Art Basel Hong Kong, a record online edition

Opt for a modern and contemporary art fair only online. News obliges with the Covid-19 epidemic, it was a first for Art Basel Hong Kong. Two opening days reserved for VIPs, to give priority to real buyers, followed by an opening for all. The novelty of the event clearly attracted many Internet users. But impossible to verify the nature of these.

After the closing this Wednesday March 25, the organization of Art Basel Hong Kong announces 250,000 unique visitors in seven days of fair. This is an unexpected result, three times more than the number of physical visitors (more than 88,000 admissions in 2019), in a country where the Chinese have the reputation of crowding in salons.

But this promising figure is to be taken with caution, as there is a world between those who click to see and those who click to buy. Still, the acquisitions have to materialize. We know that in times of crisis, customers discuss prices and delay paying, or even give up along the way if their bank account melts like snow in the sun. And nobody knows, with the paralysis of transport, by boat or cargo, when the works purchased will arrive safely.

Art Basel Hong Kong having been canceled, the 235 galleries had no other choice than this virtual edition, compensation for a shortfall of a total reimbursement of their stand (75% only). But the impact of this virtual visit in “Viewing rooms” limited to 10 works was not the same for everyone. Between the dithyrambic results of some, and those very mixed, even non-existent of others, who can we believe?

"There are works of the first category that we ultimately did not want to put for this edition, in order to sell them before, through our channels, before the catastrophe of containment happened," explains a Parisian gallery owner. In terms of date, Art Basel Hong Kong was held the worst week. Do you really believe that, at the peak of the pandemic peak, our customers want to decide in one click? The acquisition remains a desire purchase. It follows a training phenomenon. Business goes well when the rest follows. It's the same for other areas of luxury or fashion that suddenly become useless, superficial, since we are at home. ”

More than 2,000 works would have been presented on the online platform, " All with an exact price or a range of prices", specifies the organization of the fair. But not all of them put them on or removed them in order to leave room for negotiation. " The overall value of the works presented has been estimated at more than $ 270 million," we are still told. Everyone knows that the art market is not a transparent field, except that of the auction. If customers choose private sale even in big houses like Christie's, Sotheby's or Phillip's, it's good that they want total discretion.

Art Basel World Director Marc Spiegler points out that for many small and medium-sized galleries, the “ platform offered the first opportunity to explore the approach of an online viewing room and to connect with it. way with potential new customers from around the world, which is especially important today . ” But this new tool he talks about (to be improved by the way!) Is already used via social networks. And we know that for first-time artists, it is difficult to show yourself online when you are not known.

It is therefore especially the large galleries which come out winners from this operation. They have every interest in communicating as much as possible to continue to be visible by the market. The more so as the rumor circulates in an insistent way on the postponement of Art Basel in Basel, planned in June, the biggest fair in the field. "No American will come to Europe before September and all the big merchants will refocus on their market in the United States", explains a European gallery. So, it will be a significant shortfall and will have to hold financially until the start of the school year.

For Art Basel Hong Kong 2020, some brands are announcing results that are hard to believe: up to $ 2.6 million for a Marlène Dumas Chez David Zwirner. And dozens of other 300,000 dollars sold at Hauser & Wirth or Gagosian, two heavyweights on the international market. But nothing tells us that these figures are true, since we will never have access to the names of the buyers. Or that the pieces were not sold before the fair. Transactions are carried out in secret and often reach us through these indiscretions which the market loves ...