New York remains a key hub for the art market, but Hong Kong is emerging as a new powerhouse, thanks to high-profile events like Art Basel, which has returned in full swing after a three-year hiatus under the direction of Angelle Siyang-Le.
Meanwhile, London, despite having navigated the challenges of Brexit and COVID-19, is losing ground to Paris. The driving force behind this shift is once again the Art Basel group, which has chosen the French capital for a new ambitious fair project, attracting many international galleries to open new locations there (Hauser & Wirth, Mendes Wood DM, Thomas Zander, Stuart Shave’s Modern Art, Moretti Gallery, and Friedman Benda will all open new spaces in Paris by 2024). Additionally, starting January 1, 2025, France will apply a reduced VAT rate of 5.5% on all art transactions, a move that will facilitate sales but could pose challenges for the nearby Italian market, which is slow to adapt.
