Art Basel to launch in Qatar – the imminent rise of the art fair?

September 17, 2025

By Justine Chen

Art Basel, founded by gallerists in 1970, is one of the leading platforms dedicated to connecting collectors, galleries and artists,^[1] primarily through the showcase of its prestigious international art fairs. In addition to its flagship event held each June in Basel, Switzerland, the organisation expanded to Art Basel Miami Beach in 2002, Art Basel Hong Kong in 2013, and Art Basel Paris in 2022.

The upcoming launch of Art Basel Qatar, slated for February 2026, signifies a landmark event, according to Financial Times.^[2] As the US, UK and China continue to dominate the global art market, the addition of the newest location in the Middle East reflects a broader strategic shift toward economic and geographic diversification within the art world.

An analysis of the past five years of the Art Basel & UBS Art Market reports, a joint initiative between Art Basel and UBS designed to increase industry transparency, reveals a growing prominence of art fairs over gallery-based sales. Notably, the reports link this rise with the increasing share of dealer revenue generated at fairs and the influx of new client bases, often shaped by evolving regulatory and economic conditions.

Art Basel Qatar

According to Art Basel’s website, the new fair aims to celebrate Qatar’s ‘vibrant cultural landscape’^[3], hosted at the creative hub M7 and in the Doha Design District. The partnership between Art Basel, Qatar Sports Investments and Qatar Creates (QC+), reflects the region’s dual expansion both culturally and commercially.

Since the 2008 launch of Qatar’s National Vision 2030 plan, the state has pursued an ambitious program of human, social, economic and environmental development. Efforts to preserve and promote cultural heritage, as outlined in the Third National Development Strategy, have elevated Qatar’s position as a cultural hub, most prominently through its permanent national pavilion at the Venice Biennale. The Visit Qatar board also showcases the country’s rich artistic landscape, blending Arabian tradition represented by the UNESCO Al Zubarah heritage site, with the modernity of contemporary art galleries like Al Markhiya and the newly built National Qatar Museum in 2019.

Vincenzo de Bellis, director of Fairs and Exhibition Platforms at Art Basel since 2022, acknowledged the distinctive features that make Qatar a compelling choice for the next Art Basel outpost in an interview with Artnet, noting that ‘the museums here in Qatar and the region have grown from a grassroots approach – the pride of being a cultural instigator plays an important role.’^[4] He noted that while the fair will be based in Qatar, its objective is to create ripple effects across the broader MENA region.

Launching two months after Art Basel Miami Beach and five weeks before Art Basel Hong Kong, the new fair reflects an ambitious scheduling strategy. Though Middle Eastern fairs such as Art Dubai (est. 2007) have drawn significant attention,^[5] Art Basel Qatar will be the first in the region to bear the weight of the Art Basel brand. Journalist Nate Freeman reported that gallerists are already competing for one of the 50 available spaces^[6], despite the absence of a formal application portal, a sign of intense early interest.

Economic Diversification of the Market

Art fairs have become central to dealer strategy, consistently generating a significant share of annual sales. According to the most recent UBS Art Market report, authored by Claire McAndrew, the share of dealer sales by value made at art fairs rose from less than 30% in 2010 to 45% in 2019, while sales at art fairs increased to 31%, with overseas fairs contributing 20% of sales.^[7] Similarly, although the share of dealers’ sales made at art fairs declined year on year, the decline is indicative of a broader downturn in the market. Nonetheless, when dealers were asked about the greatest source of new buyers, art fairs remained the most popular choice (30%).^[8] In particular, the importance of in-person viewing was a significant factor that contributed to the continued appeal of art fairs, offering efficiency and exposure, allowing collectors to engage directly with top galleries, refine their tastes, and identify market trends. Notably, many galleries have observed that newer collectors were now more aware of and loyal to fairs rather than their individual exhibiting galleries, indicating that events have become the new global focus for sales.

Art fairs also contribute to the economic diversification of the market and market inclusivity. During the global financial crisis, the reports observed that risk-averse buyers tended to buy high-end, established works in the secondary market in a ‘flight to quality’. Similarly, in the aftermath of the pandemic and its restrictions on trade, exhibitions and travel, it was the high-end segment that drove growth.^[9] Yet, the past two years have marked a notable shift, as activity emerges from the lower end of the market. Notably, the report notes that 50% of new buyers came from the smallest dealer segments, suggesting that art fairs, by attracting new collectors, can support more accessible price points and a more diversified market on both the buyer and seller sides.

Lastly, dealer surveys further highlight the importance of fairs in expanding geographic reach. In 2023, 67% of dealers found attending art fairs a top business priority and 40% cited widening their geographical reach. Likewise, in 2025, these goals remained among the top 5 concerns, highlighting how fairs like Art Basel Qatar are crucial to dealer strategies, bringing dealers and buyers together from geographically diverse locations and driving international engagement.

Still, rising costs of travel and participation in art fairs are a growing concern. Reaching overseas buyers was the main challenge for dealers in 2020, due to difficulties such as language barriers, different cultural norms and payment methods. Following the pandemic, in which average numbers of individual buyers declined to 50, there was a renewed emphasis in finding new buyers and expanding geographical reach, with buyer bases widening to a high of 83 by 2023 once art fairs and events resumed. By 2025, the cost of attending art fairs had risen to become the third-highest concern among dealers. Art fairs accounted for 25% of dealers’ total external expenditures, with booth fees, travel, and exhibition costs cited as major burdens. Larger dealers benefit more from these investments, with 57% reporting art fairs as a primary source of new buyers, meaning smaller dealers may be squeezed out, exacerbating market disparities.

Market Regulation and Increased Complexity

The regulatory landscape is also shifting. According to the 2024 Art Basel & UBS report, increasing economic protectionism is reshaping the global art market, and trade-related laws are a key factor in unintentionally disrupting the market. Contemporary Art’s dominance since 2020 has party been attributed to looser cross-border restrictions for post-World War II works. (in art produced between YEAR) However, newer policies, such as U.S. tariffs and the EU’s Regulation 2019/880, threaten to complicate international trade.

Claire McAndrew explains that the influence of global art markets such as the U.S. is underpinned by the movement and sales of artwork within transparent and regulated environments. However, recent developments and anti-trade policies threaten to undermine the crucial participation of international buyers and sellers.

In 2023, 95% of the surveyed dealers expressed moderate to extreme concern about growing barriers to cross-border transactions. These include the growing burden of due diligence such as the Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, VAT and sales tax issues, and the complexity of import and export licensing in Europe. By 2025, these burdens had only intensified, with many fearing the erosion of international buyer and seller participation.

In the U.S., trade tariffs and geopolitical instability have unsettled the market. France, the U.K., and Germany, key U.S. art trade partners, remain particularly exposed to potential tariffs. Across the Atlantic, post-Brexit VAT rules and the EU’s cultural goods regulation have added new barriers. Critics warn of a chilling effect on non-EU artworks, especially from Asia and the Middle East. ^[10]

EU/ UK Market

Since January 2021, all imports into the UK from EU member states have been subject to VAT and additional charges, raising significant concerns among businesses in the art market that engage in cross-border trade. Meanwhile, within the EU, Regulation (EU) 2019/880 has introduced stricter import controls requiring European auction houses, galleries, and antique dealers to provide material evidence proving that cultural goods- defined as items over 200 years old and valued above €18,000- were lawfully acquired from their country of origin by lawful means. This highly evidentiary threshold has been widely criticized for its chilling effect on the trade of non-EU artworks, particularly from regions such as China, Japan, India, and the Islamic world. As Antonia Eberwein, vice-president of the National Union of Antique Dealers, told Le Monde, ‘We will end up no longer buying anything from outside the European Union.’^[11] The regulation obliges importers not only to prove lawful export from the country where the object was created or discovered but also to comply with existing EU Customs declaration requirements and pay import VAT in the destination country. The added complexity and duration of the licensing process have made it increasingly difficult for non-EU dealers and collectors to participate in the European market,^[12] with considerable effects already being felt across major art fairs.^[13]

Hong Kong Art Basel

As Art Basel expands its global footprint, the contrast between its established presence in Hong Kong and its emerging venture in Qatar offers a revealing lens on the evolving geography of the global art fair circuit. Art Basel Hong Kong (ABHK), launched in 2013, has long been regarded as the anchor for the Asian art market, serving as a vital conduit between East and West. Benefitting from Hong Kong’s lack of sales tax or VAT, freeport status, and robust infrastructure for high-end sales, Hong Kong has long served as a strategic getaway for Western galleries and auction house seeking access to Chinese collectors.

According to the 2025 Art Basel & UBS Art Market Report, Asia accounted for 10% of all art fairs globally in 2024, with Hong Kong and China representing 4% of this figure.^[14] Notably, while some Asian fairs like Art Beijing (est. 2006) and Taipei’s Art Hunt section (est. 2013) in Taipei were discontinued in recent years, Art Basel Hong Kong has maintained a relatively stable position over more than a decade, indicating its resilience despite broader market contractions and shifting regional dynamics.^[15]

While Art Basel Hong Kong continues to be a key player in the region, its influence has become more regionally concentrated, as the 2025 report reveals an uneven recovery in the Asian market post-pandemic. Dealer sales in Asia fell by 6% in 2024, reflecting the broader market downturn and increased caution among buyers in light of economic and political uncertainties.^[16] In 2024, China (including Mainland China and Hong Kong) experienced a sharp 31% decline in sales, its lowest since 2009, largely attributed to falling consumer confidence and broader economic slowdown following a brief post-lockdown surge in 2023.^[17]

In contrast, emerging markets like Qatar are being positioned to benefit from a more diversified buyer base and the growing appetite for cultural capital among Gulf nations. The Middle East is largely recognized as a zone of “high-net-worth investment potential”, even if still underrepresented in transaction volume. Qatar’s state-backed infrastructure offers dealers a controlled and high-profile venue in which to reach new markets, especially attractive during a period when 44% of dealers report that nearly half of their buyers in 2024 were new clients.^[18]

Furthermore, smaller dealers, which comprised largest proportion of new buyers globally, are increasingly turning to new international locations as a way to escape saturated markets and high participation costs at traditional Western fairs. Hong Kong was identified as one of the more expensive destinations for international exhibitors due to rising booth fees, venue rents, and insurance premiums. In this context, Qatar’s state-subsidized approach could provide a regulatory and financial reprieve, especially for dealers seeking cost-effective entry points into new markets. Caveat dealers coming from highly/higher regulated jurisdictions still need to comply with their domestic KYC requirements.

Hong Kong Market Regulation

Increasing global scrutiny on cross-border transactions and compliance measures is placing indirect pressure on markets like Hong Kong to harmonize with more regulated jurisdictions. While Hong Kong remains outside the scope of EU AML directives, the report warns that the city’s lack of transparency could begin to act as a drag on dealer confidence, particularly for galleries with multinational operations that are subject to strict regulations elsewhere.

Art market professionals surveyed ranked “managing compliance with cross-border regulations” as a challenge that has moved up over time, with specific concerns around import/ export licensing, VAT obligations and tax exemptions.^[19] This is especially pertinent for Hong Kong, which functions as a logistics hub for global auctions and private sales but lacks comprehensive regulatory coordination with its European and American counterparts.

Hong Kong’s proximity and increasing integration with Mainland China means that developments in Chinese art market regulation have growing implications for dealers and collectors operating across borders as the mainland Chinese art market remains highly regulated, particularly in relation to currency exchange and the importation of foreign artworks.

The legal framework governing art in China is bifurcated: artworks (e.g. paintings, sculptures, photographs) are subject to the 2016 Administrative Measures for Operation of Artworks, while cultural relics (including historical artifacts, manuscripts, and architectural heritage) fall under the much stricter Law on the Protection of Cultural Relics, most recently revised in 2017.^[20] This regulatory dualism has created parallel markets with significantly different legal requirements. Commercial activities require pre-approval from the Culture Authority before customs clearance, with sanctions regularly imposed for noncompliance, and cultural relics can only be transacted through licensed stores and auction houses under heavy supervision.^[21]

These developments complicate the regulatory picture for Hong Kong. On one hand, its relatively liberal market conditions continue to attract dealers and collections seeking transactional fluidity; on the other, greater convergence with China’s evolving legal frameworks since the mid 2010s are reshaping the contours of Hong Kong’s autonomy in the art trade. As the MENA region begins to formalize its own cultural commerce policies, Hong Kong faces new competition from jurisdictions with fewer restrictions and more centralized support for international art market engagement.

Concluding Comments

As Art Basel brand extends its global reach with the imminent launch of its Qatar edition, the new fair enters a world increasingly shaped by complex regulations, shifting geopolitical alliances, and evolving collector preferences. While the brand’s recognition ensures initial attention and prestige, the long-term impact of this expansion will depend on whether it can meaningfully attract new voices and buyers, or merely replicate existing networks in a new location. Rising costs of participation, regulatory divergence, and environmental concerns surrounding international travel and shipping continue to pose significant challenges. In this moment of strategic recalibration, the question is not only whether the international art fair model can continue to thrive, but also whether it can evolve to support a more inclusive, sustainable, and geographically diverse art market.

About the Authors:

Justine is an LL.M candidate at Université Paris-Panthéon-Assas, and a J.D. candidate at Boston University School of Law. She holds a B.A. in Political Science from UCLA. Her academic interests include the intersection of international law and art, cultural heritage and provenance, and museum-related issues.

Select Sources:

1. Art Basel, About (visited July 22, 2025), https://www.artbasel.com/about?lang=en ↑
2. Art Basel to Launch in Qatar (Financial Times, May 20, 2025), https://www.ft.com/content/032d603f-96b3-472c-a66c-afc73f4f9a0b ↑
3. Art Basel, Art Basel Qatar (visited July 22, 2025), https://www.artbasel.com/qatar?lang=en ↑
4. Kate Brown, Art Basel Launches New Fair in Doha, Expanding Reach to the Middle East, Artnet News (May 20, 2025), https://news.artnet.com/market/art-basel-qatar-2647140 ↑
5. Maddox Gallery, The Maddox Story (Apr. 2021), https://maddoxgallery.com/about/ ↑
6. The Art Basel & UBS Global Art Market Report 2025 (Clare McAndrew, Arts Economics 2025), https://theartmarket.artbasel.com/download/The-Art-Basel-and-UBS-Art-Market-Report-2025.pdf ↑
7. The Art Basel & UBS Global Art Market Report 2024 (Clare McAndrew, Arts Economics 2024), https://www.ubs.com/global/en/media/display-page-ndp/en-20240313-art-market-report-2024.html ↑
8. The Art Basel & UBS Global Art Market Report 2024 (Clare McAndrew, Arts Economics 2024), https://www.ubs.com/global/en/media/display-page-ndp/en-20240313-art-market-report-2024.html ↑
9. The Art Basel & UBS Global Art Market Report 2024 (Clare McAndrew, Arts Economics 2023), https://www.ubs.com/global/en/media/display-page-ndp/en-20240313-art-market-report-2024.html ↑
10. Trade tariffs and regulatory divergence more broadly pose a significant threat to market stability. In 2024, dealers cited their top challenge as the prevailing context of political and economic volatility and the effect this had on demand. In a section aptly titled ‘Navigating a Sea of Instability’, Till Vere-Hodge and Katalin Andreides discuss a sense of ‘permacrisis’ and competition for the best ‘cultural statecraft’, which could further regulatory divergence in areas like anti-money laundering legislation across the key US, UK and EU jurisdictions. US largest bilateral trade partners remain the large and mid-sized art markets in Europe, with France, the UK and Germany accounting for 56% of imports and 41% of exports in 2024, positioning these markets as the most at risk if tariffs are raised. ↑
11. Margaret Carrigan, New E.U. Import Regulations Are Causing ‘Procedural Paranoia’ for the Art Trade, Artnet News (June 7, 2025), https://news.artnet.com/market/eu-import-regulations-2653480 ↑
12. Pierre Valentin, EU Regulation 2019/880 on the Importation of Cultural Goods – The EU Commission Q&A (Apr. 4, 2025), Fieldfisher, https://www.fieldfisher.com/en/insights/eu-regulation-2019-880-on-the-importation-of-cultural-goods-the-eu-commission-q-a ↑
13. Jane Morris, Will the EU’s New Import Law Leave the Art Market in Ruins? Apollo Magazine (Mar. 8, 2025), https://apollo-magazine.com/will-the-eus-new-import-law-leave-the-art-market-in-ruins/ ↑
14. The Art Basel & UBS Global Art Market Report 2025 (Clare McAndrew, Arts Economics 2025), at 129, https://theartmarket.artbasel.com/download/The-Art-Basel-and-UBS-Art-Market-Report-2025.pdf ↑
15. The Art Basel & UBS Global Art Market Report 2025 (Clare McAndrew, Arts Economics 2025), at 128, https://theartmarket.artbasel.com/download/The-Art-Basel-and-UBS-Art-Market-Report-2025.pdf ↑
16. The Art Basel & UBS Global Art Market Report 2025 (Clare McAndrew, Arts Economics 2025), at 18, https://theartmarket.artbasel.com/download/The-Art-Basel-and-UBS-Art-Market-Report-2025.pdf ↑
17. Id. ↑
18. The Art Basel & UBS Global Art Market Report 2025 (Clare McAndrew, Arts Economics 2025), at 108, https://theartmarket.artbasel.com/download/The-Art-Basel-and-UBS-Art-Market-Report-2025.pdf ↑
19. The Art Basel & UBS Global Art Market Report 2025 (Clare McAndrew, Arts Economics 2025), at 143, https://theartmarket.artbasel.com/download/The-Art-Basel-and-UBS-Art-Market-Report-2025.pdf ↑
20. Clare McAndrew, The Art Basel & UBS Global Art Market Report 2024 45 (Arts Econ. 2024), https://www.ubs.com/global/en/our-firm/art/art-market-insights/download-survey-report-2024.html ↑
21. Id. ↑