Over the past decade, Hong Kong’s art market has experienced unprecedented growth, emerging as the second largest in the world in 2020 in terms of contemporary art auctions. Factors such as the city’s free-market economy and well-developed infrastructure, as well as its unique position as a gateway to the large and growing Chinese art market, have led to major global art fairs and galleries establishing their presence in the city, in addition to the already present international auction houses. Moreover, the recent opening of M+, Hong Kong’s new museum of visual culture, as part of the West Kowloon Cultural District, is designed to further seal Hong Kong’s position and contribute to the continued growth of its art market. This paper explores the Hong Kong art ecosystem and its sustainability by focusing on leading art market institutions, anchor cultural organizations, and other key actors driving the development of the Hong Kong art system, on both the commercial and the nonprofit side; the effects of the expanding art market on the city’s art scene; the dynamics of the relationship between the Hong Kong art market and the broader Chinese art market; and the key emerging opportunities and challenges to Hong Kong’s future development as Asia’s premier art hub.