CreatripTeam

In recent developments, Hong Kong, once a dominant force in the Asian art market, is witnessing a decline. Major global galleries such as Pace and Perrotin are closing their branches in Hong Kong mostly due to market downturns and geopolitical issues, though they maintain some presence for future recovery. The retreat comes as China faces an economic slowdown, affecting art purchases. Consequently, Seoul and Tokyo are emerging as alternative art centers, evidenced by rising attendance and sales figures at events like KIAF- Frieze Seoul. Additionally, Southeast Asian countries like Indonesia are gaining prominence in the art scene.