On the Block

Major international houses are expanding their physical presence in Hong Kong as the Asian art market continues to grow. What does this mean for the future of collecting?

- Aaina Bhargava

Alex Branczik is as elated as he is exhausted. Sotheby’s Asia’s senior director and chairman, modern & contemporary art, has a lot to be pleased about. Following a buzzy, event-filled Art Week hailing the return of Art Basel Hong Kong and international visitors, Sotheby’s spring marquee sales, which took place in April, hauled in HK$3.71 billion, and set 21 new auction records. Although it wasn’t anywhere near the HK$10 billion the auction house made from its record 2021 sales, it was still considered a post-pandemic victory and a cause for celebration. 

In fact, the pandemic seems to have had little negative effect on the art world or market. “The market was really robust in 2021 and 2022,” notes Yuki Terase, Sotheby’s former head of contemporary art, who now heads up art consultancy Art Global Intelligence. “I think the concern now is: when are we going to see the correction come? Because what usually happens is that the art world lags behind; when the financial market goes down, the art market is the last to go down and first one to come out [of recession].” Multiple auction houses saw record sales in 2021, which continued into 2022, and many record prices were achieved.