With Asian markets rising and a talented pool of applicants eager to move to world cities around the globe, most Fortune 500 Companies are setting up offices in major Asian cities like Hong Kong, Singapore, and Taipei. That means that there has been a big jump in high-paying executive jobs in these locations, and where there’s money, there will eventually be an arts and culture scene. Hong Kong is emerging as one of Asia’s major hubs for the arts and culture. It was only a few decades ago that the city was considered to be virtually destitute in the arts scene, and now major exhibitions are popping up all over the city. This change in the Hong Kong art scene has a significant impact on real estate, for buyers, sellers, and renters.
Hong Kong is currently the third largest art market in the world. The Wall Street Journal* recently reported that Hong Kong has emerged as a major global arts marketplace, as evidenced by art auction show sales statistics and Hong Kong’s recent hosting of the most important art show of the year in Asia, Art Basel Hong Kong. However, Hong Kong could now push past its current popularity as a place to simply buy and sell art and eventually become a major art city like Paris and New York, where art is not just sold but actually produced.
A growing numbers of art collectors and private investors flock to the growing art circuit in the city that’s still known by some locals as “the pearl of the Orient.”
The question many business investors are asking is this: what does Hong Kong’s emerging arts scene mean for the city’s real estate market?
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* On March 5, 2015, Wei Gu’s article Can Hong Kong Become Asia’s Arts Hub? appeared in the Wall Street Journal. Wei Gu is the Editor of China Wealth and Luxury and Head of Original Reporting for CWSJ., The Wall Street Journal.