As Art Basel Hong Kong approaches, galleries sense optimism, hope and risk

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As Art Basel Hong Kong approaches, galleries sense optimism, hope and risk

Published: 25 Mar. 2026, 07:00 Updated: 25 Mar. 2026, 16:26

LEE JIAN
[email protected]

Audio report: written by reporters, read by AI

Aerial view of Art Basel Hong Kong 2025 [ART BASEL]

After a shaky yet hopeful year in the art world, Art Basel Hong Kong, 2026’s first major art fair in Asia, is just around the corner. Set to kick off for three days starting Friday, this year’s fair is anticipated to serve as a barometer for what many hope will be a recovering art scene.

As Asia’s largest art fair, Art Basel Hong Kong typically draws between 80,000 and 90,000 visitors. This year, it will host 240 galleries from 41 countries, the same number of galleries as last year.

Its director, Angelle Siyang-Le, was bullish about the market ahead of the fair, pointing to strong performances at New York's marquee auctions late last year. At Sotheby's, a self-portrait by Frida Kahlo sold for $54.7 million, setting a new auction record for a female artist, while a portrait by Gustav Klimt fetched $236.4 million — among the highest prices ever achieved at auction.

“Established galleries continued to bring heavy hitters to the fair, including million-dollar works, showing that art fairs still hold significant weight,” Siyang-Le told the Korea JoongAng Daily in an interview last month. “We definitely feel the market has become more stable from Q4 into Q1 of 2026, and there is more confidence overall.”

Still, the broader picture remains complex. The global art market has struggled to regain momentum since the Covid-19 pandemic. Art sales fell 12 percent in 2024 on-year, marking a second consecutive year of decline, according to the Art Basel and UBS Global Art Market Report. The downturn extended to the beginning of 2025, with the three major auction houses — Christie's, Sotheby's and Phillips — recording an average 6 percent decline in sales in the first half of 2025 compared to the previous period.

And although high-profile auctions toward the end of last year showed signs of resilience, uncertainty persists amid ongoing economic unease and geopolitical tensions, particularly in the Middle East.

Hong Kong itself, long a major art hub in Asia, has faced increasing instability as it navigates a more precarious position between China and the West, intensified by Beijing’s tightening control since 2020. Yet it remains the region’s original art market powerhouse, bolstered by its strategic location, ease of transport, tax-free status and a strong base of deep-pocketed collectors. The city ranks second only to New York in ultra-wealthy residents, according to Altrata’s World Ultra Wealth Report 2025.

For galleries, on the front lines of the art market, where sales are made and losses felt, the upcoming Art Basel Hong Kong 2026 means different things: for some, it is a natural and necessary return; for others, a risk and a dream.

"Neowa 14. Like Water, Like Air" (2013) by Yun Suk-nam [HAKGOJAE]

Hakgojae, the fair’s regular, said it felt mounting pressure during the market slowdown of 2023 and 2024, but was still “able to glimpse signs of possibility” at last year’s edition. The gallery has participated in Art Basel Hong Kong every year since its founding in 2013.

“Although the [geopolitical] situation in Hong Kong has changed from what it was in previous years, which brought some concerns, it was also an occasion that confirmed that where there is a crisis, there can also be an opportunity,” said Lisa Shin, exhibition manager at Hakgojae. “It may not be the same as during the boom years, but I believe there is always a way forward.”

Recent trends suggest that lower-priced works are outperforming ultra-high-value pieces, but Hakgojae does not see this as a limitation.

“I feel that this is not simply a matter of price, but rather a time when the artistic quality of a work becomes even more important,” Shin said. “When purchases are not made as easily, collectors think more carefully and look more deeply into the completeness of the work and the artist’s overall practice. I believe this shift can actually be a healthy sign.”

"5 Brushstrokes" (2025) by Song Hyun-sook [HAKGOJAE]

Taking a long-term view, the gallery has continued to introduce artists who were previously less known in Hong Kong, many of whom are now gaining increasing recognition. Among its batch of artists this year, including Nam June Paik (1932-2006), Hakgojae is set to present works by three Korean women painters: Yun Suk-nam, Song Hyun-sook and Joung Young-ju.

While their practices differ, Shin noted that they share “a delicate, feminine sensibility,” as well as a grounding in Korean cultural elements and universal themes such as longing, care and resilience. Yun highlights overlooked women in Korea’s turbulent 20th-century history; Song’s spare brushwork reflects both her life in Germany and a sense of displacement; and Joung's layered hanji (traditional mulberry paper) compositions evoke disappearing landscapes of memory and home.

“In recent years, I’ve met more international collectors focused on Asian women artists, and they tend to value quality and originality over name recognition,” Shin said.

"Memories 927" (2023) by Joung Young-ju [HAKGOJAE]

G Gallery, a more contemporary space founded in 2013, is preparing its Hong Kong booth with two female artists, Woo Han-nah and Yang Ju-hae.

Participating in the fair’s “Insights” section — dedicated to curated presentations of artists from Asia and the Asia-Pacific — the gallery juxtaposes the two artists’ practices to explore differing approaches to body, materiality and perception.

“Woo investigates structures of choice and control through installations centered on eating, while Yang builds layered, tactile surfaces that convey density and sensation,” said director Chung Seung-jin. “By placing them side by side, we hope to highlight generational and conceptual differences within contemporary Korean art.”

Despite rising participation costs and a more cautious market, Chung emphasized the fair’s continued importance. “Art Basel Hong Kong remains a fair with a strong network in Asia and a clearly defined international audience,” she said.

"Bag with you_Cook or be cooked" by Woo Han-nah [G-GALLERY]

And though she did recognize that the market has taken on a more cautious tone, interest in art itself has broadened significantly compared to before.

“We’ve seen the collector base getting more diverse. Moreover, rather than focusing solely on works that circulate quickly, there seems to be a growing number of serious collectors who seek to understand an artist’s practice and its context in-depth,” she said.

"Untitled" (2019) by Yang Ju-hae [G-GALLERY]

Kukje Gallery, another Art Basel Hong Kong regular, is set to present a focused tribute to the late Suki Seokyeong Kang (1977-2025) across two of the fair’s special sectors. Kang, who passed away last year after a prolonged illness, was known for her multidisciplinary practice spanning painting, sculpture, installation and performance.

“We wanted to share her artistic world with a global audience,” said Jang Hyun-suk, senior managing director at Kukje Gallery. “It is especially meaningful to present, on an international stage, the layered trajectories of time and space that her work embodies.”

The Kabinett section will feature key paintings, including the "Mora" series, which are layered flows of paint inspired by units of time, while the Encounters presentation will include sculptural works that engage with the cosmological concept of the Five Elements, evoking landscape and material transformation, the gallery explained.

Even amid market recalibration, Jang emphasized the importance of maintaining a clear artistic vision: “Moments like this make it even more important to consistently present artists with strong, well-defined practices.”

"Mountain — Autumn #23-02" (2023) by Suki Seokyeong Kang [KUKJE GALLERY]

For younger galleries, the stakes can feel higher.

Oh Jin-hyuk, director of the emerging Seoul gallery N/A, noted that the market downturn has affected his gallery less directly. “Because we haven’t made big profits consistently, in a way that’s what has made us consistent,” he said.

Rather than scaling up during boom periods, the gallery has always operated with a degree of risk, sustained by steady, modest returns.

“When the market slows, some collectors either buy only top-tier works or pieces they truly love, avoiding the middle,” Oh said. “There’s also a tendency to buy what others are buying — but our gallery has never relied on that kind of audience.”

Oh Jin-hyuk, owner-director of N/A [PARK SANG-MOON]

As a result, the gallery’s program has remained relatively stable regardless of market cycles. “Exhibitions planned around what might sell well haven’t necessarily succeeded for us. If anything, the shows that feel the most compelling tend to work best.”

Debuting in Art Basel Hong Kong, N/A will present a solo booth by Woo Jeong-su in the Discoveries sector, aimed at highlighting emerging artists. Known for his layered visual language, Woo draws from diverse sources, from cartoons to historical imagery, reconfiguring them into new compositions.

Ahead of the fair, Oh was already nervous about the sales. “Before, we could justify not making sales by saying we chose to do something meaningful,” he said. “But at major fairs now, that kind of reasoning doesn’t hold. If things don’t work out, it all falls on me.”

Cylinder, another Art Basel Hong Kong newbie, sees the opportunity to participate in the fair as a milestone that comes before any concerns.

"Mulu3327" by Kwon Hyun-bhin [CYLINDER]

Its director, Ro Doo-yong, founded it in late 2020, out of a mix of urgency and necessity rather than a clear plan. After turning 30, facing repeated failures in the institutional art system and his career plans collapsing during Covid-19, he realized he had no viable path as an artist within existing structures. Renting a small space, he decided to create his own platform — both to survive financially and to take control of his practice — turning that space into a gallery when no one else would give him an opportunity.

Shortly after opening in 2021, Ro said he posted a handwritten note on Instagram vowing not to delete it until participating in either Frieze or Art Basel. Five years later, that promise has come full circle.

“Looking back, the vague ambitions I had then have gradually become clearer,” Ro said. “Participating in Art Basel Hong Kong feels like bringing closure to that moment.”

Cylinder also made its Frieze debut in 2023 Seoul and was awarded the fair's Focus Asia Stand Prize for its solo presentation of artist Yoo Sin-ae.

Ro Doo-yong, owner-director of Cylinder [PARK SANG-MOON]

The gallery at the upcoming Hong Kong fair will present Kwon Hyun-bhin’s solo project “Antidromic Rave” in the Discoveries sector. Conceived as both a fair booth and a club-like environment, the installation explores the relationship between stone and techno music. Sculptural works are paired with sound compositions derived from the artist’s carving process, experienced through wireless headphones.

“Kwon and I have known each other since 2007,” Ro said. “Over time, our conversations, from art to music, naturally evolved into this project.

"The hope [at Art Basel Hong Kong 2026] is to connect the work with strong collectors, expand Cylinder’s presence across Asia, and ultimately look back on the experience as both rewarding and memorable for everyone involved.”

BY LEE JIAN [[email protected]]