Beijing's tightening of capital controls and caps on overseas withdrawals hasn't slowed the spending of mainland Chinese buyers with homes and bank accounts in Hong Kong and elsewhere. The first VIP preview day of Art Basel Hong Kong was more crowded than in previous years, and galleries brought out their top tier works. Such contrasts were evident throughout Hong Kong's Art Basel week, when collectors, curators, private museums owners, and museum directors descended on the city for the annual pilgrimage to clink glasses of champagne and Kool-Aid. But it wasn't just art that drew a crowd to this year's event. One French gallerist was overheard complaining about the aggressive bargaining that comes with doing business in Hong Kong.
Beijing's tightening of capital controls and caps on overseas withdrawals hasn't slowed the spending of mainland Chinese buyers with homes and bank accounts in Hong Kong and elsewhere. The first VIP preview day of Art Basel Hong Kong was more crowded than in previous years, and galleries brought out their top tier works. But it wasn't just art that drew a crowd to this year's event. One French gallerist was overheard complaining about the aggressive bargaining that comes with doing business in Hong Kong.