Hong Kong has secured its position as the exclusive regional home of Art Basel for the next five years following a new deal, aiming to boost its status as an international art-trading hub. Global uncertainties have led to increased interest in buying works from established galleries.

Hong Kong has held onto its crown as the exclusive regional home of Art Basel for the next five years, the culture minister has announced, after a deal was struck to secure the partnership as the city looks to enhance its status as an international art-trading hub. Some galleries at a preview for the local edition of the world-renowned annual art fair told the South China Morning Post that global uncertainties had prompted collectors to take a greater interest in buying works from established...