Hong Kong's art market struggles, collectors shift to Singapore

Pearl Lam is a well-known art gallerist in Hong Kong. She has been influential in the region for many years. Lam believes the current art market is very slow and warns that this downturn feels serious. In response, she plans to reduce her participation in art fairs this year and is waiting for a better time to open her new gallery in Hong Kong's Central district. Lam observes that new collectors in China want to own what is popular in the West. They often try to outdo each other by buying bigger and more expensive pieces. This trend shows how the art market is changing in response to the preferences of younger collectors influenced by their studies abroad. The political and social changes in Hong Kong over the last decade, including protests and the COVID-19 pandemic, have affected the art world. Many companies are leaving the region, leading some art activity to shift to Singapore. Although Lam acknowledges Singapore's growth, she remains skeptical about its long-term potential without significant investment in cultural institutions. Lam values strong museums and institutions in supporting great collectors and artists. She believes that for the art scene to thrive, it requires more state support, which she feels is lacking in Singapore. She points to Hong Kong's M+ museum as a model for success. Having worked in both Hong Kong and Singapore, Lam has seen how the art market has evolved. Prices for Chinese artworks soared after a major auction in New York in 2006. However, she feels that interest in Chinese art has declined in recent years, partly due to growing tensions between the US and China. Lam has also adapted her focus to include more artists from Africa. She enjoys learning about different art styles and cultures. With a busy travel schedule, she stays active in the art scene worldwide and hosts events. She has even started her own podcast, showcasing conversations with collectors and artists. Despite the current challenges in the art market, Lam's enthusiasm for art remains strong, and she continues to explore new opportunities.