Art Market Overview: The Hong Kong Model Takes Off

On 23 August 2021, by Vanessa Schmitz-Grucker

An Artprice report says that Hong Kong’s art market may have a record-breaking semester.

 

Hong Kong already accounts for 15% of fine art global sales revenue at auctions. Eighteen works have passed the $10 M mark in 2021, making the region a force to be reckoned with in the very high-end market throughout South-East Asia. That growth is mainly due to the performance of contemporary and even ultra-contemporary art, especially a new trend, Hi-Lite, which Artprice founder Thierry Ehrmann describes as "lighter art that has no hang-ups about being kitschy.” Its success finds an echo in the growth of NFTs and popular art, notably Pokémon cards and video games.

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