The Hong Kong and Mainland China Modern and Contemporary Art Market is experiencing a transformative phase, establishing itself as a prominent global art centre. Despite a significant 33% decline in auction sales by value during 2024, the market demonstrates remarkable resilience, with its global market share doubling from 7% in 2015 to 14% in 2024, making it the world’s third-largest art market after London.
To shed light on this growth, Mishcon de Reya produced in collaboration with ArtTactic, an international art market analysis firm, a new annual art market report focused on Hong Kong and Mainland China. This analysis encompassed over 32,000 lots from top auction houses over the past ten years. The findings reveal a shifting landscape driven by dynamic growth that is not merely a reflection of numbers; it signifies an evolving narrative of creativity, cultural exchange, and innovative engagement with art.