Cash-Strapped Hong Kong Arts Hub Saved—Plus a Rundown of the Latest in Asia’s Art World
Hong Kong's financially struggling West Kowloon Cultural District, a major arts hub, has been rescued from its cash crisis. This development was part of a broader Asia art world update that also included leadership changes at Japan's Art Collaboration Kyoto and the announcement of a new art fair in Shenzhen.
Artnet News and Morgan Stanley have collaborated on a report analyzing the art market's recovery after COVID-19, with a focus on Asia's emergence as a powerful engine. Using data from the Artnet Price Database and Artnet Analytics, the report shows that China (including Hong Kong) has become a dominant force, overtaking the U.S. and U.K. in fine-art auction sales. By 2020, China reclaimed the top-selling global fine-art auction market position, and as of mid-2021, it remains neck and neck with the U.S. The report also examines the role of Hong Kong, which has consistently contributed over 40% of China's fine-art sales, driven by its unique economic policies and integration into the global art market.
Artnet News highlights seven must-see museum exhibitions across Asia in 2026, with a focus on women artists and diverse themes. Key shows include a retrospective of Korean sculptor Kim Yun Shin at the Hoam Museum of Art in Yongin, a posthumous exhibition of Japanese painter Rey Camoy at the Ishikawa Prefectural Museum of Art, a manga and fantasy art survey at M+ in Hong Kong, and a solo show by Belgian artist Carsten Höller at the UCCA Center for Contemporary Art in Beijing.
Günther Uecker, the German postwar artist known for hammering nails into canvases to create abstract works, died at age 95. His death was announced by his New York gallery, Lévy Gorvy Dayan, after he had been hospitalized in Düsseldorf. Uecker was a core member of the avant-garde ZERO group, founded in 1957 by Otto Piene and Heinz Mack, and his nail-based abstractions—applied to surfaces from canvases to lightboxes and TV sets—defined his practice from the 1950s onward. He participated in major exhibitions including Documenta and MoMA's 1965 "The Responsive Eye," and continued working daily in his Düsseldorf studio into his 90s.
ARTnews published an updated list of the 16 most expensive artworks ever sold at auction, highlighting recent record-breaking sales such as Gustav Klimt's *Portrait of Elisabeth Lederer* (1914–16), which fetched over $236.4 million at Sotheby's, and Jackson Pollock's *Number 7A, 1948*, which sold for well above its $100 million estimate at Christie's in May 2026 from the S. I. Newhouse collection. The article traces the history of top auction prices, including Vincent van Gogh's *Orchard with Cypresses* (1888), which sold for $117 million during the Paul Allen sale at Christie's in November 2022, part of a record $1.5 billion single-evening auction.
Paul McCarthy, the 80-year-old American artist known for his transgressive critiques of consumer culture, has opened a new exhibition titled "SS EE Saint Santa Eva Elf" at Hauser & Wirth in Paris. The show features large-scale drawings and a six-channel video installation created during filmed performances with his long-term collaborator, German actress Lilith Stangenberg, who plays the Elf. McCarthy revisits his iconic Santa Claus motif, portraying him as a dark, psychotic figure—the "god of capitalism and consumption." The exhibition also includes earlier drawings made with Stangenberg at Bowman Hal gallery in Madrid. The interview reveals that McCarthy's home and studios in Los Angeles were destroyed by wildfires, resulting in the loss of art, drawings, notebooks, and books, and the cancellation of a planned London show.
Artnet News critic Ben Davis analyzed 130 recurring global art events—including biennials and triennials—that opened between the 2022 and 2026 Venice Biennales, tallying over 15,000 participating artists. He identified the most frequently featured artists, with Nolan Oswald Dennis topping the list at 14 biennial appearances. Dennis, a South Africa-based artist born in Lusaka, is known for works like "Black Liberation Zodiac" (2017-ongoing) and was included in the 2026 Venice Biennale curated by the late Koyo Kouoh.
Art Basel Hong Kong has announced its exhibitor list for the 2026 edition, featuring 240 galleries from 42 countries and territories, roughly the same size as last year's 242 galleries. The fair runs March 27–29 at the Hong Kong Convention and Exhibition Centre, with preview days on March 25–26. New additions include 32 first-time exhibitors from Australia, Japan, Turkey, France, Germany, and the US, while 33 galleries from the previous edition are absent—some due to closures (Blum, Clearing, Kasmin) or acquisitions (Millan bought by Almeida & Dale). A new sector called Echoes will showcase works created in the last five years, and the Encounters sector will be curated by a team led by Mami Kataoka. Media artist Ellen Pau will oversee the film program for the first time, and Shahzia Sikander has been commissioned to create a public artwork for the M+ Museum facade.
Asian collectors and dealers are increasingly choosing to skip Art Basel's flagship Swiss edition in favor of Art Basel Paris, citing the French capital's more appealing experience. Amid a market contraction, figures like Monique Leong are skipping Basel for the second year, while others such as Kankuro Ueshima, Rosy Wu, and Kazunari Shirai still attend. Notable appearances include K-pop star RM of BTS, who made his first public appearance after military service as Samsung Art TV's global ambassador. The fair saw Asian languages spoken widely, and young first-time collectors brought private guides to maximize their visit.
This edition of State of Play, part of Artnet Pro's The Asia Pivot newsletter, reports on multiple developments across Asia's art scene. Highlights include the launch of Art Fairs Pavilion Taipei, a new alternative art fair co-founded by Hong Kong dealers Willem Molesworth and Ysabelle Cheung, with 13 galleries for its inaugural edition. Galleries Antenna Space and Kwai Fung Hin Art Gallery are expanding into Hong Kong and Singapore respectively, while veteran Beijing gallery Long March Space has closed its physical venue. The Taipei Fine Arts Museum announced Taiwan's collateral exhibition at the Venice Biennale, and the Hong Kong Museum of Art named artists for its collateral show. The Asia Society Museum in New York will open a 70th-anniversary exhibition, and the H+ Museum in Suzhou, designed by Tadao Ando, officially opened with two inaugural shows.
Gallery Weekend Beijing (GWBJ) returned for its ninth edition from May 22 to June 1, 2025, adopting a new invitation-only model that emphasizes curatorial integrity. The event expanded beyond the 798 Art District into neighboring areas including 751 district, Caochangdi, and the Beijing Free Trade Zone Art District. A committee of five gallerists selected participants, aligning with an inaugural 'Beijing Art Season' that also includes Beijing Dangdai and Art021 Beijing. The article spotlights five emerging local artists: Cheng Xinyi, Liao Wen, Guo Cheng, and others, highlighting their exhibitions and market traction.
Belgian billionaire Guy Ullens, a key figure in promoting Chinese contemporary art, died at age 90. His death was announced by the Ullens Center for Contemporary Art (UCCA) in Beijing, which he founded in 2007 as one of China's first privately run contemporary art centers. The article also covers Art Basel Hong Kong, Art Dubai's digital art sales, Gallery Weekend Beijing's new invitation-only system, Bluerider Art's expansion to Los Angeles, the appointment of Ho Tzu Nyen as artistic director of the 16th Gwangju Biennale, the Turner Prize 2025 shortlist, the opening of New Taipei City Art Museum, and Saudi Arabia's new typefaces.
Frieze Seoul returns for its fourth edition at Coex from September 3 to 6 with 120 galleries, maintaining last year's scale. Asian galleries now represent 64 percent of exhibitors, up from 48 percent, signaling a stronger regional identity. Notable non-returning galleries include Blum, Karma, and Neugerriemschneider. Meanwhile, Kiaf Seoul will run concurrently with 176 exhibitors, and Art021 Group suspended its 2025 Hong Kong show after a single edition. Gallery Weekend Beijing concluded its ninth edition with a new invitation-only model, and several Asian-rooted artists are featured in London Gallery Weekend. New institutions opened, including the Photography Seoul Museum of Art and the Naoshima New Museum of Art, while the inaugural Bukhara Biennial program was announced.
London-based nonprofit Yan Du Project (YDP) has appointed Billy Tang as its artistic director, effective this month, ahead of the opening of its new home in a Grade I-listed townhouse on Bedford Square this October. Tang, who was born in London to Vietnamese refugee parents, returns to the city after serving as executive director and curator at Para Site in Hong Kong, and previously held curatorial roles at Magician Space in Beijing and Rockbund Art Museum in Shanghai. YDP is the second nonprofit founded by ARTnews Top 200 Collector Yan Du, following the Asymmetry Foundation launched in 2019.
Taiwanese artist Li Chen is the subject of a major solo exhibition at Asia Art Center in Beijing, titled “Heavenly Realm, Mortal World: Spiritual Journey through the Mundane World—Li Chen Ink-Black Sculpture 2020–2023,” on view through June 8, 2025. The show features smaller-scale works rendered in Ink-Black, contrasting transcendent heavenly realms with the complexities of the mortal world, and marks Li Chen's first solo show in Beijing in six years.
The article examines the meteoric rise and current cooling of the market for Labubu, the Nordic fanged monster character created by artist Kasing Lung. After a decade of slow development, Labubu exploded in popularity through Chinese toy blind-box manufacturer Pop Mart, leading to record auction sales in 2025. Yongle Auction in Beijing organized the world's first themed Labubu sale, where a mint-green sculpture sold for RMB 1.242 million and a painting, 'Pure' (2021), fetched RMB 1.61 million, setting successive records. The frenzy attracted a diverse range of buyers, from streetwear collectors to traditional ceramics enthusiasts, many of whom share their purchases on social media platforms like Douyin.
Joan Mitchell’s diptych "La Grande Vallée VII" sold for HK$137 million (US$17.6 million) at Sotheby’s Hong Kong, setting a new record for the most expensive work by a female artist ever sold at auction in Asia. The 1983 masterpiece, part of a celebrated 21-painting cycle dedicated to a grieving friend, led a successful Modern and Contemporary Evening Auction that saw a 100% sell-through rate for its 54 lots. Other notable results included a Mark Rothko canvas that more than doubled its low estimate and significant sales for works by Sanyu and Zao Wou-Ki.
This article from The Art Newspaper, published as 2026 begins, memorializes key figures from the art world who died in 2025. The list includes artist and activist Jaune Quick-to-See Smith, filmmaker and artist David Lynch, conceptual artist Mel Bochner, collector and patron Guy Ullens (co-founder of Beijing's UCCA), curator Koyo Kouoh (the first African woman to curate the Venice Biennale), photographer Sebastião Salgado, broadcaster Alan Yentob, and sculptor Joel Shapiro. Each entry summarizes their career highlights and contributions.
Phillips achieved a 100% sell-through rate at its Modern and Contemporary Art Evening Sale in Hong Kong on 27 September, totaling nearly HK$160 million (US$20.5 million). All 20 lots sold, with six works exceeding HK$10 million. The top lot was Yoshitomo Nara's *Pinky* (2000), which sold for HK$56.64 million (US$7.2 million) after its estimate was lowered from HK$60–80 million to HK$35–55 million. The sale was the first major test of Phillips' new Priority Bidding (PB) system, which offers a reduced buyer's premium to collectors who place written bids at or above the low estimate at least 48 hours before the auction. Seven lots were withdrawn and several estimates revised downward ahead of the sale, contributing to the white-glove result.
The Istanbul Foundation for Culture and Arts (ISKV) has announced that Liu Ding and Carol Yinghua Lu will curate the 2027 Istanbul Biennial. Liu Ding is a Beijing-based artist and curator who has participated in numerous international biennials and taught at NABA Milan, while Carol Yinghua Lu is an art historian and director of the Inside-Out Art Museum in Beijing, with a background at OCAT Shenzhen, Museion Bolzano, and Asia Art Archive. The pair, who have collaborated since 2007, most recently served as artistic directors of the 2024 Yokohama Triennale. The 19th edition of the Istanbul Biennial is scheduled for 18 September to 14 November 2027.
French artist JR is presenting two solo exhibitions in China: “La Vie en Mouvement” at Perrotin Shanghai and “Kaleidoscope” at Galleria Continua in Beijing. The shows feature works from the past two decades, including photographs of ballerinas in unexpected urban settings and an installation that appears to crack open the gallery wall to reveal a Summer Palace pavilion. In an interview, JR discussed how architecture shapes his images, his resistance to being labeled an activist, and his reflections on past projects in Shanghai’s now-vanished shantytowns.
Artnet News profiles five ultra-contemporary artists working in China today, highlighting their practices amid shifting cultural narratives, economic pressures, and technological change. Featured artists include Xia Yu, known for tempera paintings of everyday life, and Ye Linghan, who creates monumental "data portraits" from smartphone screenshots. The article details their backgrounds, notable exhibitions, market prices, and upcoming projects, emphasizing their growing appeal to collectors and curators.
Cultured magazine asked 25 photographers to each select a single image for a time capsule representing the first quarter of the 21st century. The resulting portfolio includes works by Juergen Teller (a Balenciaga ad featuring Putin, Trump, and climate imagery), Sinna Nasseri (a cat amid a California wildfire), Naima Green (a domestic scene mediated by smartphones), Lele Saveri (a critique of property ownership), and Trevor Paglen (a CIA black site in Kabul), among others.
From April 29 to September 6, 2026, MAXXI L'Aquila presents "AI WEIWEI: Aftershock," an exhibition curated by Tim Marlow featuring approximately seventy works by Chinese artist, architect, and activist Ai Weiwei. The show spans his entire career, focusing on themes of earthquakes, wars, political repression, and memory. The centerpiece is the installation "Straight" (2009–2012), made from 150 tons of steel rods recovered from schools that collapsed in the 2008 Sichuan earthquake, displayed across three rooms. The exhibition is held at Palazzo Ardinghelli, a Baroque building that houses MAXXI L'Aquila and was itself restored after the 2009 L'Aquila earthquake, creating a dialogue between the works and the building's history of recovery.
Poly Auction Hong Kong concluded its modern and contemporary art sale on April 6, achieving a total of HK$76.4 million (US$9.8 million) with a 67% sell-through rate. The auction was headlined by Liu Wei’s 1995 masterpiece "You Like Pork?", which sold for HK$27.6 million (US$3.5 million) to a phone bidder. Other top performers included Zao Wou-Ki’s "15.07.67" from his Hurricane period and Wu Dayu’s "Rhymes of Beijing Opera," both of which surpassed the HK$10 million threshold.
The article highlights ten exhibitions to see in May 2025, including the Venice Architecture Biennale curated by Carlo Ratti, which explores intelligence in natural, artificial, and collective forms, alongside a parallel show by AMO/OMA at Fondazione Prada. It also covers Gallery Weekend Berlin, featuring Sky Hopinka's new film and photographs at Tanya Leighton, an exhibition by exiled Russian journalists Meduza at Kunstraum Kreuzberg, and a study group on Palestinian agrarian initiatives at Spore Initiative.
Artist Cai Guo-Qiang sparked a major controversy on Chinese social media after staging a fireworks display titled "Rising Dragon" in the Himalayas near Shigatse, Tibet, on September 19, 2025. The event, co-organized with outdoor brand Arc'teryx, drew dozens of art insiders and influencers but was quickly condemned by netizens, environmental scientists, and activists for threatening the fragile Tibetan plateau ecosystem and showing cultural insensitivity toward sacred Buddhist mountains. Both Cai and Arc'teryx issued apologies, and state media outlets like CCTV and Xinhua condemned the performance, leading to an investigation by local authorities.
The article analyzes the auction performance of Chinese artists born after 1990 (post-90s) in the first half of 2025, based on data from the Artnet Price Database and the Artnet Intelligence Report. It highlights a shift from short-term speculation to longer-term competition, with the market showing more robust structure including stratified pricing and wider transactional geography. Key figures include Li Hei Di, whose large-scale painting sold for HK$2.67 million at Sotheby’s Hong Kong, and other artists like Zhang Zipiao, Yuan Fang, and Wang Qianyao achieving consistent mid-range prices between HK$300,000 and HK$800,000. Sales in Hong Kong reached HK$12.4 million, while artists also entered Western markets in New York and London.
The article reports on a record-breaking auction sale of a 4-foot-4-inch Labubu doll, which sold for RMB 1.08 million ($150,300) at Yongle International Auction in Beijing, with premium reaching RMB 1.24 million ($174,000). The character was created by Hong Kong artist Kasing Lung, who also collaborated with Art Basel on a limited edition. Other key developments include the closure of the Art Basel Hong Kong satellite fair Supper Club after two editions, Frieze announcing a new year-round space called Frieze House Seoul in Yaksu, and Blum gallery taking on global representation of Japanese ceramic artist Kimiyo Mishima's estate. The article also covers upcoming exhibitions by Christine Ay Tjoe at White Cube New York, Seulgi Lee at Ikon Gallery Birmingham, Kenny Scharf at the Modern Art Museum Shanghai, and Trevor Yeung's adaptation of his Venice Biennale show at M+ Hong Kong.
Guy Ullens, a Belgian billionaire and pioneering collector of Chinese contemporary art, has died at age 90. The news was announced by the UCCA Center for Contemporary Art in Beijing, which he co-founded. Ullens began collecting Chinese antiquities in the 1980s before shifting to contemporary works, amassing a collection of 1,500 to 2,000 pieces by artists such as Ai Weiwei, Liu Xiaodong, and Zeng Fanzhi. He and his late wife Myriam established the Ullens Center for Contemporary Art in Beijing's 798 Art Zone in 2007, later selling it to Chinese investors in 2017, after which it was renamed UCCA. Ullens also helped build the secondary market for Chinese contemporary art, notably selling Zeng Fanzhi's 'The Last Supper' for $23.3 million at Sotheby's Hong Kong in 2013, a record at the time.