"Despite strong crowds and reported sales at Art Basel Hong Kong, the art market is experiencing a slower sales tempo, with collectors taking a more considered approach to buying."
"Notable sales included a $4 million Picasso and works by Liu Ye and Marlene Dumas for $3.8 million and $3.5 million, respectively, but the pace of closing deals has noticeably slowed."
"Dealers are now prepared to play the long game, as evidenced by a nine-month negotiation for a Bourgeois work, indicating a shift in the market's rhythm."
"The ongoing conflict in the Middle East has not significantly disrupted global markets, with the primary impact felt in oil prices, which some finance commentators have noted as slightly off."
Hong Kong Art Week showcases a recovering art market with strong attendance and notable sales, including a $4 million Picasso. However, collectors exhibit a slower, more considered buying approach, with dealers prepared for longer negotiations. The market's rhythm has shifted, as evidenced by a nine-month deal closure for a Bourgeois work. The ongoing Middle East conflict has not significantly impacted global markets, aside from fluctuations in oil prices.
Read at Artnet News
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