Hong Kong’s whirlwind art month may have wrapped in March, but after a welcome pause in April, the city’s cultural calendar is already gearing up again.
For anyone who previously left empty-handed, the Affordable Art Fair Hong Kong (AAF) offers a second chance. This year’s theme, “See Art. Love Art. Own Art.”, says it all – an invitation to move beyond admiration and into acquisition.
Prices start at just HK$1,000 (US$128) and with 106 local and international exhibitors – up from 98 last year – the range promises to be broader than ever.
While record-breaking prices are usually what make the headlines, the real heart of the art market is transactions below the US$50,000 mark. This tier is where most market activity really happens, according to “The Art Market Under $50,000” report, presented by Affordable Art Fair × ArtTactic. The report states that 69 per cent of galleries expect sales growth this year, and art fairs remain a powerful discovery tool for collectors, constituting 44 per cent of gallery revenues.
“The results are clear. Confidence in the under US$50,000 tier is growing,” states Will Ramsay, the Affordable Art Fair founder and CEO. “When I launched Affordable Art Fair in London’s Battersea Park in 1999, it was with the aim of making art accessible to all. Here is the proof that the fairs have helped to create a stable and adaptive market, meeting the demands of collectors to see art in person, establish trusted gallery connections and buy with confidence.”
Lower price points make the fair a natural entry point for new collectors, and galleries are keenly aware of this. Joshua Su, founder of Hong Kong-based Toyol Gallery, sees the event as both a launch pad and a reunion.
“It’s a great opportunity for us to meet new collectors who want to kick-start their collecting journey and also reconnect with our long-standing collectors,” says Su. “AAF helps to bridge the gap for aspiring collectors wanting to understand more about the various mediums and genres of art. It helps collectors navigate Hong Kong’s diverse and well-developed art market, which can seem intricate and intimidating from a glance.”
