In a quiet Friday afternoon email, the Art Basel organization announced that its owner, MCH Group, has acquired the final 40 percent of Art Basel Hong Kong.
The deal news is minor since MCH already purchased 60 percent of the fair’s holdings from Asian Art Fairs Limited in 2011, which changed its name from ART HK to Art Basel Hong Kong. The option to buy the remaining shares in 2014 was part of that deal.
Still, it’s a vote of confidence in the fair following the departure of Art Basel’s director for Asia, Magnus Renfrew, in July.