Art Basel buys Hong Kong art fair The Swiss exhibitions group MCH, organiser of the leading art fairs Art Basel and Art Basel Miami Beach, is buying a majority (60 per cent) stake in Asian Art Fairs Ltd, owner of the Hong Kong International Art Fair, HK11. The deal, due to be finalised in July, extends Basel's reach into the potentially hugely lucrative Asian market. Earlier this year it was revealed that China has leapt to the number one place in auction terms, knocking out the traditional US/UK dominance of the art market. One of the owners of the Hong Kong fair, Tim Etchells, told The Financial Times, "It makes perfect sense to partner with Basel; it has an unrivaled VIP database and enormous brand value. But we are not selling out and will remain very involved." While the amount of the sale has not been disclosed, Etchells said, "We are very happy with the consideration." He said he was "now working on new plans" which he couldn't yet reveal. More IN Collecting The Hong Kong art fair, which launches its fourth edition on 26 May, has quickly established itself as the leading international modern and contemporary art fair in Asia and was already dubbed the "Art Basel of Asia". This year's edition is the largest so far and boasts a swathe of major international galleries including Zwirner, Acquavella, Blum & Poe, White Cube, Pace (which is already present in Beijing) and Gagosian. A separate section, Asia One, features Asian