Hong Kong‘s worldwide airport can 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 places of work” within the metropolis, in response to Jason Fong, the worldwide head of household workplace at InvestHK. InvestHK is a authorities division answerable for international direct funding.
Information of the artwork storage facility was first unveiled by Chief Government John Le Ka-Chiu in October 2022, as a part of eight measures meant to draw no less than 200 giant household places of work 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 places of work to arrange in Hong Kong, Fong mentioned.
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“Many rich households have collected artwork to ascertain their household legacy,” Fong informed the South China Morning Publish. “This can enable them to retailer their assortment in a safe and temperature-controlled facility.”
Lok Yim, regional head of worldwide non-public banking for Asia-Pacific at HSBC, mentioned a complete art-storage facility with accessible, high-quality artwork logistics companies close to the airport was essential to elevating Hong Kong to changing into a top-tier artwork hub globally.
“The initiatives will additional solidify Hong Kong’s place as a number one hub for each household places of work and the humanities,” Yim informed the South China Morning Publish. “Increasing trendy storage capabilities not solely helps artwork financing but in addition permits household places of work 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 can embody a marina with a capability of 500 berths, lodges, markets, and an indoor efficiency venue for 20,000 individuals.
Whereas there are different artwork storage suppliers in Hong Kong, Fong these amenities insufficient.
“Abroad patrons 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 informed the South China Morning Publish. “A deal may very well be accomplished inside hours, which can improve Hong Kong’s position as an art-trading centre. Excessive safety and a cushty atmosphere, 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 p.c improve in artwork buying and selling in 2022, in response to the latest Artwork Basel and UBS Survey of World Amassing report. Imports of artwork and antiques into the Asian metropolis grew to a document US$30.7 billion in 2022. By comparability, exports rose to US$33.4 billion, the second-highest degree.
The Artwork Basel and UBS report additionally mentioned that 69 p.c 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 position as a worldwide cultural hub, the place custom meets modernity and native tales resonate globally,” Amy Lo Choi-wan, UBS’s Asia chairman of worldwide wealth administration, mentioned in a speech at Art Basel Hong Kong on March 28.
