HK event shows Chinese collectors' rising power in art

Walking through the buzz-filled hall at the Hong Kong Convention and Exhibition Center, Al Brenner - the chief executive of online art market information provider Mutualart.com - is impressed by the energy the Asian market shows towards contemporary artworks.

"It's my first time in Art Basel Hong Kong. Compared to the fairs in London and New York this year, I was surprised to find the art fair here is doing so well. As you can see, the dealers have brought some of the best works here, and they are selling well," he told China Daily while pointing at an installation from Hauser & Wirth's booth called Water in the Ears Puts Guards at the Gates, with an estimated seven-figure or more US dollar price tag.

Art Basel is an international contemporary art fair with three shows staged annually - in Basel, Switzerland; Miami Beach in the United States, and Hong Kong.