What Sold at Art Basel in Hong Kong
This article gives a good overview of the art market at this juncture.
“Asia’s economic fundamentals——particularly in China and India—are more promising than in other regions where wealth accrues only to a handful royals, oligarchs, and their cronies, despite widening inequality. Public and private investment in cultural infrastructure has also boomed in Asian countries, specifically in China....
Key to the art market’s interest in Asia is the breakneck pace at which the region is minting millionaires and billionaires. Asia accounted for 41% of the world’s billionaires in 2017.....Many existing billionaires have children now entering their twenties and thirties who have developed a taste for art collecting and the glitzy, globetrotting lifestyle that goes with it. There are also growing numbers of HENRYs (high-earners, not rich yet), 20- and 30-something bankers, entrepreneurs, and other professionals, particularly in financial hubs like Hong Kong.”