Talks of Hong Kong's rise in the art marketplace are old news by now, but the announcement of an Art Basel installment there is entirely new. The fair, previously only in Basel, Switzerland and Miami, Florida, will take place  at the Hong Kong Convention and Exhibition Centre from May 23 to 26, 2013, with 50 percent of its galleries coming from Asia and Asia-Pacific.

There will be 245 of the world’s leading galleries in total, divided into four sectors: Galleries, Insights, Discoveries and Encounters. For many exhibitors, it marks their first time coming to Hong Kong from the West.

In many ways, Art Basel Hong Kong will be just as important for affirming the city as an art capital as it is for Asian Art as a whole.

[image via WPC]