Hong Kong-based ★ Global Contemporary Art Fair, Art Basel Hong Kong

Asia's leading art fair, Art Basel Hong Kong 2015, which draws global art collectors, was held at the Hong Kong Convention and Exhibition Centre from March 15 to 17, reported NNA, a distributor of Asian economic information. The event brought together 233 galleries from 37 countries and regions across approximately 23,000 square meters of exhibition space. Twenty-one galleries participated from Japan.

The fair originated in Basel, Switzerland, in 1970. Though Basel has a population of less than 200,000, it is the birthplace of global pharmaceutical giants like Novartis and Roche, making it one of Switzerland's wealthiest cities. Wealth attracts art, and the fair grew into one of the world's largest contemporary art markets. Since 2002, it has also been held in Miami Beach, USA, and expanded to Hong Kong in 2013. It has become a contemporary art festival spanning three continents.

All three bear the name "Art Basel," but Hong Kong's fair differs significantly from the others. A Swiss journalist who has covered the fair for over 20 years sighed, "In Switzerland or the US, people come first and foremost to view the art. But here, the price is the primary concern." A Japanese buyer residing in Hong Kong, who purchased two Japanese artworks, stated excitedly, "It's first come, first served, so I made immediate decisions before others could buy. The quality of the works and the caliber of the visitors are overwhelming. There's no better event in Asia."

Free Port Hong Kong Has an Advantage

So why Hong Kong? It's because this place is a free port where imported goods are tax-free, with a few exceptions. Andrew Davies of Invest Hong Kong explains its advantage: "Even if you bring in a Picasso painting, it's treated the same as a wooden box in terms of taxes." As a result, even though there are no world-class museums or art universities, famous galleries line the streets, and famous brands such as Sotheby's hold regular auctions.

In addition, China, which has now become an art market on par with the United States, is waiting in the wings, and the remarkable growth of neighboring Asian countries and the steady increase in the number of wealthy individuals are also contributing factors.

Art Basel also featured works by leading Japanese artists such as Yayoi Kusama, Takashi Murakami, and Yoshitomo Nara.