According to the “World Wealth Report 2024”, published by business technology consultancy Capgemini, Asia-Pacific is home to 7.4 million HNWIs. Hong Kong is well placed to provide access to these potential buyers.
For fine art connoisseurs, the city offers a distinct range of advantages. On the one hand, there is the unique and exciting blend of cultural influences on show, embracing different styles, visions, mediums and modes of expression.
On the other, there is Hong Kong’s strategic location and proven ability to meet all the practical needs of those operating in the international art market. These include great facilities and exhibition spaces, but also specialist financing, tailor-made insurance, secure storage and the expertise to ship fragile, high-value consignments as and when necessary.
Adding to that are its famously efficient transport and logistics networks, highly regarded international airport, and status as one of the world’s busiest container ports.
Clearly, many organisations have played a part in helping Hong Kong achieve its current place as one the world’s three largest art markets. But prominent among them is InvestHK, the government agency which spearheads efforts to attract overseas investment by providing essential advice and help for businesses looking to set up or expand in the city.
One notable company from InvestHK’s client network that has expanded its footprint in the city is Hauser & Wirth. The Swiss-founded contemporary and modern art gallery owner opened its first permanent space in Hong Kong in 2018, impressed by what the city has to offer and seeing it as an ideal regional base for future growth.
Marking a key phase of expansion, the firm relocated in January this year to larger street-level premises and can now be found at the junction of Duddell Street and Queen’s Road Central, in the heart of Central.
“We wanted a highly visible and accessible gallery that is an inviting, engaging and inspiring place for audiences and exhibitors alike,” Elaine Kwok, Hauser & Wirth’s managing partner, Asia, says.
“For us, this space is both a new chapter and a continuation. The gallery has an abundance of natural light, making it possible to spotlight our artists in new and ambitious ways.”
With four-metre-high ceilings and no columns, plus ground-floor access, it is easy to move paintings, installations or sculptures in or out. This means artists can show a wide range of works in terms of type and size. The gallery’s location and ambience will also serve to enhance the sense of connection with regular visitors and the general public.
Originally founded in 1992, Hauser & Wirth has grown steadily from its base in Zurich and now also has about 20 locations worldwide, including in the United States, the United Kingdom, France, Monaco, Switzerland and Spain, and in major art capitals such as London and New York.
These days, Hong Kong also falls into that category and is very much front and centre in the firm’s work of representing over 100 established and emerging artists, as well as various artist estates.
Importantly too, it affords the opportunity to explore different creative traditions and exchanges and, by doing so, bring something extra to the contemporary cultural landscape.
“The city’s art scene is a captivating fusion of Eastern and Western aesthetics, creating a melting pot of artistic styles and perspectives,” Kwok says. “That’s why artists from around the world are drawn to Hong Kong’s creative energy, finding inspiration in its cosmopolitan atmosphere and rich cultural heritage.”
However, in addition to that, she says that several business considerations dictated the initial decision to open a gallery here and now to expand.
One was the confidence that comes from being in a global financial centre, which is also a free port – a dual status which speeds and simplifies day-to-day transactions on many levels. Another was the favourable tax regime and the clarity of applicable rules and regulations.
“There are no import and export taxes on artworks here, making it an attractive destination for collectors and galleries alike,” Kwok says. “This tax-free policy has nurtured a robust art economy and contributed to the growth of Hauser & Wirth.
“In addition, a supportive government towards art and culture is very important and we really appreciate the support that InvestHK has provided during the launch of our new gallery in publicity and networking.”
A further key factor was the city’s extensive array of world-class exhibitions and art fairs, which take place throughout the year. The variety and professionalism of these events, which showcase an always engaging selection of disciplines, techniques and mediums, have won international recognition and are set to see ever-higher numbers of exhibitors and buyers.
“In recent times, Hong Kong’s art market has experienced unprecedented growth,” Kwok says. “The range of events provides a valuable platform for both well-known and up-and-coming artists to show their work on an international stage.”
To tie in with the high-profile Art Basel Hong Kong event in late March, the gallery held Glenn Ligon’s first solo exhibition in Greater China. The widely admired African-American conceptual artist created new works for the occasion, taking inspiration from James Baldwin’s landmark 1953 essay, Strangers in the Village, to explore identity and culture. Ligon also gave a talk, which was open to the public.
“We have been doing such events to engage with a broader audience and foster dialogue within the community,” Kwok says. “That is because our commitment to supporting artists goes beyond providing opportunities to exhibit.
“We are also actively engaged in artist representation, offering professional guidance, strategic career planning, and art legacy planning. By building long-term relationships with artists, we can facilitate their growth and their creative journey.”
