Hong Kong‘s worldwide airport could have an artwork storage facility that can open later this yr or early subsequent yr, reports the South China Morning Post.
The temperature-controlled facility shall be a part of a “complete system for household workplaces” within the metropolis, based on Jason Fong, the worldwide head of household workplace at InvestHK. InvestHK is a authorities division accountable for overseas direct funding.
Information of the artwork storage facility was first unveiled by Chief Govt John Le Ka-Chiu in October 2022, as a part of eight measures meant to draw no less than 200 massive household workplaces by the top of this yr. The ability is the final of the eight measures unveiled greater than two years in the past to be carried out by the federal government, forming part of a complete ecosystem for household workplaces to arrange in Hong Kong, Fong stated.
“Many rich households have collected artwork to ascertain their household legacy,” Fong instructed the South China Morning Put up. “This may enable them to retailer their assortment in a safe and temperature-controlled facility.”
Lok Yim, regional head of world non-public banking for Asia-Pacific at HSBC, stated a complete art-storage facility with accessible, high-quality artwork logistics providers close to the airport was essential to elevating Hong Kong to turning into a top-tier artwork hub globally.
“The initiatives will additional solidify Hong Kong’s place as a number one hub for each household workplaces and the humanities,” Yim instructed the South China Morning Put up. “Increasing fashionable storage capabilities not solely helps artwork financing but in addition permits household workplaces to handle high-value artwork collections extra successfully.”
In January, the Airport Authority Hong Kong announced an airport city with the brand “Skytopia.” Along with the standalone artwork storage facility, it should embrace a marina with a capability of 500 berths, accommodations, markets, and an indoor efficiency venue for 20,000 folks.
Whereas there are different artwork storage suppliers in Hong Kong, Fong these services insufficient.
“Abroad consumers can fly to Hong Kong to examine artwork on the airport-storage facility, negotiate a take care of the sellers and take it again with them,” Fong instructed the South China Morning Put up. “A deal might be achieved inside hours, which can improve Hong Kong’s function as an art-trading centre. Excessive safety and a snug setting, mixed with the flexibility of our airport to deal with particular cargo safely and effectively, shall be reassuring for world artwork collectors.”
Hong Kong had a 50 % improve in artwork buying and selling in 2022, based on the latest Artwork Basel and UBS Survey of International Accumulating report. Imports of artwork and antiques into the Asian metropolis grew to a file US$30.7 billion in 2022. By comparability, exports rose to US$33.4 billion, the second-highest stage.
The Artwork Basel and UBS report additionally stated that 69 % of people within the metropolis with investible belongings of $1 million or extra bought new works.
“Along with Artwork Basel, our initiatives underscore Hong Kong’s function as a worldwide cultural hub, the place custom meets modernity and native tales resonate globally,” Amy Lo Choi-wan, UBS’s Asia chairman of world wealth administration, stated in a speech at Art Basel Hong Kong on March 28.
