Millionaires are leaving Hong Kong, but its art scene is booming

The number of millionaires in Hong Kong has fallen by 4% in the last decade, according to Henley & Partners’ World’s Wealthiest Cities Report. However, one sector in the city is showing great promise - art. The Hong Kong Art Gallery Association recorded a 27% increase in member galleries between 2021 and 2023 and the world’s largest auction houses are upsizing to meet demand. CNBC spoke to rising artist Mak2 at Art Basel Hong Kong to learn more.
#CNBC #ArtofAppreciation #HongKong #Art
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[@aliali-ce3yf]

Its gotta be a front for money laundering.

[@bon3beats]

exactly

[@kwokmingng4548]

👆no wonder the West is lossing thier honor and credibility

[@johnnyng8527]

There u go

[@alexchou4945]

Front for money laundering?

[@BULLSHXTYT]

International crime center

[@kwokmingng4548]

no wonder the West is lossing thier honor and credibility

[@malindy978]

Can I say that the one of the reasons why so many art exhibitions hold in Hk in recent years, because the Hk government have the intend to build it so called “international Art hub”. Thats why they spend lots of money to promote now

[@michaell4034]

So is this about millionaires are leaving or art scene is booming????? WTF!

[@SeanPan-it3jm]

Billionaires stay。

[@dinglshingle]

millionaires aren't really the "rich" of HK. when you look at real estate in HK it's apparent that one 2bedroom apartment can sell for over a million easily. so basically, it was just regular HKers moving out abroad which isn't anything new since 2019

[@Insane2daCore]

I feel like ai art needs its own separate category to not be confused with non ai digital artists.

[@HardyMung]

I am a millionaire, but I am not leaving Hong Kong. Stop misleading people.

[@---zg7ex]

just another way to convert RMB to HKD or USD

[@___beyondhorizon4664]

It doesn't seem to relate to the current state of economy in the region.... Young rich collectors? They would be buying real estate

[@malindy978]

Yup , I am wondering why the Hk government want to develop art industry now? In fact, they didn't put much resources in art development in the past.

[@JCB671]

I wonder where's everyone going??? I just watched a video about millionaires are leaving Canada.

[@ernestkj]

If art is booming, it simply means more is either coming in or going out..

[@Clever_thought]

The solution is to increase penalties both from Airbnb/rental websites and the law.

[@anyonename8067]

money laundering

[@SEEZEE]

The art behind him on the left is something elementary school kids draw 🙄

[@samsplayground8646]

😂

[@333Hedgehogs]

Typical comment from someone who isn't very...

[@MAZZ007]

The guy who stands at the freeway exit asking for a dime said the same thing.

[@qxin1130]

Everything is a remix…haha 😂

[@user-mx3hu5lm7q]

when art becomes woke

[@ilaphroaig]

Was looking for the thumb art with the plates. Didn't see them in this video. What a shame.

[@halfacig]

It’s at 2:03 the bottom of a seal :)

[@ilaphroaig]

@@halfacig No, I meant the blue/white dishes with faces on them.

[@snowcountry322]

More and more art galleries r flocking to Seoul and Tokyo. Not HK.

[@Giles20]

Nah, HK is better than those cities when it comes to art.

[@battlegrand2557]

what？

[@stephenshih2666]

Stop insulting our common sense