07/09/2010 02:43 am ET Updated May 25, 2011

Global Gloss, But Where Is Hong Kong's Local Art Scene?

HONG KONG -- Much has been made of Hong Kong's push to become what the government likes to call an "art hub." Its auction revenue is now third only to London and New York. Its annual art fair, which began only in 2008, is marked by million-dollar sales.

The city has proved its skill in organizing large, expensive events for international buyers, who laud the territory's efficiency and tax-free status. Hong Kong excels at trading other peoples' art. The question is, can it make its own?