On the Block

Major international houses are expanding their physical presence in Hong Kong as the Asian art market continues to grow. What does this mean for the future of collecting?

By Aaina Bhargava

Alex Branczik is as elated as he is exhausted. Sotheby’s Asia’s senior director and chairman, modern & contemporary art, has a lot to be pleased about. Following a buzzy, event-filled Art Week hailing the return of Art Basel Hong Kong and international visitors, Sotheby’s spring marquee sales, which took place in April, hauled in HK$3.71 billion, and set 21 new auction records. Although it wasn’t anywhere near the HK$10 billion the auction house made from its record 2021 sales, it was still considered a post-pandemic victory and a cause for celebration. In fact, the pandemic seems to have had little negative effect on the art world or market. “The market was really robust in 2021 and 2022,” notes Yuki Terase, Sotheby’s former head of contemporary art, who now heads up…

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Tatler Hong Kong (Digital) - 1 Issue, June 2023

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