Although the value of art investment is not as good as before due to the economic recession caused by the U.S.-China trade war, the "Art Basel Hong Kong 2025" site visited on the 26th (local time) was crowded. Throughout the tour of the two floors (1st and 3rd floors) of the convention center, the visitors' shoulders collided.
This time, 240 galleries from 42 countries filled booths, similar to last year's (243), and the dominant atmosphere was that they achieved comprehensive sales results as a result of trying to improve their quality through the composition of works at a conservative price point.
According to field officials and foreign media, the highest price of Art Basel Hong Kong is Japanese artist Yayoi Kusama, whose 2013 "ORUPX" sold through the David Zwirner Gallery cost $3.5 million (about 5.1 billion won). This is less than half of Billum The Corning's 'unpaid' price, which was sold at the highest price in Art Basel Hong Kong last year.
Gallery operators, who kept the booth for eight hours immediately after the opening of the VIP preview at noon, said, "We have recovered to a considerable extent, even if it is not the peak because pre-sales and on-site performance are not bad," adding, "It is possible to evaluate that major galleries have taken care of their inner room through relatively low-cost works rather than the special box office of large galleries." "It means that each gallery and Art Basel have revised their strategy to take practical benefits in Hong Kong, which is becoming less attractive. The threshold was lowered so that accessibility was relatively high," he said.
The second highest price on the first day of the preview was "Cove" by Louis Bourgeois, sold by Gallery Hauser & Worth, for $2 million. Two works by a Korean duvet artist who recently signed an exclusive contract with Hauser & Worth also attracted attention in search of a new owner. Blanket's "Anagram Leather #11 T.O.T." recorded $275,000, and this year's latest "Perdu CIX" recorded $260,000.
Gagosian did not have a specific sales price, but it is known that many works such as Carroll Bob, Sarah Je, Anna Wayant, Takashi Murakami, and Zengpans were sold, and in fact almost exhausted the works introduced in the booth. In Riemann Muffin, works by Cecilia Vicuña, David Saleh, and Anna Park have found new residences.
This year's Art Basel Hong Kong will be held until Sunday, the 30th, so we have to wait and see, but the performance was not bad, said an official from an overseas gallery with branches in New York and Brussels. "There were concerns that collectors would close their wallets due to the possibility of a Chinese recession, but there were many Chinese inquiries compared to last year."
Immediately after the VIP preview, Hong Kong's South China Morning Post (SCMP) evaluated, "Collectors in mainland China purchased art despite economic headwinds and uncertainties amid the deepening trade war with the United States and the domestic economy." In particular, according to the SCMP, David Zwanner sold Michelle Borlemans' 3-meter oil painting "Bob" to the Corridor Foundation, a Chinese non-profit organization, for $1.6 million.
Tadeus Lopak Sold Georg Baselitz's Work For $1.29 Million. Gladstone sold the Anikai sculpture "Thorn" for $225,000, Alex Katz's "Study for Summer 13" for $110,000 and six watercolors by Ugo Rondinone for $50,000 each. White Cube sold Anthony Gormley's work for $640,000.
Most of the nine Korean galleries that participated in Art Basel Hong Kong are also considered to have done well. The International Gallery sold Park Seo-bo's "Mythology No.040516" for $540,000 and Ha Jong-hyun's "Jongjun 22-03" for $390,000. Hakgojae Gallery sold Song Hyun-sook's "8 strokes" ($71,000), Jung Young-joo's "Sandongnae 203" ($63,000), "Evening 122" ($44,500), and Yoon Seok-nam's works. In particular, actor Jungwoo Ha's painting "Untitled" was also booked for $45,600.
"The overall level of work in the booth looked better this year than last year," said Woo Chan-kyu, chairman of Hakgojae, who met at the site. Considering that the global economy is in a recession, galleries that have performed better than expected are also noticeable. Cho Hyun-hwa said it sold one each of Jo Jong-sung, Kim Hong-joo, Kwon Dae-seop, and Park Seo-bo, eight of Lee Bae, two of Kang Kang-hoon, and two of Anjisan.
Some argue that it is too early for the art market to open the champagne lid, although they have a report card in their hands. At the global art fair, gallery operators celebrate by popping champagne at the booth when the sale of ultra-high-priced works is confirmed, but art officials say this year has not been heard.
Nevertheless, the progress of young Korean writers has been confirmed this time. Korean artist Shin Min was included in the three finalists for MGM Discoveries Art Prize. In a press release the day before the event, Art Basel called it "eight projects that should not be missed" and introduced it as the fourth author among the eight.
At Art Central 2025, a satellite exhibition held 300m away from Art Basel Hong Kong, a large number of Korean artists who "sold out" the day before appeared. All four of Atelier Aki Gallery's works were sold, drawing attention, and red stickers were also attached to the works of Han Choong-seok, Kim Kwan-young and Kang Shin-deok.
Behind the box office hit, there is also a cold evaluation. "It is also true that Hong Kong's Chinese painting has made it less attractive than in previous years, and this year's Art Basel has been evaluated as having no peripheral exhibitions other than the main exhibition," a gallery official said. "There were so many visitors, but for participating galleries, the level of attraction was lower than in the past when it was at its peak."
[Hong Kong reporter Kim Yutae]
