A new map of the Asian art market is emerging

One such gallery, the Shanghai-based Antenna Space, is part of a new wave of locations opening in Hong Kong this month. The Beijing-based INKstudio will also open in the heritage-arts destination Tai Kwun, the city’s former Central Police Station compound.

These developments signal the resilience of the city and the region as a whole. Outside Hong Kong, Southeast Asia is gradually assuming a larger role in the regional market, with Jakarta and Bangkok in particular drawing increased attention from both auction houses and private collectors. Lin says Sotheby’s is watching Thailand’s burgeoning art scene closely, citing the recent opening of the private museum Dib Bangkok by the young collector Purat ‘Chang’ Osathanugrah as a notable development.

‘This is a unique moment of excitement for Thailand,’ says Dr. Miwako Tezuka, Director of Dib Bangkok. ‘So many private entities are starting to open their own spaces, such as Bangkok Kunsthalle and Khao Yai Art Forest, and soon deCentral will open – there is organic growth that is building up momentum.’

Confidence is steadily returning to Asia with the development of new art centers and a sophisticated collector base that is increasingly discerning with a global outlook. ‘Since last year, we’ve seen quite an optimism in the market,’ Ma affirms. ‘Before, there was a lot of waiting and seeing, but now it’s go time.’