Perrotin, the prestigious international art gallery, has announced plans to relocate its Hong Kong gallery from its current location to the Central district. The move is being made to enhance accessibility for visitors and reduce operational expenses, according to the gallery's statement.
This strategic relocation comes just one week after Pace Gallery made headlines by announcing the closure of its Hong Kong space entirely. Pace cited that the location "was no longer servicing us" as the primary reason for shutting down operations in the city. The timing of Perrotin's announcement suggests a broader shift in how international galleries are approaching their Hong Kong presence amid changing market conditions.
The art market landscape in Hong Kong has faced significant challenges recently, as evidenced by auction results and gallery operations. Major auction houses Christie's, Phillips, and Sotheby's collectively generated $136 million in their Hong Kong evening sales, though the results pointed more toward establishing a new normal rather than indicating a hoped-for market rebound. This cautious market environment has prompted galleries to reassess their operational strategies and costs.
While Pace is completely withdrawing its gallery presence from Hong Kong, with plans to maintain only an office in the city, Perrotin's decision to relocate rather than close entirely demonstrates a different approach to navigating the current challenges. The gallery's final exhibition at Pace's Hong Kong location featured works by Alejandro Piñeiro Bello before the closure.
The broader Hong Kong art ecosystem continues to evolve amid economic uncertainties in China. As one Hong Kong-based art adviser Alexandre Errera noted, "Generally speaking, confidence is the key word" when discussing the future of the city's art market. The infrastructure supporting the art world in Hong Kong is also expanding, with plans for a standalone art storage facility at Hong Kong's International Airport, first announced in 2022 as part of measures to attract family offices to the region.
