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The rise of Hong Kong art market

2023-01-29Aix XinLe

In the past two years, the mainland galleries have targeted the Hong Kong market, and the leaders of the industry leaders, such as Ann, yan-feng and baiya xuan, have been stationed in Hong Kong.Not long ago, the two mainland auction giants China guardian and Beijing poly were also officially stationed in Hong Kong. The Hong Kong first auction of the Hong Kong auction house was also due to be held in Hong Kong next month...Behind the frontrunners there are many more eager armies.What is Hong Kong's artistic charm that attracts a lot of predators?

The rise of Hong Kong art market

The history of Hong Kong's art market

In recent years, Hong Kong has grown into one of the world's most prestigious international art centers with astonishing speed.A sound and vigorous industry will need a perfect and diversified development platform.In a mature art market, the auction houses, expos, galleries and art financial markets must be developed together with the development of a hundred flowers.Hong Kong is now in full swing.

As the world's fourth largest art auction market, there are more than a dozen prominent auction houses in Hong Kong, including sotheby's and Christie's, the world's two largest auction houses.Sotheby's and Christie's, with its vision and strength, as early as in the last century has been stationed in Hong Kong, and s drive international and other Asian auction houses together, become the core strength of Hong Kong art market.They initially used the advantage of Hong Kong as an antique trading center to enter the market with Chinese paintings and antiques.Today, the two industry giants, Christie's and sotheby's, have Shared nearly half of the world's trading volume, and Hong Kong has become the third largest market for their art after New York and London.

It was followed by art fairs and antiques fairs.Among them, the Asian international Art antiques fair (AIAA) and the Hong Kong international antiques and Art fair (Fine Art Asia) were established in 2006.These curiosities have gradually fostered a collection of collectors that have promoted the development of Hong Kong's art circle, making Hong Kong one of the world's most important antique trading hubs.

In 2008, the Hong Kong international Art fair (Art HK) began to be held in Hong Kong, it is a key step to build international Art market in Hong Kong, for Hong Kong's top international Art exposition.In 2011, the expo is the world's most famous Basel art fair parent company acquisitions, this has made Hong Kong made a greater advantage in the art market, established in Hong Kong as a global antiques and solid position of contemporary and modern art trading center, bring more business opportunities for Hong Kong and development opportunities.

As for the development of the gallery, there are about 100 contemporary and contemporary art galleries in Hong Kong.The 1970s and 1980s could be called the opening period of Hong Kong's modern and contemporary galleries.At the time, the famous galleries included art gallery, hanya xuan and ren gallery.During that time, the art gallery introduced haigui zhao wuji and zhu dequn from other places, and promoted them from unknown to international master level.Hanya xuan brought Chinese contemporary art which had not yet formed a climate to the west.Benevolence gallery, in collaboration with collectors, brought wu to the British museum, making a huge splash in the western world.It can be said that the early gallery has played a huge role in promoting the development of the art market in Hong Kong and the exchange of Chinese and western art through its own efforts.

Over the past 10 years, many of the local art galleries have come a long way.Which the Ora - Ora, security, such as the sand, fine figure gallery undertake and played a multi-party advantage, gradually become a bridge that crosses from the Chinese and western art and successfully brought the western artists to Asia, at the same time brought the east artists to the west.Since 2010, many of the world's top galleries have appeared in Hong Kong because of the international exposition.In the past three years, more than 30 galleries have been stationed in Hong Kong. Among them are gao guoxuan, Ben brown, Sandaram, Malingue and white cube.

Hong Kong's location and policy advantages

Hong Kong's ability to achieve local galleries and attract a wide range of international galleries to seek development has multiple dimensions.

For one thing, Hong Kong is a "tax haven" with low tax rates, simple tax systems and improved insurance.Hong Kong has neither import or export tariffs nor VAT.Registered auction houses and other companies pay only a profit tax of 16.5% of net income.Such a low and simple tax policy makes it easy for foreign galleries and auction houses to enter Hong Kong.More attractive, buying and selling on the tax will not be applied to collectors, collectors may need to pay taxes in their countries, but they are traded in Hong Kong don't need to pay gains tax, it has a strong appeal for foreign collectors.

The Hong Kong government has been implementing an active and non-interventionist policy for a long time, and the funds are free to move in and out, and the market can develop freely.Hong Kong as a free market economy, the development of its art industry can go today, has great relationship with the government's policy, the hksar government has been very active in promoting the development of art industry.In July 2000, the establishment of the Hong Kong investment promotion agency, as the government of the Hong Kong special administrative region, investment promotion agency dedicated to promoting the business advantages of Hong Kong, encourage foreign companies to Hong Kong as a stronghold of the business development.Many international galleries, such as gagosian, are invited by the investment promotion agency to enter Hong Kong.The successful hosting of the Hong Kong international art fair in 2008 was inseparable from the Hong Kong government's support.Now, for the Hong Kong government, the development of Hong Kong's art industry has reached a "harvest time".

Second, Hong Kong's thriving art industry has a lot to do with Hong Kong's business efficiency.Hong Kong has a very high level of business efficiency. It has been a continuous business environment for more than 150 years.Hong Kong people have a spirit of struggle, and world-class infrastructure has added to it.Hong Kong has first-class airport, terminal, excellent city transportation, advanced logistics and communication network.These will allow the company to operate faster and more smoothly, which will be more convenient when holding exhibitions.Moreover, relative to other Asian cities, Hong Kong's commercial operations and can operate both in Chinese and English, the contract signing it also more convenient to contact buyers, can more effectively broaden the buyer category.In such a safe and efficient business trade center, less than half a day can open an co., LTD., and costs only 5000 yuan, it reflects the high efficiency and excellent business environment in Hong Kong.

Another very important factor is the Hong Kong has a sound legal system with credibility, clear transparent, close to the west of the common law and commercial law, constitute the security mature trade environment.Than other Asian cities, Hong Kong laws, regulations, education, language, the tax system more perfect and so on various aspects, artists, galleries, the auctioneer, the government, the parties can closely and cooperate with scientifically, to form a resultant force, to promote Hong Kong in a short time, thus establishing its position in the center of the Asian art market.

At the same time, Hong Kong has mature and experienced investment groups.In an active market, there are many high net worth individuals who are potential collectors, investors and speculators.Hong Kong's investment options also make Hong Kong's customer base more likely to prefer long-term investments, "speculators" are relatively small, and the potential of collectors is very high, which is conducive to stabilizing the price of the Hong Kong art market.

Look out for the future of Hong Kong

The west Kowloon cultural district is an important cultural project in Hong Kong.After many public consultation and selection, please Foster, a famous American construction company in Hong Kong Partners to build a cultural district covers an area of about 400000 square meters, to provide the Hong Kong cultural art and cultural industries and the infrastructure needed for the long-term development.The facilities include large performing venues, concert halls, opera centres and grand theatres, among them the eye-catching M+ museum of contemporary art.M+ will open at the end of 2017, with an area of nearly 60,000 square meters and 20,000 square meters of exhibition space.M+ has received a collector's donation of 1,463 items as a permanent collection.The collection includes works by 350 artists, mostly large paintings and installation art.They have been systematically organized into museum collection since the early 1990s, and the development of Chinese contemporary art has been fully displayed, with a conservative estimate of hk $1.3 billion.

In addition, the hksar government is actively protecting the history and culture.For example, the protection of the huayao temple, hubao villa, causeway bay temple, etc.The government will activate the Hollywood road, central old central police station and police married before police dormitory as galleries and art center, the dormitory will be a design studio and a sign of cultural industry.

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