Never mind the billionaires—dealers at Art Basel in Hong Kong target the middle market

The Asian art market is often portrayed as a high-octane affair, driven by a handful of billionaires making big-ticket purchases, usually at auction. But most dealers at Art Basel in Hong Kong this year are firmly focused on the middle market, with most works priced well under $500,000. The aim, dealers say, is to appeal to a range of audiences and budgets in a market that is still emerging. Billionaires are being created in Asia at a rate of one every three days, but it is the affluent up