Britain’s White Cube gallery, known as an early champion of artists Damien Hirst and Tracey Emin, launched its Hong Kong branch last week.
Founded in 1993, White Cube has had a long association with Mr Hirst and Ms Emin, the most prominent of a group known as the Young British Artists that emerged in the 1990s
It is the latest Western gallery to open an Asian outpost in pursuit of China’s booming art market.
White Cube has a 557-square-metre space in a new building in Hong Kong’s central business district.
With the opening of its first branch outside Britain, White Cube follows in the footsteps of other British as well as French and American galleries that have set up shop in Hong Kong in recent years.
As their home markets plateau, they are pinning hopes for future growth on Asia, particularly China, where a strong economy has been minting millionaires at a rapid clip.
“Obviously there’s a new generation of collector that is emerging in China,” said Graham Steele, White Cube’s Asia director. But he added that Taiwan and South Korea were also major markets for contemporary art, while Japan, India, Indonesia and Australia had significant pockets of collectors.
China was the world’s biggest fine art market in 2011 for the second year in a row, accounting for 41.4 per cent of global sales of paintings, sculptures, installations, photography and drawings worth £3 billion (€3.6 billion), according to market information provider Artprice.
“On a day-by-day basis, there’s more Chinese collectors coming to London, coming to Miami and Switzerland – coming to the international art fairs – in groups, individually, with artists, with other collectors, with curators,” said Mr Steele. “There’s an amazing level of interest”.
The arrival of White Cube in Hong Kong, a semi-autonomous region of China, underlines the sophistication and increasing influence of the region’s art collectors. Founded in 1993, White Cube has had a long association with Mr Hirst and Ms Emin, the most prominent of a group known as the Young British Artists that emerged in the 1990s.
Mr Hirst, one of the world’s wealthiest artists, is notorious for installations that feature sharks and other dead animals suspended in formaldehyde and human skulls encrusted in diamonds.
One of Ms Emin’s most famous works is a recreation of her dishevelled bed – complete with soiled clothing and empty vodka bottles.
Hong Kong, a major financial centre, has become the centre of Asia’s art business.
It’s the world’s third biggest auction centre after New York and London, driven by demand for art and collectables.
A painting by Chinese artist Zhang Xiaogang sold for $10 million (€12 million) at a Hong Kong auction last year, setting a record for Chinese contemporary art.