Hong Kong’s art market is staging a cautious comeback in 2026, as industry players bet that collectors will return for the city’s marquee art week after years of political upheaval and pandemic-driven isolation.
At the macroeconomic level, signs of recovery have emerged since late 2025, spanning high-end residential real estate in the city to equity markets. A recent report by Morgan Stanley suggested that prolonged instability in the Middle East could prompt further capital and talent to migrate to Hong Kong, drawn by its low-tax policies and relative stability. Such a move would provide a boost to the city, after years of economic stagnation and an exodus of expats since 2020. Yet any early optimism faces an immediate test, as the repercussions of the US–Israel–Iran War continue to ripple through the global supply chain.
Sabrina Amrani Gallery, a perennial exhibitor at Art Basel Hong Kong, told ARTnews it was forced to change its plans for the fair due to the ongoing war. The Madrid-based gallery, which champions artists from the Middle East and North Africa, maintains part of its inventory in Dubai. Amid Iran’s attacks on the UAE, Dubai International Airport has been forced to close multiple times, and airlines have reduced or canceled service to the emirate. As a result, sudden airspace closures put the works at risk of missing the fair.
“We had to change the presentation at the very last minute and reroute shipments from Europe to avoid Gulf airspace, which made everything more expensive and complicated,” director Jal Hamad told ARTnews. “Fortunately, we managed to ship everything on time, and the presentation will look amazing.”
These individual struggles reflect a broader systemic strain. According to the Hong Kong Association of Freight Forwarding and Logistics, shipping rates between Europe and Greater China have surged by as much as 30 percent, a figure further exacerbated by mounting port congestion and soaring fuel surcharges.
While some have managed to avert disruption, the first casualties of the season are already emerging. The International Antiques Fair, a local boutique event focused on antiques and artifacts typically held in May, canceled its 2026 edition, citing insurmountable travel and logistical uncertainties. Similarly, the Sharjah Art Foundation canceled its delegation’s visit to the Aranya Art Center in Guangzhou. According to Aranya, the trip was intended to inaugurate “In Absence and in Presence,” the foundation’s first collaboration in mainland China, to be followed by a series of public talks during Art Basel Hong Kong.
Despite these institutional withdrawals, the atmosphere in Hong Kong remains abuzz, fueled by a surge of homegrown initiatives and regional expansion. This month marks the debut of several major local curatorial projects, including Gold by Serakai, a new cultural salon in Wong Chuk Hang founded by veteran curator Tobias Berger under the Serakai Studio umbrella, and Knotting Space, an exhibition platform launched by curator Jims Lam at H Queen’s. The gallery landscape is also diversifying, with several prominent mainland Chinese galleries establishing outposts in the city. Beijing-based Ink Studio, Shanghai’s Antenna Space, and Shenzhen’s Mangrove Gallery have all moved to set up permanent spaces or offices in Hong Kong.
This momentum is further amplified by a record six satellite art fairs taking place concurrently during Art Week. While anchored by the long-standing Art Central, the schedule now includes notable newcomers like Pavilion, an alternative fair model co-founded by Willem Molesworth and Ysabelle Cheung of PHD Group and “check-in Side Space,” a collaborative project by Alex Chan of The Shophouse and Matt Chung. (Jims Lam is also the curator of Pavilion; Molesworth, Cheung, and Chan had previously collaborated on the buzzy Supper Club satellite fair.)
“Every year I host a gala during Art Basel week, so I know some of my friends from London and other European cities will skip the fair this year—but my friends from China and the surrounding region are all coming,” Pearl Lam, founder of her eponymous gallery, told ARTnews recently. Lam underscored a broader pivot: while museum trustees at Western institutions may have shifted their attention elsewhere, the regional market is doubling down on Hong Kong’s future.
This regional commitment is expected to manifest in a significant turnout of major collectors, drawn by a rare alignment of the city’s secondary-market powerhouses. In a historic first for the city’s art ecosystem, all three major auction houses—Sotheby’s, Christie’s, and Phillips—are staging their marquee sales within the same week.
Evelyn Lin, chairperson of modern and contemporary art at Sotheby’s Asia, told ARTnews that this synchronization is a strategic response to the city’s evolving role as a concentrated wealth hub. “We are anticipating strong participation this year because of all the excitement this week is offering,” Lin said, pointing to the arrival of trophy lots, including a painting by Joan Mitchell with a low estimate of HK$110 million (approximately $14 million), the highest-valued work Sotheby’s has ever brought to the Asian market.
The painting La Grande Vallée VII by Joan Mitchell is shown at an auction media preview of prominent abstract art at Sotheby’s Maison in Hong Kong.
AFP via Getty Images
Beyond individual masterpieces, Lin highlighted a structural shift in global buying power. Asian collectors accounted for roughly 30 percent of total sales at Sotheby’s New York during the fall season—roughly double since late 2024 and the highest level in five years. Simultaneously, Sotheby’s Hong Kong saw a 35 percent increase in new bidders over the past 12 months. “We have a strong buying power, and now it’s time to prove ourselves in Hong Kong,” Lin said.
Rebecca Wei, chairman of Lévy Gorvy Dayan & Wei, told ARTnews that she expects turnout for Art Week to be exceptional this year, and views the current geopolitical disruptions as a secondary concern to the city’s sheer density of activity. For many Chinese collectors, she said, geopolitical issues in Europe and the Middle East feel distant. Wei, who previously told the Financial Times that her regional client base averages purchases above $30 million, joked that her primary headache is the lack of restaurant availability throughout the week.
While the secondary market remains bullish, Wei said she has observed clear caution in the primary sector. “From the booth previews I have received so far, galleries are playing it safe,” she said, noting that many blue-chip galleries are bringing works priced under $200,000 to the fair. “What I’m seeing is galleries bringing new artists at more accessible price points in a bid to attract new collectors into the market.”
That impression was shared by Ken Ng, Hong Kong general manager of the logistics firm Crozier, who said that artwork shipments handled for this year’s Art Basel have skewed toward paintings and other two-dimensional works. He noted a lack of large-scale sculptures and installations compared with previous years.
This shift in market appetite, combined with Hong Kong’s real estate market—which remains among the most expensive in the world—is prompting some galleries to adopt a more nimble approach to their physical footprint. While Pearl Lam is currently staging a solo exhibition of Chinese artist Qiu Anxiong at a street-level pop-up space in Central, she has folded her longtime space at the Pedder Building in favor of a nomadic exhibition model.
“I will do pop-up shows around the world from now on,” Lam said of the transition. “I will only open a permanent space in the city again when the market has reset or when I can find a street-level space with relatively reasonable rent.”
