By Floria Cui
Art Basel Hong Kong 2024 is open to the public from March 28 to March 30 at the Convention and Exhibition Center. Its numerous gallery collections, diverse art styles, and rich creativity attracted the attention of worldwide buyers and visitors.
A total of 242 premier galleries from over 40 countries and regions bring fine artworks to the fair, with an increase of 66 exhibitors compared to 2023. The surge of 37% growth signifies a return to Art Basel’s pre-pandemic scale. According to official data, Art Basel 2024 draws in over 80,000 visitors and generates a total revenue of $39.4 million, marking a 4% growth in global turnover compared to the previous year.
Higher ticket prices and enthusiastic visitors
Despite the increase in ticket prices compared to last year, both buyers and visitors remain enthusiastic about attending Art Basel. “I am shocked there are so many art lovers gathering here. It’s really crowded. ” Yulia Bychkoba, a 33-year-old Russian interior designer and a potential buyer, takes Art Basel as the best way to look around and have a wide view of what is going on in the art market now.
Bella Nie, an art lover from Beijing who focused on contemporary art during her university years, believes Art Basel 2024 is worth every penny.
“Although the ticket prices have increased this year, and I find it a little expensive, the quality of the exhibition exceeds my expectations.”
— Bella Nie
Ge is an internet designer from Shenzhen. She thinks the ticket price is too expensive, but she acknowledges that the quality of the artwork is higher compared to previous years.
“Even after exploring the third floor, I did not feel aesthetically fatigued when browsing the first floor. Especially the 3D light and shadow installations left a deep impression on me.”
— Ge
Brian Diehl attends Art Basel to observe how young artists are growing. Although he hasn’t made any purchases yet, he has connected with some artists and plans to buy their future projects. As an architect and art buyer, he analyzed the ticket prices from an economic perspective.
“In Hong Kong, the price of Art Basel is reasonable because it gathers galleries from all over the world, which is a significant expense. I think the ticket prices are not high, just enough to cover costs. However, it might limit more younger visitors.”
— Brian Diehl
Art Basel implements new crowd control measures. In the past, VIP ticket holders had full access to the fair throughout the exhibition days. However, this year, VIP access is staggered and separate from the general public opening days, reducing the congestion of people at certain times. Liu Yang, a staff member at Beijing Aye Gallery, considers it a good move.
“It allows buyers more time to appreciate the artwork, and for us, it facilitates more relaxed and unhurried conversations with visitors.”
— Liu Yang
Luo, a Guangzhou-based art lover, works in a design company and art space. She travels to Hong Kong for Art Basel every year. “The crowd control this year is good, and visitors do not waste much time outside the venue. However, the overall number of visitors must have increased. ” Luo said.
What’s new in Art Basel 2024
Art Basel 2024 has many highlights in terms of artwork creativity and variety. The fair features many self-portrait-oriented artworks, attracting the public to line up for check-in selfies. Mungo Thomson’s Luxury Fever, exhibited by Karma Gallery, as well as Elmgreen and Dragset’s collaborative piece Nebe na Prahou exhibited by Kukje Gallery, both utilize mirrors to incorporate visitors into the artwork itself.
“Compared to previous years, there are more experimental and decorative artworks. The number of paintings from the Asia-Pacific region has increased.” Luo is very satisfied with the innovations in artistic style this year.
This year’s Art Basel features a section named Encounter for large-scale projects. The theme of 2024 is I am a part of all that I have met. The section showcases 16 large paintings, sculptures, and installation art, 11 of which were created to debut specifically for Art Basel.
In addition, Art Basel 2024 exhibities more works by Hong Kong artists, highlighting the increasing global recognition of local artists and artworks. One such artist is Mak2, a young Hong Kong artist born in 1989, who exhibits multiple pieces of her artwork in Art Basel 2024. Her works focus on the complexities of 21st-century issues by exploring ever-changing socio-political environments and new technologies.
Boost for art trading
The art trading volume at Art Basel 2024 is satisfying for many galleries.
White Cube is a renowned blue-chip gallery. Exhibitor Faina smiled and expressed her satisfaction that White Cube had exceeded her expectations regarding art trading. The pieces are selling very well.
“The visitors are more diverse this year. I’ve had conversations with visitors from China, Australia, and Southeast Asia. The buyers are also more varied, not just Hong Kong and mainland buyers like last year. There is an increase in buyers from South Korea this year.”
— Faina
In Gyu Kim, the One and J. Gallery exhibitor from South Korea is also very satisfied with this year’s sales. He mentioned European buyers are the most interested in Korean artworks.
“Buyers are more enthusiastic about Korean art this year, probably because the popularity of K-pop has sparked interest in Korean culture. There are more South Korean galleries in Art Basel compared to previous years.”
— In Gyu Kim
However, for the other galleries, this year’s transaction can’t meet their expectations.
Misa Shin Gallery in Tokyo mainly collects artworks of Japanese artists. The exhibitor, Takayuki Kaetsu, mentioned that the result was not as good as expected compared to last year. He speculated that it might be due to the economic conditions being less optimistic.
“Most buyers of our gallery and other Japanese galleries are from Hong Kong and mainland China. We are expecting more buyers from mainland China, but not many. Hong Kong buyers dominated the sale of Japanese artwork in 2024 while in 2023 it was dominated by mainland buyers.”
— Takayuki Kaetsu
Besides worldwide gallery gatherings in HKCEC, Art Basel also increases public attention to other galleries in Hong Kong. “During Art Basel week, all the major galleries in Hong Kong changed their exhibitions.” Said Lin, an intern student at Tang Contemporary Art Gallery. “The galleries in Hong Kong experienced a high volume of sales this week. Our gallery, for instance, had a new exhibition starting on March 25, and as of today (March 30), only one piece remains unsold.” He added.
Tang Contemporary Art Gallery also has a booth in Art Basel Hong Kong 2024.
Government support for art events
According to the 2024-2025 budget form released by Hong Kong Culture, Sports and Tourism Bureau, the government has allocated HK$100 million to enhance the promotion of mega art and cultural events over the next three years. Art Basel Hong Kong 2024 has been granted HK$15 million from the mega-events fund.
Art enthusiasts attending Art Basel this year generally believe that the government’s decision is wise. Luo said she is glad that the government recognizes that trading artworks is a crucial component of the financial system. “Whether from the perspective of public art education or the circulation of artworks, supporting the art industry is important.” She added. Renie Ren, a university student studying sociology, also agreed that It’s good to invest in cultural society events like Art Basel. It might not have a tangible or obvious outcome, but she thinks it can help enrich the artistic society and tourism industry.
Reported by Floria Cui
Edited by Catherine Chen, Rita Lim