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In January, walking through the Singaporean art SG and SEA Focus fairs, the attentive visitor could distinctly perceive that special inflection of Cantonese typical of Hong Kong collectors. It’s a sound that has become more common at art fairs in Singapore and other parts of Asia in recent years, as enticing alternatives to Hong Kong have emerged.
Southeast Asian artists and galleries have historically viewed Hong Kong as the go-to place to expand their global reach, thanks to fairs such as Art Basel Hong Kong and the presence of international auction houses. Add to that the free flow of capital, tax-free port status, logistical efficiency and large talent pool, and it’s easy to see why regional players have continued to return to the city.
“When contemporary Asian art began to flourish, Hong Kong naturally became the center for Southeast Asian collectors and dealers,” says Singaporean collector Teng Jee Hum. He recalls that Southeast Asian collectors used Hong Kong to settle purchases of Chinese ink masters from the mainland from the 1950s to the 1990s. “From 2000 onwards there was a reverse flow,” says Teng, referring to mainland Chinese collectors purchasing works from Southeast Asia, but always via Hong Kong.
Southeast Asia’s engagement with the city is visible at this year’s Art Basel Hong Kong. In the Encounters for large-scale projects section, the Filipino artist Patricia Perez Eustaquio will present embroidery and textile works and the Singaporean Ming Wong a video installation. Southeast Asian galleries at the fair include Gajah Gallery, Richard Koh Fine Art and ROH Projects.
But the last five years have been a more mixed story for Hong Kong. The major M+ museum has been completed and international auction houses have moved or are planning to move their regional headquarters to larger spaces in the city. At the same time, Hong Kong’s position has been challenged by a wave of authoritarianism from the mainland, a reduction in democratic freedoms and harsh pandemic-related restrictions, resulting in an outflow of people. “All these developments have had a diluting effect on the vibrancy of Hong Kong and we are seeing an increase in the presence of some Hong Kong operators in Singapore,” says Teng.
These emigrants have been replaced by mainland Chinese who have flocked to Hong Kong under new programs aimed at attracting talent and wealth. “This is creating a new dynamic in the city,” says Hong Kong collector Alan Lo, who predicts that over time more and more mainland collectors and patrons will participate in the city’s institutional landscape. “I see Hong Kong becoming the Monaco of China where people come to spend money, buy luxury houses and yachts, drink expensive wine, build art collections.”
Meanwhile, other cities in the region have grown in economic prosperity and strengthened their art markets. Teng notes that East and Southeast Asia are benefiting from evolving global supply chains, thanks in part to the rivalry between the United States and China. “Art goes where the money is,” he says, pointing out that Hong Kong’s stock and property markets are currently languishing, while those of Japan and South Korea are at or near record levels. “The latter also actively promote art and culture abroad as soft power.”
“During the pandemic and immediately after, there was a lot of speculation about whether Hong Kong could maintain its role THE artistic center of Asia,” says Lo. “We have seen attempts by art fair owners to expand into Singapore, Seoul, Taipei, Tokyo, which makes Asia a much stronger and deeper overall landscape.” In 2023, the Tokyo Gendai and Art SG fairs debuted, attracting the international community, while the second edition of Frieze Seoul and the 22nd edition of Kiaf Seoul took place simultaneously.
“Singapore is establishing itself well as a center for Southeast Asian art,” says Lo. He appreciates the state for its diversity and distinct character, which unites Malay, Indian, Chinese and Western cultures. “In some ways I think Singapore better fits our interest in the Asian diaspora.”
Rachel Lehmann of Lehmann Maupin Gallery, which has a space in Seoul, says the Korean gallery scene is highly developed, due to widespread public interest in contemporary art: “Collectors in South Korea and Taiwan come from a long intergenerational lineage of collecting”.
Nonetheless, Hong Kong’s rivals are still significantly smaller: Singapore and South Korea do not feature in the eight largest markets of Art Basel and UBS Art Market Report.
If for galleries it is about choosing the fairs or spaces that offer the best financial results, for collectors it is also about the advantages of the fair ecosystem. When, for example, he goes to fairs, Alan Lo never misses the opportunity to visit foundations and private homes to listen to the history of their collections. “Taipei is probably best for this, thanks to the deep-rooted collector community,” he says. “It also has a really amazing food culture. I’m not going to lie: this plays a big role!”
What galleries and collectors agree on is that, while Asia as a whole is large and diverse enough to support multiple art capitals, the Hong Kong market remains vibrant and unprecedented in the region. “The parlor game of guessing which city will replace Hong Kong’s hub status has been going on for years,” says Gagosian Hong Kong director Nick Simunovic, “but there is no replacing this city’s role in Asia’s artistic ecology. The next Hong Kong is Hong Kong.”