With the city’s edition of Art Basel just a few weeks away, global auction houses such as Sotheby’s and Christie’s are bringing back in-person VIP events.
They’re also gearing up for the return of wealthy mainland Chinese patrons, who mostly stayed away during the global health crisis due to travel restrictions.
The social gathering of Hong Kong’s well-heeled - one among the many being held in the run-up to the event - is the latest sign of normalcy returning to a city that just a few months ago had some of the strictest quarantine policies and social distancing measures. Lai said her social life has lit up ever since China reopened its borders. She has attended four VIP parties in two weeks, compared with just two in the whole of last quarter.
The city will be hosting a series of events in coming months, including the sold-out Clockenflap music festival scheduled for early March. About 69% of collectors still prefer to make purchases at a physical exhibition at a gallery or a fair instead of online, according to the Art Basel & UBS report. Christie’s is lining up in-person dinners where it typically brings about 50 VIP clients together as the company prepares for its Spring auction and Art Basel. It also plans to organize activities in Shanghai and Beijing, marking its 10th anniversary of its first sale in China.
Such events also help with sales of less-known work, furniture, sculptures and Asian classical art, objects people prefer to see up close, Belin added.
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