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Art Basel’s Hong Kong Litmus Test

Instead of kicking off what ought to be a season of excitement for the island city, the increasingly attenuated market conditions in Asia (and the United States) are turning Art Basel into a soft launch for Hong Kong’s new look.

Art Basel Hong Kong
Sotheby's top work by estimate is a 1930 Marc Chagall, Fleurs de printemps, estimated at HK$22 million ($2.83 million). Photo: Chen Yongnuo/China News Service/VCG/Getty Images
Marion Maneker
March 25, 2025

This year’s Art Basel Hong Kong marks the first time that auctions will be held concurrently at Christie’s, Phillips, and Sotheby’s. When these facilities were planned, the hope was that they would inaugurate a new phase for the global art market based on an ever-growing Asian appetite for art. All three firms now have dedicated headquarters in Hong Kong complete with their own sale rooms. The facilities are in very different parts of the city: Christie’s and Sotheby’s are in the main commercial center, while Phillips has a prime spot in the West Kowloon Cultural District, where the M+ museum is located.