The Hong Kong edition of the world's largest art fair backed by UBS is uncertain after the World Health Organization declared an emergency in a new coronavirus.
Last year's Art Basel fair in Hong Kong drew nearly 90,000 people – the three-day March event for wealthy collectors to meet up with galleries and dealers looks almost certain to be canceled amid a public health emergency over a novel coronavirus. It is heavily backed by UBS.
More than 200 people have died in China due to the virus, which the World Health Organization declared an emergency on Thursday. Hong Kong employers have sent staff home, and major events in the city like a marathon next month are canceled.
Not If, But When
As for the art fair, due to begin on March 19, galleries are urging Art Basel's organizers to pull the plug, arguing that big buyers won't want to come to Hong Kong anyway during a health crisis. Several dealers are reportedly dropping out of the event.
«The contemplation of postponing or canceling an event of this scale – which takes a full year to produce – is a complex process, with many factors and multiple stakeholders,» the Hong Kong fair organizer said, according to a «Bloomberg» report (behind paywall). The outcome of a crisis meeting on Thursday in Basel between organizers and stakeholders isn't clear.
New Virus Changes Everything
Even before the novel coronavirus surfaced as a health emergency, the art fair was in doubt: wide-spread and often violent anti-government protests in Hong Kong have lasted for months. But the virus and measures to contain it have lent the issue new urgency – particularly following the WHO's declaration on Thursday.
This week, Hong Kong schools and museums closed, flights have been canceled, and transport to the territory is dramatically restricted. UBS, the main sponsor of Art Basel, has banned its staff from traveling to mainland China and asked its 2,500 staff in Hong Kong to work from home.
