Through Art Market & You, Art From Us provides you Analysis, Opinion and Factual Reports regarding the current on-goings of the Global Art Market. In this article, we explore the cancellation of Art Basel Hong Kong 2020.
Our Director Divvya Nirula presents reports from the international art market with the view to assist our collectors, investors, and all lovers of art.
The novel Coronavirus (COVID-19) broke out in China towards the end of 2019. With Wuhan as its ‘epicenter’ the virus has spread across the globe. First shutting down corporations and cities, and subsequently entire countries. Life as we know it has ceased to exist. People are locked away in their homes. Consequently, the stock market is in limbo. This has brought about a virtual crash in the global economy. Further, governments have imposed country-wide lockdowns. Medical professionals are running helter-skelter to contain the pandemic. Right now even the availability of basic necessities is in question. Therefore, the luxury sector of course takes a massive hit.
The team and I have thus compiled a list of rescheduled and cancelled art events. These events are from across the globe. Coronavirus has certainly caused a great deal of damage in the art world.
Art Basel Hong Kong
In early February the MCH Group announced the cancellation of Basel Hong Kong. The fair which was scheduled from 19th – 21st March, 2020. The decision was made after considering the serious health risk posed by the virus. In the statement, fair authorities also promised exhibitor’s a refund of 75% of the booth fees and other compensation. Despite this, financial loses to all participants are inevitable.
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