Speaking on RTHK’s Hong Kong Today programme, ArtTactic chief operating officer Lindsay Dewar said last year was a tough one for the market since its peak back in 2022 and despite its recovery from the Covid pandemic.
The year saw a decline of 27 percent.
However, she said there is “a new normal” in the market and “people are finding their footing again.”
On a notable decline in modern and contemporary art sales in the SAR and the mainland, Dewar says Hong Kong remains the third largest art centre worldwide for auction sales and that market sales globally has doubled over the past 10 years.
“I think it’s really remarkable to see a market grow so much in such a relatively short period and that really speaks to the confidence the art community sees in Hong Kong,” she said.
Dewar also noted that Hong Kong still accounts for up to 81 percent of total art sales in both the SAR and the mainland, showing its importance in this portion of the market.
Reflecting on a decline in auction turnover at Art Basel Hong Kong recently, Dewar thinks it reflects more of the general world market trend.
“This is kind of a broader trend that we’re seeing, and it’s worth bearing in mind that the sale we had in London at the beginning of this month was also down,” she said.
Dewar also noted that a new generation of art collectors is emerging that is seeking more affordable artworks.
Latest tariff uncertainties and reduced returns over assets recently have impacted the global art market, and Dewar believes there are two main impacts.
She said shorter holding periods are one of them, with people being less speculative and wanting to hold on to their artworks longer.
Another is that market may become more regional.
“For a while after Covid people are looking at the market and thinking where’s the best part of the market for me to sell in…whereas now we might see people saying I’m in Hong Kong and I’m going to stay in Hong Kong…so like the American market may become more American.