Once a year the biggest names in the art world flock not to Basel or Venice -- but to Hong Kong. Springtime ushers in ART HK 12, an international art fair. Now in its fifth year, it connects new buyers and sellers from Asia and the old world art establishment of the U.S. and Europe.

A large installation of colorful work by octogenarian Japanese artist Yayoi Kusama has a prominent place at this event, just as Sotheby's auction house will start an exhibition sale of her work in Hong Kong.

This convention and exhibition center is usually accustomed to less glamorous industrial trade shows - rarely do they attract this much attention. But this week it played host to the Hong Kong International Art Fair, ART HK 12. It is a high-profile, high-culture event in a city, which has long been known more for its freewheeling entrepreneurial drive than its taste for fine art.

ART HK 12's Director Magnus Renfrew explains this show offers a unique venue for the global business of making and selling art:

Renfrew said, "Well this year we have 266 galleries participating from 38 countries. It's emerged over the last five years as being really one of the top art fairs in the world. It's a great opportunity for Western galleries to engage with collectors from Asia, and a great opportunity for galleries from Asia to really showcase the very best of what their artists are producing."

It is a "big pot of gold" for foreign art dealers. That's how one U.S. gallery director showing his wares describes Hong Kong. Michael Findlay, director of Acquavella Galleries, pointed out that art works are part of the market for luxury goods, and Hong Kong has long been a magnet for buyers of luxuries from all over Asia.

Findlay said, "This art fair is attracting overseas galleries because there is a big pot of gold here, or gathering here, or focused here, and people from the region are used to buying their luxury goods here. So it's only natural in a highly commoditized culture, which is the one we live in, that there should be an art fair here."

Numerous examples of famous artists' works at the art fair are designed to catch the attention of Asian buyers - long established famous names like Andy Warhol jostle with newer trademarks of the international art market like Damien Hirst.

Recent years have seen a runaway trade in auctions and art sales in Hong Kong. But there are concerns that a slowdown in China's economic growth could reduce the money available for this kind of luxury purchasing.

(CNTV.cn May 21, 2012)