4 Key Developments Shaping the Asian Art World in 2024 So Far

In this quarterly series, we hear from Hilary Joo, a Seoul-based sales manager and gallery partnerships lead at Artsy, for her thoughts on what has happened in the Asian art market this quarter.

Taking place at the beginning of February, India Art Fair was an all-around success. The fair scaled up its number of exhibitors to more than 100, and galleries reported strong sales from a combination of Indian and international collectors, especially those from Southeast Asia.

The momentum of the Indian art market is increasingly drawing international attention. “The Indian economy is growing rapidly along with our population. There is an acute appreciation for visual aesthetics and a tremendous growth in disposable income as the country becomes more self-sustaining,” said Prateek Raja, the director of tastemaking Kolkata gallery Experimenter. “The large educated middle class, who’s interested in culture and art, is growing as well. Ten years ago, most people bought artworks only to decorate, but now people buy artworks to get something meaningful and to capture the moment.”

Raja added that while it’s a good moment for artists to find various platforms for their artworks to be seen more widely, there are still some domestic “hurdles,” such as high import tax rates. His overall outlook, though, is one of resounding optimism: “It is only the beginning for the Indian art market to grow even further,” he said.

It felt like the entire Asian art world was in Hong Kong for the region’s Art Week, which took place at the end of March. After a successful comeback last year, Art Basel Hong Kong returned with a full “pre-pandemic” scale this year with 242 galleries; however, reported attendance at the fair was less than in 2023. But Art Basel wasn’t the only event exciting the visitors. Galleries based in the city—from established names to local tastemakers—put on their best shows, while events such as Art Central and Supper Club Hong Kong added to the buzz across the city.

Across the fairs and events, I heard from dealers that sales were slower than in 2023, with collectors noticeably more hesitant. Hong Kong is also competing with a much larger number of regional art fair moments, with events including Frieze Seoul, Art SG, and Tokyo Gendai emerging in recent years.

Despite the increased competition, I don’t have any doubts that Hong Kong will remain strong as the preeminent art hub in Asia: It’s a question of when, and not if, it returns to its pre-pandemic heights.

Taking place in the idyllic hot springs of Atami—easily accessible from Tokyo—the final edition of Onsen Confidential will feature 14 Tokyo galleries, which will invite 23 overseas names for shared presentations.

Launched in 2022 by Jeffrey and Misako Rosen from Tokyo tastemaker Misako&Rosen, Onsen Confidential is envisioned as a nonprofit initiative to help peer galleries feel more comfortable collaborating with each other while taking out some of the risks that can arise with meeting new collectors.

Alongside this edition, which runs until April 21st, Onsen Confidential will host a series of events including a discussion session with three major fair directors—Angelle Siyang-Le from Art Basel Hong Kong, Patrick Lee from Frieze Seoul, and Yamashita Yukako from Art Collaboration Kyoto—about the art market in APAC.

“The theme of this retreat is ‘not to get stressed,’” said Rosen. “We’re not competitors but rather collaborators who can work together to bring more insights and interests for the region.” Echoing the theme of this year’s edition, the reason the gallerists decided to make this year’s edition its last is to “keep it fun,” Rosen explained.