Major galleries reported significant seven-figure sales on the opening day of Art Basel Hong Kong. Hauser & Wirth sold works by Louise Bourgeois and George Condo for millions, while David Zwirner sold paintings by Liu Ye and Marlene Dumas for $3.8 million each. Pace Gallery's CEO noted a renewed energy, and other blue-chip dealers like White Cube and Lehman Maupin also reported high-value transactions, particularly with Asian collectors and institutions.
The sales activity indicates a potential recovery and renewed confidence in the Hong Kong art market, which had faced challenges from the pandemic and political tensions. The high volume of major purchases, especially by Asian museums and collectors, underscores the region's continued essential role in the global art economy. However, the article also notes that not all galleries experienced this level of success, with some describing a slower pace, highlighting a market bifurcation where top-tier galleries thrive while others struggle.