Art Basel Hong Kong 2024: 75,000 Visitors, Slower Sales Amid Economic Uncertainty

Art Basel Hong Kong 2024 concluded with 75,000 visitors, the largest edition since 2019, featuring 242 galleries from March 28-30 at the Hong Kong Convention and Exhibition Centre. The fair marked a return to pre-COVID scale but faced political and economic headwinds, including Hong Kong's passage of Article 23 on March 19, raising civil rights concerns. Despite being the second-largest art market globally (19% share in 2023 per Art Basel and UBS), sales were slower than previous years. Italian galleries reported mixed results: Alfonso Artiaco noted a slower pace, with Sol LeWitt as top seller; Galleria d'Arte Maggiore G.A.M. sold a Giorgio Morandi (1937) and a Zao Wou-Ki. Major international dealers saw robust sales: Hauser & Wirth sold 16 works on day one, including Willem de Kooning's Untitled III for $9 million and Philip Guston's The Desire for $8.5 million; White Cube sold an Anselm Kiefer for $1.25 million; Gladstone sold an Alex Katz painting for $1.3 million. Italian galleries Massimo De Carlo and Mazzoleni reported positive results, while Umberto Di Marino in Discoveries sold works by Eugenio Tibaldi. The fair highlighted cautious collectors but strong institutional buying, with a focus on established artists.