Uncharted Territory by Magnus Renfrew

Author:Magnus Renfrew
Language: eng
Format: epub
ISBN: 9781760144579
Publisher: Penguin Random House Australia

ASIAN FIELD by Antony Gormley, 2003

M+, too, would benefit from such champions. There is far more need for a major institution in Asia of the global stature of M+ than there was for an art fair, and the impact on the city (and potentially for the region) could be of a different order of magnitude. At present, M+ has benefited extraordinarily from the generous donation by Swiss national Uli Sigg of 1463 objects valued at US$170 million. Hong Kong has some incredible collections in private hands, and there have been several individual acts of generosity. The anonymous donation of US$1 million to acquire the major installation Asian Field by Antony Gormley comes to mind, as does the acquisition fund of US$645 000 from Rosamond Brown to purchase works from Art Basel in Hong Kong. Nevertheless, there has been surprisingly little material support from Hong Kong’s wealthiest philanthropists. Those in the best position to lead the way in donating works and funds have so far, not done so – yet.

M+ is blessed with an acquisition budget of US$130 million18 that is the envy of cash-strapped institutions around the world. However, whilst this will provide a solid foundation, this will not alone be sufficient to fulfil its potential and build from scratch the world-class collection that it deserves. M+ will be dependent on donations of major artworks from collectors around Asia and of cash gifts from those closer to home. The combined net worth of the top fifty individuals in Hong Kong stands at US$242 billion.19 This demonstrates that there is considerable, and as of yet, largely untapped potential for cultural philanthropy. To put things in perspective, the creation of an endowment of US$4 billion (whilst an ambitious figure, it still represents less than 2 per cent of this combined net worth) would allow an annual acquisition budget of US$100 million, which would help to secure a collection of such quality and breadth that Hong Kong’s position as a global player would be secured for the long term. Whilst the funding of scholarships for study and residencies for artists and curators from Hong Kong is equally important, there are a further 3804 Ultra High Net Worth Individuals in Hong Kong20 with disposable assets of US$30 million (after accounting for shares in public and private companies, residential and passion investments such as art, planes and real estate).

The success of the art fair would not have been possible if it hadn’t developed early momentum. That momentum was dependent on the support of individuals who were in a position to expand the influence of, and support for, the project. The results are there for everyone to see; now is the time for M+ to receive that same treatment. Potentially one of the most ambitious cultural projects undertaken in the past 100 years, M+ deserves the full support of those in Hong Kong with resources to offer. In offering these resources, they would very clearly communicate their belief in a bright future for the city. The opportunity is there for the taking.

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