Art collectibles have evolved beyond personal enjoyment and lifestyle choices. They have become a key component of investment portfolios, offering opportunities for wealth accumulation and protection. While art is generally considered to have a modest correlation with other asset classes, it is evident that the value and activity of the art market are frequently impacted by broader macroeconomic factors and individual preferences. During periods of turmoil in the global financial market, the art market may experience a decline in trading activity as individuals tend to reduce spending on luxury goods, including art collectibles.

In recent years, the Hong Kong SAR Government has demonstrated a strong commitment to establishing Hong Kong as a premier global hub for family offices (FOs) and wealth management. It has cultivated a dynamic ecosystem to support FOs and ultra-high-net-worth individuals (UHNWIs) through a series of strategic initiatives. To diversify risk and enhance asset growth, these affluent families and individuals are increasingly considering alternative asset classes alongside traditional products. Of these, art and culture hold a particularly prominent position within the FO ecosystem.

With its leading global and regional auction houses and over a hundred art galleries, Hong Kong is playing an increasingly important role in the global art market. In 2023, the total value of trade in art, collectors’ pieces, and antiques in Hong Kong exceeded HK$105.5 billion, marking an 80% increase since 2019^.[1] This remarkable growth not only reflects the city’s commercial strength but also the depth and resilience of its broader art ecosystem. The three fundamental pillars at the heart of this ecosystem support Hong Kong’s standing in the global art market: cultural transmission, institutional & public engagement, and art market & trade infrastructure.

In line with the vision set out in the National 14th Five-Year Plan to transform Hong Kong into a centre for international cultural exchange where East meets West, the Hong Kong SAR Government has taken active steps to bolster the city’s cultural infrastructure. A key initiative in this endeavour was the introduction of the Blueprint for Arts and Culture and Creative Industries Development (Blueprint) last year, outlining the Government’s intention to nurture Hong Kong’s art and culture ecosystems further.^[2]

The Chief Executive’s 2025 Policy Address further reinforced this commitment by introducing a series of multifaceted initiatives aimed at enhancing Hong Kong’s role as both a cultural exchange hub and a premium arts trading centre.^[3] In light of these development, the Financial Services Development Council (FSDC) believes that now is the right time to improve the art collectibles ecosystem in Hong Kong, thus strengthening the city’s position as a leading family office hub.

While the paper does not examine the valuation and investment strategies of art collectibles, it does discuss ways to increase liquidity within the art ecosystem for the benefit of the community, including those in the art industry, FOs, and other investors. The FSDC has established a dedicated Working Group comprising stakeholders from across the sectors, to gather market feedback, identify the key challenges facing the industry, and propose relevant considerations to promote a robust art ecosystem in Hong Kong.

[1] The Government of the Hong Kong Special Administrative Region. (2024, October 30). LCQ3: Developing Hong Kong into East-meets-West centre for international cultural exchange. https://www.info.gov.hk/gia/general/202410/30/P2024103000223.htm

[2] The Government of the Hong Kong Special Administrative Region. (2024, November 26). Blueprint for Arts and Culture and Creative Industries Development. https://www.cstb.gov.hk/file_manager/en/documents/consultation-and-publications/Blueprint_EN.pdf

[3] The Government of the Hong Kong Special Administrative Region. (2025, September 17). The Chief Executive’s 2025 Policy Address. https://www.policyaddress.gov.hk/2025/en/p174.html