MCH Group to Acquire ART HK
MCH Swiss Exhibition (Basel) Ltd., a MCH Group subsidiary, announced it will acquire a 60-percent stake in Asian Art Fairs Limited, the organizer of the Hong Kong International Art Fair (ART HK). The deal will be completed July 1, and the MCH Group has the option of acquiring the remaining 40 percent shares in Asian Art Fairs Limited in 2014. No financial details were disclosed.
ART HK, an annual event launched in 2008, has grown into one of the largest art fairs in Asia, attracting international galleries, collectors, curators and museum directors. ART HK 2011 will be held May 26-29 at the Hong Kong Convention and Exhibition Centre, and it will feature 260 galleries from 38 countries.
The 2012 edition of ART HK will moved to early February in order to better coincide with the dates of MCH’s Art Basel and Art Basel Miami Beach.
René Kamm, CEO of the MCH Group, said, “With the new art fair, we will be further strengthening our internationally leading position in this segment. As the organizer of Art Basel and Art Basel Miami Beach – the two most important art shows worldwide – we have every interest in a strong presence in Asia. With our acquisition of Asian Art Fairs Limited and the Hong Kong International Art Fair, we will be able to build up on the know-how already available in Hong Kong while, at the same time, channelling in our extensive art fair expertise. Everyone with an interest in the Asian art market will be able to benefit from this.”