Art Basel Hong Kong logs seven-figure deals and crypto sales amid global market rebound

Art Basel Hong Kong recorded multiple seven-figure transactions and completed its first Ether-denominated sales through a new digital art sector, as the global art market ended a two-year sales decline.

The five-day fair at the Hong Kong Convention and Exhibition Centre drew 91,000 visitors and featured 240 galleries from 41 countries and regions, including Gagosian, David Zwirner, and Tang Contemporary.

David Zwirner sold a 2006 Liu Ye painting for $3.8 million and a 2002 Marlene Dumas work for $3.5 million, according to the fair's website.

The fair's strong results came amid a broader market rebound. According to the Art Basel and UBS Global Art Market Report 2026, global art market sales rose four percent to $59.6 billion last year, with the U.S., U.K., and China accounting for a combined 76 percent of revenue.

https://playful-khapse-3e93c2.netlify.app/

Auction sales climbed six percent to $24.8 billion, driven by high-value works. Transactions above $1 million rose 21 percent year-on-year, while those above $10 million gained 30 percent. Dealer sales rose two percent to $34.8 billion, constrained by rising operating costs.

Zero 10, Art Basel's global digital art initiative, made its Asian debut at the fair, featuring 14 institutions presenting works using artificial intelligence, algorithms, and immersive technology.

Korean digital artist DeeKay Kwon's work I WANNA RUN sold multiple editions at 6 Ether (ETH), approximately $13,000 each, according to his gallery, AOTM. The gallery said the transactions reflect growing collector demand for digital art.

Digital, film, and video art represented three percent of total dealer sales in 2025, up two percentage points from 2024 but still below the five percent peak recorded in 2022, the report said.

Reporters: Zhou Yun, Hui Tsun Ka, Li Ka Yu, Gu Chun Kai

Editor: Wang Yunqi