Parkview Group's bid to unlock art collection for liquidity reveals logistical and market limitations.

The facility was first announced in 2022 as part of measures to attract family offices.

The narrative in Hong Kong was set by Wednesday, and held up over the weekend.

In an industry as opaque as art, the most reliable economic data can sometimes be the party budgets. 

The commission, Night Charades uses AI video generation to create characters who perform actions and gestures that recall the iconic films of Hong Kong directors.

"Generally speaking, confidence is the key word," Hong Kong–based art adviser Alexandre Errera said.

Authorities said organizers failed to provide "adequate" information for an "assessment of its artistic merits."

The cancellation comes just four months after the edition was announced.

Clarisse Yeung is one of 45 well-known pro-democracy figures in Hong Kong sentenced to a mass trial as Beijing continues to crack down on dissent.

The investment is, the house says, the largest in the global art market since Drahi bought Sotheby's in 2019 for $3.7 billion.