The fate of the art fair, which drew 88,000 people last year, hangs in the balance, with many dealers and collectors saying they won't attend the eighth edition of Art Basel over fears of the coronavirus.

On Thursday, the fair's organizers sent out a letter to dealers, saying it is «working hard to review all possible options» for the fair that is scheduled to open to VIPs on March 17 at the Hong Kong Convention and Exhibition Centre. According to «Art News», Noah Horowitz, director Americas; Adeline Ooi, director Asia; and Marc Spiegler, global director, said the fair was worried about its exhibitors’ safety, but that calling off the event would be a complex and arduous process.

An emergency meeting was held between organizers and stakeholders in Basel on Thursday to decide the fate of the fair, recognized as the premier art event in Asia, but multiple dealers and two sources said they expect the fair to be canceled, according to art industry newsletter «The Canvas», published on Thursday, which also quoted numerous dealers saying they would not participate either way, as collectors are also avoiding travel to Hong Kong.

«As long as the protests weren't violent, I very much felt that we owed it to the fair and the community in Hong Kong to participate. However, the new virus has changed everything. As public gatherings are being suspended throughout Asia, I think it would be irresponsible to hold the fair,» a «prominent dealer» told the publication.

Public Health Emergency

Dealers said Art Basel organizers were waiting on the World Health Organization's emergency meeting on Thursday evening to see if the outbreak would be declared a public health emergency before making a decision, which it was. This makes it more likely that the fair would be reimbursed by insurers for costs already incurred, «The Canvas» said. 

Earlier this week, Hong Kong closed schools till February 17 and museums indefinitely, and there have been widespread cancellations of flights into Hong Kong itself, with severely restricted transport to the mainland.

UBS – the lead sponsor of Art Basel – has also barred its employees from travel to China and ordered its 2,500 employees in Hong Kong to work from home for the time being.

Death Toll Rises

As of Thursday evening, the death toll reached 213 and confirmed cases grew by 1,982 to 9,692, according to China’s National Health Commission.