Hong Kong: Asia's New Art Capital?

With the city's first Art Basel event, Hong Kong is cementing its status as one of the world's leading art centers.

Since May 2, visitors to Hong Kong's Victoria Harbour who have come to take in the stunning view of the city's skyline and mountainous backdrop have been greeted by an eye-catching addition: a 16.5-meter-tall inflatable rubber duck bobbing in the bay. The aptly named Rubber Duck Project, set free by Dutch artist Florentijn Hofman, is part of the city's massive art week — month, really — currently underway.

Hofman's duck alludes to a deeper point. During Hong Kong's manufacturing heyday in the 1970s, rubber ducks of the bathtub variety were a major revenue generator for the city. Today, the blown-up version plying the harbor heralds the arrival of a different market force: modern art. And Hong Kong's presence in this mega-market is growing by the year — boosted now by the kick-off of the first, hotly anticipated Art Basel fair.

"The turnout at this time of year has always been strong; however I think that the buzz around Art Basel Hong Kong will have a significant effect on the caliber of international collectors," Mark Saunderson, co-founder of the Asia Contemporary Art Show, told The Diplomat.

"The arrival of the international 'big boys' has changed the landscape from sleepy Chinese contemporary backwater to one of the most exciting frontiers for art. The market is in the East."

Hong Kong is the world's third-largest art market in terms of auction sales. The number of visitors streaming through the doors at the ART HK event — taken over and replaced by Art Basel — is an indicator of recent growth. In 2008, ART HK's first year, 19,000 showed up. By 2012, the number had jumped to 67,000. This year is likely to continue the trend.