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Industry paints a rosy picture
update on Thursday, May 26, 2011

Arts and culture

Several commercial galleries have recently opened in Hong Kong, recognising the city as a major art hub with a liberal tax regime that favours collectors.

In terms of auction sales turnover, Hong Kong is the world’s third largest art market, after New York and London. Sotheby’s, Christie’s, Bonhams and Seoul Auctions have established their offices in Hong Kong and hold regular  auctions in the city.

The development of the West Kowloon Cultural District is expected to create jobs in all aspects of arts administration, as well as curating, marketing, education, art handling and conservation.

Companies planning to get into the art industry look for candidates who have good language skills and relevant experience. Employers prefer local candidates who were educated overseas and have worked in the art sectors in New  York or London.

There are, at present, inflationary pressures on commercial art industry wages in Hong Kong as demand is outstripping supply of candidates with the right skills set. As new businesses look to engage with a wider market in Asia,  demand will continue to exceed supply in the foreseeable future.

Magnus Renfrew, fair director, ART HK 11

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