It’s no secret that 2024 was a challenging year for the global art market. Asia was hardly left unscathed. Across the continent, people described the mood as slightly muted due to high interest rates, inflation, and geopolitical tensions. Despite market woes, the region remains resilient with many reasons to be optimistic.
January started slowly, but spirits were high in March at Art Basel Hong Kong, which remains the region’s most important fair. Last month, Shanghai’s annual art season also generated significant buzz. There was also increased representation of Asian artists in global art fairs and institutions in the West. And this year saw strong museum exhibitions and biennales open across Asia.
In Southeast Asia, activities in Bangkok stood out. The Bangkok Art Biennale was a success, alongside the opening of collector Marisa Chearavanont’s Bangkok Kunsthalle, a new private institution that took over an abandoned printing house. For its inaugural show, Thai artist Korakrit Arunanondchai left the Brutalist space bare, enveloping it with a cinematic yellow haze instead. Like the fog that shrouded this space, a mist of uncertainty hung over the region, but shafts of light are continuing to pierce through. Below, ARTnews takes stock of Asia’s most important hubs: Mainland China, Hong Kong, Japan, South Korea, and India.
Read more of our “2024: Year in Review” coverage here.