Gallery shake-out expected in Hong Kong in 2011

HONG KONG ART GALLERY ASIAN ART MARKET

Unnamed sources from several local art galleries in Hong Kong have mentioned that business is difficult and they are considering their options for next year. Particularly affected are new and themed galleries. Hong Kong currently has over eighty galleries.

A gallery shake-out is expected in Hong Kong in 2011 as a number of art spaces announce tough times.

One gallery manager disclosed to Art Radar that it is increasingly difficult to get people to come to exhibition openings and that people are not buying artwork despite the fact that many artists have dropped their prices.

One source disclosed that they are considering giving up their space and working through art fairs and by appointment only. The source said that fifty percent of their sales are made over the Internet to regular collectors with an established relationship with the gallery.

A long-established dealer has said that 2010 has been the worst year for sales since opening the gallery over 15 years ago.

The difficulties are not just because of reduced demand for artwork. Money from mainland China has caused property prices ro rise sharply in the last two years in Hong Kong, driving up rents.

KN/KCE

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