Art Basel Takes Major Step Toward Expansion in Asia, Buys Hong Kong International Art Fair

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BASEL.- Art Basel announced that MCH Swiss Exhibition (Basel) Ltd. – a MCH Group company, and the organizer of Art Basel and Art Basel Miami Beach – has signed a purchase agreement with Asian Art Fairs Ltd, the owners of ART HK – Hong Kong International Art Fair. As of July 1, 2011, MCH Group will take a majority ownership stake in Asian Art Fairs Ltd. The entry of MCH Group in the Asian art market marks a significant step forward for Art Basel. Since its inception in 2008, ART HK has established itself as the leading art show in Asia. The strong momentum this provides, combined with the great experience and know-how of both organizations, and the expanding art markets throughout Asia, offer great potential for MCH Group to establish a premier art show in this key region, and expand the reach of its art shows globally. The mid-term goal is to convert ART HK to the Art Basel brand as the third platform for this