Editorial | Hong Kong art scene still going strong despite closures
There are reasons to be optimistic about Hong Kong’s art trading hub ambitions despite two galleries announcing closures
The “mega galleries” announcing closures include Perrotin, which left its gallery at K11 Atelier Victoria Dockside on October 1 after six years in the space. The other is Pace Gallery, which closed its H Queen’s space in Central on October 18 after seven years in business.
Undeniably, Hong Kong has felt the impact of one of the global contemporary art market’s harshest corrections since the 1990s. The latest Art Basel and UBS Art Market Report said the slowdown starting in 2022 racked up a 12 per cent hit in 2024 alone. The city lost market share as auction transactions hit an eight-year low this autumn.
However, things could have been worse. The city has managed to avoid the level of closures seen in the United States and Britain. Perrotin and Pace said they would keep Hong Kong offices and launch galleries in the city again in the future.
Both also cited expiring leases as a trigger for their decisions. Pace Gallery chief executive Marc Glimcher said the company will take advantage of the slowdown to prepare an “experience that can compare with our other spaces”. Perrotin said it was “optimal timing” to move back to Central, where it set up its first Asia outpost in 2012.
Other galleries have also reiterated plans to stay, and for good reason. The city has been working to elevate itself into a world-class, high-end art trading hub that could rival the likes of New York.