The continuous rise in incomes among Asians has also spurred a growing interest in fine art, marked most recently by the announcement that the Guggenheim UBS MAP Global Art Initiative is partnering with the Asia Society Hong Kong Center for its latest exhibition in Hong Kong. 

The exhibition, titled No Country: Contemporary Art for South and South East Asia, features recent work by 13 artists from Bangladesh, Cambodia, India, Indonesia, Malaysia, Myanmar, Pakistan, the Philippines, Singapore, Thailand, and Vietnam. The exhibition features 18 paintings, sculptures, photographs, videos, and mixed-media works.

The show was first seen in New York in 22 February to 22 May 2013, as part of a multi-year project to chart contemporary art practice in South and South East Asia, Latin America and the Middle East and North Africa. The exhibition - the title of which references the opening line of WB Yeats's "Sailing to Byzantium" (1928) - proposes an understanding of the region that transcends physical and political borders, a statement from the organisers of the event said.

Conceived to engage a range of audiences, including artists, curators, and educators, the Guggenheim UBS MAP Global Art Initiative says it "seeks to stimulate dialogue and creative interaction both regionally and globally, fostering lasting relationships among institutions, artists, scholars, museumgoers, and online communities". It was launched in April 2012.

According to the 2013 Wealth Report by Knight Frank, 55 per cent of the private bankers polled from Mainland China said that their clients planned to spend more on fine art this year, compared to the global average of just 11 per cent.