Hong Kong art exports jump nearly 60% in first quarter, buoyed by ‘vibrancy’ of Art Basel in March: study

In the first quarter of this year, Hong Kong saw a significant increase in art exports, with a nearly 60% rise compared to the same period last year. This surge was largely attributed to the 'vibrancy' of the Art Basel event held in the city in March. This data was revealed in a joint report by the Swiss-based investment bank UBS and the global fair. The report, which was released on Thursday, indicated a 16% decline in global art auction sales in the first half of the year compared to the same period in 2022. However, a majority of high-net-worth collectors expressed their intention to increase their purchases next year, as they are more optimistic about the art market than stock investments. Noah Horowitz, the CEO of Art Basel, suggested that these signs were promising.

In the report, Horowitz stated that over half of the collectors are planning to purchase art in the second half of this year and into 2024. The Art Basel & UBS Art Market Report 2023 surveyed 2,828 individuals across 11 markets, including Hong Kong, mainland China, the United Kingdom, and the United States. The annual study also highlighted the resilience of the art market, which was valued at US$67. 8 billion in 2022, despite geopolitical conflicts, high interest rates, and a challenging macroeconomic outlook. Hong Kong emerged as one of the bright spots in the study. This year's Art Basel in March marked the city's first since the full reopening of the border with the mainland and the relaxation of major pandemic-related travel restrictions.

The city recorded the highest percentage increases across global markets for imports and exports of art and antiques in the first three months of the year compared to the same period in 2022. The value of exports jumped by 59%, outperforming other major markets such as the US and the UK, which the report said 'only grew marginally year-on-year'. Hong Kong's art and antiques imports also saw a 50% increase. These figures contrast with the trend of Hong Kong's overall merchandise exports, which had declined for 17 consecutive months as of September due to weak global demand.