Hong Kong’s leader aims to elevate the city into a “world-class high-end art trading hub” to rival New York under measures to be revealed in his fourth policy address next Wednesday, the Post has learned.

Efforts to strengthen the city’s multibillion-dollar art trading industry would include boosting services in financing, insurance and professional training, and designating maintenance and storage spaces in a cultural hub and near the airport, a government source said.

The move will align with the central government’s 14th five-year plan, which states that Hong Kong should become an East-meets-West centre for international cultural exchange and consolidate its leading position in the international art market.

“Hong Kong has the potential to become a world-class high-end art trading hub alongside New York,” the source said.

“The authorities can offer a much more comprehensive ecosystem, ranging from infrastructure, financing, insurance, tax incentives and professional training.”

According to the Census and Statistics Department, the total traded value of artworks, collectors’ pieces and antiques in Hong Kong reached around HK$105.5 billion (US$13.5 billion) in 2023, making the city one of the world’s top three art trading centres.