"Art Basel Hong Kong is the latest event on the art calendar to project an uncanny vision of normalcy amid the largest supply disruption in the history of the global oil market."
"The Chinese art market is showing signs of stabilising after a prolonged downturn, with the latest Art Basel/UBS Art Market Report finding a slight uptick of 1% in its total sales last year."
"While the high-level prices have not yet returned to pre-Covid levels, the volume of transactions in China is still impressive."
"No gallery reported selling work priced at more than $5m, including what is understood to be the most expensive brought to this edition of fair, an $11m Modigliani painting at Pace."
Art Basel Hong Kong reflects a semblance of normalcy despite significant global supply disruptions caused by the US-Israel war in Iran. The fair's director emphasizes Hong Kong's role as a stable trading hub for connection-building. Attendance remains strong among international VIPs, though European buyers are notably absent. The Chinese art market is stabilizing, with a slight increase in total sales. While no artworks sold for over $5 million, there were numerous blue-chip sales reported by the end of VIP day.
Read at The Art Newspaper - International art news and events
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