Art logistics and storage companies are expanding in Hong Kong with an eye on the Greater Bay Area market, following the government’s pledge to make the city a world leader in the art trading sector.
Art logistics and storage companies are expanding in Hong Kong with an eye on the Greater Bay Area market, following the government’s pledge to make the city a world leader in the art trading sector. Crozier’s storage space across three locations in the city increased from about 60,000 square feet (5,600 square metres) to 95,000 square feet last year, Ken Ng, general manager of the American company’s Hong Kong arm, told the South China Morning Post.
“It’s a 50 per cent growth in size, which reflects Crozier’s confidence in the Hong Kong art market,” he said, highlighting the company’s new Tsing Yi space which opened towards the end of last year and cost tens of thousands of Hong Kong dollars to renovate.
While the market had seen fluctuations over the past year or so, the firm still considered it a good time for expansion because of the relatively affordable rent and the city’s proximity to the bay area, a market with significant growth potential, he said. The facility in Tsing Yi uses a round-the-clock, fully automated, museum-standard climate control system that integrates temperature and humidity control. According to Ng, the system cost four times that of a standard air-conditioning system and was one of the things that the company had invested in to meet international standards, besides other upgrades in fire safety and heat insulation.
Local firm Eythos is also growing amid the government push. Keywords include Tsing Yi, West Kowloon Cultural District, M+ museum, Art Basel Hong Kong, Rosanna Law Shuk-pui, Lewis Cheng and John Lee Ka-chiu.