Two of the world’s biggest art galleries have announced the closure of their respective Hong Kong outposts as major players reassess their global footprint amid a multi-year slump in the market.
Pace Gallery, which represents artists such as Yoshitomo Nara, David Hockney and the estates of Agnes Martin and Mark Rothko, will close its space in H Queen’s, in Central, after seven years, following the end of its final exhibition by Cuban artist Alejandro Piñeiro Bello on October 18.
On the other side of the harbour, Perrotin moved out of its gallery at K11 Atelier Victoria Dockside on October 1 after six years in the space.
Both companies say they will maintain an office in Hong Kong and relaunch a gallery in the city in the future, but have left the timing open-ended.
The global art market has suffered a multi-year slowdown that began in 2022. In 2024, it experienced a 12 per cent fall, according to the most recent Art Basel and UBS Art Market Report.
In Hong Kong, the impact is most obvious in the auction market, where transactions hit an eight-year low this autumn.
