Art Basel Expands
MCH Swiss Exhibition, the owner of Art Basel and Art Basel Miami Beach, has just signed an agreement with Asian Art Fairs to purchase a majority stake in the Hong Kong Fair ART HK. Art Basel, which has already been developing relationships with Asian dealers and collectors, now gains a solid foothold in the Asian market with this acquisition, which takes into effect July 1, 2011.
The fourth edition of ART HK takes place this month between May 26-29, but in 2012 the fair will shift seasons to occur between Februaru 2-5. The 2012 edition will retain the ART HK name, with Magnus Renfrew staying as director, but “the mid-term goal is to convert ART HK to the Art Basel brand as the the third platform for our leading international art shows,” Art Basel directors Annette Schonholzer and Marc Spiegler said in a press release.
It is now clear that Hong Kong has beaten Singapore for hosting the Art Basel name in Asia and with the big auction firms already centralised their Asian Art sales to Hong Kong, the city becomes the prime art centre of Asia.