The energy at this year’s Art Basel Hong Kong, particularly during the VIP preview, was noticeably different. The aisles filled quickly, but primarily with attendees from the region, and the brief VIP window felt too short to complete a full lap of the first floor before the crowds rushed in. Whether this was good or bad is a matter of perspective. For seasoned collectors like Alain Servais, it left too little time to properly engage with the art, but for many younger local collectors and enthusiasts, it contributed to the overall sense of excitement and momentum.
There’s been undeniable optimism and enthusiasm in Hong Kong this week—especially compared to last year. Much of it traces back to long-term public investments in the city’s now expansive, top-tier institutional system, anchored by M+ and the West Kowloon cultural district, as well as a surge of experimental arts initiatives across the city’s new galleries, satellite fairs and salons. “Hong Kong is back, with a refreshed energy,” director Angelle Siyang-Le told Observer at the opening. While the ongoing war in Iran raises concerns about security and sustainability, she believes that Asia, and particularly mainland China, has grown resilient in recent years, to the point of almost seeming isolated from world events, even as dealers this year have had to cope with rising costs and shipping issues caused by the conflict.
Art Basel Hong Kong in 2026 is notably more context-specific, with more than half of the 240 galleries hailing from the APAC region, aligning with the fair’s role as a key platform for bridging the art worlds of Europe and Asia and offering valuable visibility for emerging voices in the local ecosystem. Collectors at the VIP preview were predominantly from the region, with strong representation from Hong Kong, mainland China, Taiwan, Korea, Japan and Southeast Asia, joined by a smaller group of relentless globe-trotting international collectors such as Servais and Patrizia Sandretto Rebaudengo.
The rhythm of the fair felt distinct from both Western art fairs and past editions of Art Basel in Asia. Visitors seemed to stop and engage more, taking time to contemplate and converse rather than rushing to buy. According to Siyang-Le, this market is unlikely to return to pre-COVID speculative dynamics. Younger collectors entering the scene in Hong Kong and across Asia are adopting a more deliberate approach, building direct relationships with galleries and artists, conducting their own research and focusing on the long-term. “Back then, there was a lot of buying with your ears. Now, with younger generations coming in, collecting has become less impulsive and more purposeful,” she said, pointing out that the shift to legacy building is healthier in the long run.
By the evening of the first day, dealers were reporting steady sales across a wide range of price points, from entry-level works to pieces exceeding $3 million, setting an optimistic tone for the rest of the fair. All the major blue-chip galleries were present this year, most with targeted presentations tailored to regional tastes and recent artist exposures. Clusters of Western mega-galleries on the left side of Level 1 showed marked confidence, offering a large selection of high-priced works signaling renewed trust in Hong Kong as a hub for regional collectors.
—Elisa Carollo
