also noted a trend among younger collectors to buy works priced below NT$3 million (US$100,000) that reflect personal taste.
Through on-site observations and interviews with key figures, Taiwan News identified three significant trends shaping the Asian art market at this year's art fair:
1. More rational collector behavior: Collectors are shifting away from simply chasing trending artists toward prioritizing works that resonate with their aesthetic sensibilities.
2. Enhanced professionalism: There is a noticeable increase in collectors' ability to discern artistic value, indicating a more sophisticated and informed buying approach.
3. Long-term investment focus: Collectors are increasingly emphasizing the long-term value and potential appreciation of the artworks they acquire.
Wendy Xu, Asia director at White Cube, echoed the continued dominance of Chinese collectors but highlighted the increasing professionalization of buyers, particularly within the Greater Bay Area, who are leaning toward long-term investments.
The gallery's sale of Tracey Emin's neon work, "Sex and Solitude," for NT$3.5 million underscored the importance of "emotional resonance" in purchasing decisions.
Asia Director of Thaddaeus Ropac, Dawn Zhu (朱端麗), noted the robust sales during the first two days, with faster decision-making from buyers compared to the previous year, signaling a resurgence in market confidence.
Taiwanese galleries also reported positive outcomes. Chen Ching-ying of Liang Gallery presented a dual focus on "post-war masters + contemporary digital art" featuring works by photographer Lang Jingshan (郎靜山) and ink artists Lin Shou-yu (林壽宇) and Yu Chen-yao (余承堯) for the first time. They sold five works within two days, totaling over NT$10 million.
Chen corroborated the observation of shifting collector behavior, emphasizing a move away from blindly following market trends towards a greater emphasis on personal connection with the artworks.
Addressing the balance between personal taste and investment value, Chen said, "Artworks must first touch the heart, investment value comes second." She stressed that "when collectors possess sufficient discernment, they will naturally select truly valuable works."
Founder of Mind Set Art Center, Andre Lee (李政勇), reported that the peak sales period was during the VIP preview, with overall sales reaching approximately NT$8.2 million when including pre-sales.
Chu explained that the uncertain global economic environment has led to a more prolonged decision-making process for collectors and a somewhat slower overall buying momentum, with more constrained collecting budgets. However, high-quality works by artists with strong market prospects continued to attract significant interest.
The top three highest-selling artworks at this year's Art Basel were Kusama Yayoi's classic "Infinity Nets" series work, "INFINITY-NETS [ORUPX]," which fetched the highest price at NT$116 million and sold by David Zwirner.
Following closely behind was Louise Bourgeois's bronze sculpture, "Cove," presented by Hauser & Wirth and acquired by an Asian collector for NT$66 million.
The third highest sale was Roy Lichtenstein's "Water Lily Pond with Reflections," a tribute to Monet's water lilies, sold by Thaddaeus Ropac to an American collector for NT$39 million.
