Art Basel Hong Kong Dealer Defections and More

The Financial Times has an interesting update on the art market, including some defections and booth reductions at Art Basel Hong Kong. The article notes three galleries have pulled out of the fair, and 15 percent of the dealers are taking smaller booths this year. Not a good sign.

The FT, in the same update states the Frieze now has a new CEO, Paris auction sales are up a strong 22% in 2019, and more info on the UK's anti-money laundering and terrorist financing regulation is, of course, causing confusion.

I can only post the first sentence of the FT update, follow the source link for the full article, it has some interesting and insightful content on multiple art market sectors.

Art Basel confirms that three galleries have pulled out of its Hong Kong fair — Luxembourg & Dayan (London and New York), Tyler Rollins Fine Art (New York) and SCAI The Bathhouse (Tokyo) — after organisers offered extra time for committed exhibitors to pay a reduced withdrawal fee (75 per cent of the booth cost rather than 100 per cent).

Source. The Financial Times 

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