Art Basel, Asia's largest annual art fair, has canceled its upcoming Hong Kong show due to the coronavirus outbreak. The fair, which attracted almost 90,000 visitors from over 70 countries last year, was due to take place in the city in mid-March.
"The decision to cancel Art Basel Hong Kong was an extremely difficult one for us," said Art Basel Global Director Marc Spiegler today.
He added that the organization had explored other possibilities, but could not go forward with the virus' "sudden outbreak and rapid spread."
A spokesperson said Art Basel would be refunding galleries 75% of the stand fee.
Why it's a big deal: The event is one of the main stops on the global arts calendar and has fast-grown in commercial importance, particularly in its ability to draw top collectors from mainland China and the region.
Success at the fair has in recent years spurred international galleries to open outposts in the Asian metropolis.
But the coronavirus, combined with the 2019 political unrest, sparked worry. A group of 24 participating galleries wrote to organizers in January, requesting a number of financial concessions.
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