As Art Basel Hong Kong (ABHK) 2025 wrapped up, initial trepidation among dealers gave way to cautious optimism. The fair, long considered Asia’s premier art market event, showcased both the resilience and shifting dynamics of Hong Kong’s art scene. While economic uncertainties loomed, the fair demonstrated that the city remains a key hub for collectors, albeit with a more measured approach to buying. Artbasel
A Changing Collector Base
One of the biggest takeaways from this year’s edition was the changing composition of attendees. There was a notable increase in collectors from Southeast Asia, Japan, and Taiwan, as well as a growing presence of younger buyers, particularly from China. Gen Z art collectors are making their mark, a trend echoed by ABHK’s fair director Angelle Siyang-Le, who noted their numbers are “growing exponentially.” However, Mandarin was heard less frequently at the booths, reflecting the broader economic challenges affecting mainland China’s collecting power. According to ArtTactic, auction sales in China dropped by 41% in 2024, underscoring a more conservative approach from traditional Chinese buyers.
Despite this, reports from the fair suggest that while high-value transactions were more selective, sales were still strong. David Zwirner’s booth saw notable transactions, including a Yayoi Kusama Infinity Net painting for $3.5 million and Michaël Borremans’ Bob (2025) for $1.6 million, purchased by Shenzhen’s Corridor Foundation. Thaddaeus Ropac also reported over $5 million in sales within the first two days, with works by Georg Baselitz and Roy Lichtenstein among the highlights. ArtNEWS
A More Thoughtful Market
Gone are the days of impulsive, high-volume acquisitions that characterized the Chinese art boom of the 2010s. Instead, collectors today appear more calculated in their decisions. Wendy Xu, managing director of White Cube Asia, observed that buyers are now opting for fewer but higher-quality works, ensuring they acquire pieces of lasting value.
This shift has affected the types of works being showcased. Some top-tier galleries, traditionally known for bringing blockbuster blue-chip works to Hong Kong, have scaled back. Notably, Lévy Gorvy Dayan, which once sold a $35 million Willem de Kooning painting within hours in 2018, was absent this year. Similarly, some American galleries chose not to return, reflecting a broader recalibration of the international market. The Art Newspaper
However, others saw opportunities in this evolving landscape. Hauser & Wirth made a statement by bringing Cell (Choisy Two) (1995) by Louise Bourgeois, a rare sculpture on offer for $7.5 million, highlighting the gallery’s commitment to the region. While sales of major pieces like this take time, Marc Payot, the gallery’s president, remained optimistic, citing strong interest from Asian institutions. ArtNEWS
The Rise of Southeast Asia
As China’s influence on the Hong Kong art market shifts, Southeast Asian collectors are stepping up. Singapore, the Philippines, and Indonesia showed increased engagement, with Jakarta’s ROH Gallery and Manila’s Silverlens gaining traction. Meanwhile, Bangkok’s upcoming Dib Museum, set to open in December, hosted a well-attended event during the fair, indicating a growing institutional presence in the region.
While these markets are still developing, their participation signals a diversification that could sustain Hong Kong’s art market through broader regional engagement. Singaporean collectors, for example, have been increasingly visible, contributing to a sense of stability despite the cooling Chinese market.
Looking Ahead
Despite economic headwinds, Art Basel Hong Kong 2025 demonstrated that the market remains strong, though evolving. Collectors are more deliberate, major galleries are adjusting their strategies, and new regions are stepping into the spotlight. The fair’s success wasn’t measured by record-breaking sales but by the quality of conversations and long-term relationships being built.
For collectors, particularly those aged 25 to 40, the message is clear: Hong Kong’s art scene is still a worthwhile space to explore. The key is patience, discernment, and an openness to the changing tides of the global art market. Artsy