Asia Art Weekly News Bulletin – ISSUE 5 Week of 10 March 2025
(1) Global art market slumps as Chinese auction sales plummet
The global art auction market experienced a significant decline, particularly in China, as economic uncertainty and decreased collector confidence led to reduced sales across major art hubs.
(2) More than 16,000 people visit Hong Kong’s M+ museum for free as part of Art March
Some visitors say all museums in West Kowloon Cultural District should offer free entry and M+ should hold such days more often.
(3) Hong Kong family behind Vitasoy donates HK$100 million to CUHK art museum
Lo Kwee Seong Foundation helps fund new 1,770 square metre extension to museum in bid to bolster city’s status as cultural exchange hub.
(4) HK’s French May Arts Festival returns with more than 60 arts and cultural events
The 2025 French May Arts Festival in Hong Kong will showcase over 60 diverse arts and cultural programmes from 15 March 2025 to 13 July 2025.
(1) Global art market slumps as Chinese auction sales plummet
(Photo Credit: Ben Stansall/ AFP)
Artprice, a France-based consultancy which aggregates auction data from around the world, reported that the total value of art sold in 2024 dropped to US$9.9 billion, the lowest level since 2009. Major art hubs such as New York, London, and Paris also recorded significant decreases, with New York down 29 percent and London down 28 percent.
The Chinese art market shrank to US$1.8 billion from US$4.9 billion in 2023, highlighting the weakness of the world’s second-largest economy. The value of Pablo Picasso sales fell to US$223 million, down from US$597 million in the previous year, indicating a broader decline in auction activity since 2021.
The steep fall in the art market has been linked to various global factors, including wars in Ukraine and Gaza, significant elections, and rising interest rates. Additionally, the slowing Chinese economy has faced challenges from a debt crisis in its real estate sector. Despite these declines, the overall number of auction sales increased, particularly for works priced at US$50,000.
News Source: https://bilyonaryo.com/2025/03/10/global-art-market-slumps-as-chinese-auction-sales-plummet-data/fine-works/
(2) More than 16,000 people visit Hong Kong’s M+ museum for free as part of Art March
(Photo Credit: SCMP)
Hong Kong’s annual Art March festival drew a large crowd to the West Kowloon Cultural District, with the M+ museum offering free admission to entice visitors. Many attendees, including locals and tourists, appreciated the opportunity to explore the museum without the usual entry fee, which sparked discussions about the potential for broader access to other cultural venues, such as the Hong Kong Palace Museum. Families and individuals alike expressed that free admission provided a valuable chance to engage with the arts, particularly beneficial for children and those developing an interest in creative pursuits.
Visitors noted the generally manageable crowd size despite the free entry, allowing for a more relaxed experience within the museum. Some attendees found inspiration for their work during their visit, highlighting the artistic influence that such events can have on individuals and their creative processes.
The festival’s emphasis on accessibility to the arts raised questions about the availability of free entry at other museums, with some visitors feeling that all cultural institutions should participate in making art more accessible to the public. This sentiment was echoed by students and young travellers who expressed a desire for a vibrant cultural atmosphere that includes free access to all exhibitions. The Art March festival, part of the broader “Hong Kong Super March” initiative, aims to enhance local engagement while attracting tourists through a diverse array of cultural events.
News Source: https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3301693/more-16000-people-visit-hong-kongs-m-museum-free-part-art-march
(3) Hong Kong family behind Vitasoy donates HK$100 million to CUHK art museum
(Photo Credit: SCMP)
A prominent family behind three local businesses, Vitasoy, Café de Coral, and Fairwood has donated HK$100 million to the Chinese University of Hong Kong to expand its art museum, aiming to enhance the city’s role as a hub for cultural exchanges. This expansion, funded by the Lo Kwee Seong Foundation, will add 1,770 square metres to the museum and is set to open next month. The foundation’s chairman, Peter Lo Tak-shing, emphasised the importance of universities as melting pots for academic exchanges, highlighting that an academic-focused museum can more effectively integrate research, curation, and promotion.
The new Lo Kwee Seong Pavilion will include the Harold and Christina Lee Gallery, made possible by a significant donation from another local family. The extension will feature a café, bookshop, rooftop space, and artists’ studios, creating a versatile environment that caters to both arts and scientific research students. Joy Lo Cheung, the foundation’s grants chairwoman, noted the potential for the museum to develop scholarship research and engage with international audiences through digital media and collaborative educational programmes.
Professor Josh Yiu Chun-chong, the museum’s director, described the pavilion as a space designed for mindfulness and cultural activities, encouraging connections among students and the university community through shared appreciation of the arts. The pavilion’s opening exhibition will feature a collaboration with the Shanghai Museum, showcasing the lifestyle of affluent literati from a significant historical period. This ambitious exhibition aims to draw both local and international visitors, furthering the university’s integration with society and supporting the city’s artistic aspirations.
News Source: https://www.scmp.com/news/hong-kong/society/article/3301661/hong-kong-family-behind-vitasoy-donates-hk100-million-cuhk-art-museum
(4) HK’s French May Arts Festival returns with more than 60 arts and cultural events
(Photo Credit: SCMP)
The French May Arts Festival in Hong Kong is returning for its 2025 edition, running from 15 March 2025 to 13 July 2025. This year’s festival features over 60 arts and cultural programmes, encompassing various forms such as art, cinema, music, dance, theatre, and gastronomy. The theme, “Vive L’art – In Art We Live,” launches with the significant exhibition “Picasso for Asia – A Conversation” at the M+ museum, showcasing a collection of works by Pablo Picasso alongside pieces from Asian and Asian-diasporic artists.
Established in 1993, the festival has become a vital part of Hong Kong’s cultural landscape, attracting more than 20,000 visitors each year. It offers a diverse array of artistic expressions, from heritage and contemporary art to classical music and hip-hop dance. The festival’s programmes are accessible across various cultural venues, public spaces, and shopping malls, making art available to a broad audience.
Among the highlights of this year’s festival are the immersive “Picasso for Asia” exhibition, the French GourMay food and wine festival, and a street parade inspired by the Belle Époque period. Additional events include live performances by cellist Gautier Capuçon and the Hong Kong Ballet’s rendition of “Giselle.” The festival aims to enrich the cultural experience in Hong Kong, celebrating both visual arts and culinary traditions.
News Source: https://www.lifestyleasia.com/hk/whats-on/events-whats-on/french-may-arts-festival-2025-hong-kong-programme-details/
