|Art Basel in Hong Kong: What to know before you go|
Art Basel in Hong Kong has made it to its second year. 2013 marked the first year of Art Basel in Hong Kong, with 60,000 visitors and 245 participating galleries.
The approximate 50:50 split between Asian and Western exhibitors at the fair highlights the global interest in the Chinese art market, which comes as no surprise given China’s ranking in 2013 as the world’s second largest art market by value. Approximately 70% of that value has been produced by art sales in the auction sector, with the remaining 30% coming from the gallery and private sector.1
This year’s Art Basel in Hong Kong is taking place from 15-18 May. There will be six show sectors offering a diverse collection of artworks, including pieces by established artists, newly emerging artists and curated projects. Galleries from Asia, Europe, North America, Latin America and Africa will make up the impressive list of participants. For art collectors visiting Art Basel there are terms of sale, tax, shipping, storage and insurance issues to consider before purchasing art at the fair.
As with all art purchases, art collectors purchasing at Art Basel should insist on more than an invoice from the galleries from whom they are purchasing art. The gallery selling the work should represent and warrant in writing to the purchaser that the work is authentic and that good and marketable title to the work is being transferred to the purchaser free and clear of all liens, claims and encumbrances.Please login or register to see the full article