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- Art Basel Hong Kong is the premier art fair in Asia for millionaire and billionaire collectors to buy and sell art.
- China is now the second biggest art market in the world, after the United States.
- Art Basel Hong Kong kicked off this year with one of its biggest sales yet thanks to Microsoft co-founder and art world powerhouse Paul Allen.
- Allen sold an abstract painting by William de Kooning for $ 35 million to a very private collector.
Every few months, the world’s biggest art collectors — i.e. the world’s mega-rich — meet at Art Basel to trade millions of dollars worth of paintings, sculptures, and installations.
This year’s Hong Kong fair kicked off Tuesday with a sale of incredible magnitude: Microsoft co-founder and US-based billionaire Paul Allen sold Willem de Kooning’s abstract painting Untitled XII, 1975 for $ 35 million to a private collector. See the rest of the story at Business Insider
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