Eric Landolt: «Hong Kong’s Art Market Has More Global Reach»
Hong Kong and Singapore have a rivalry over a series of hub ambitions, including in art. According to UBS’ Eric Landolt, the former is the more global market in this regard.
Hong Kong and Singapore are competing on multiple fronts in Asia to become the hub of choice for a myriad of fields including banking and finance, technology as well as art. The two have made various efforts to attract artists and collectors such as the hosting of marquee events like ART SG in Singapore or, more recently, Art Basel in Hong Kong.
«I would say there is rivalry on the art side between the two hubs,» said Eric Landolt, global co-head family advisory, art and collecting at UBS Global Wealth Management, in an interview with finews.asia. «Hong Kong’s art market has more global reach. It hosts the leading global fair in contemporary art. All the major auction houses are expanding there.»
Art Basel recently concluded the Hong Kong edition of its fair, with UBS as its global lead partner once again. It featured 240 galleries from 42 countries and territories, attracting 91,000 attendees, according to a statement. In terms of auction houses, Hong Kong has also seen expansion from the likes of Sotheby’s, with a new art space, as well as Bonham’s which established its Asia headquarters in the city.
Regional Hub
While Singapore lacks the edge as a global market, is also establishing itself as a regional art market.
«Singapore is also very interesting, especially in the Southeast Asia context, with a lot of emerging collectors getting established,» Landolt added.
UBS is also a partner for ART SG, taking on the role for the third consecutive year in 2025.
Young Collectors
According to Landolt, one notable observation he has seen in Asia’s art market is the emergence of young collectors. And this is not only the result of a wealth transfer amongst high net worth individuals, estimated to reach $5.8 trillion by 2030, according to analysis from consultant firm McKinsey.
«In Asia, we are seeing a real appetite and enthusiasm from younger collectors who are eager to explore the art market. This includes not only next generation members of wealthy families but also young self-made entrepreneurs,» Landolt said. «Although this is a trend that applies globally, it is especially pronounced in Asia.»
On April 8, the bank will provide in-depth quantitative and qualitative findings through the release of the «Art Basel and UBS Global Art Market Report 2025».
