HONG KONG (Yonhap) -- A South Korean-led international art fair will open in Hong Kong in May, in a bid to provide a platform where participants in the art industry can meet and exchange views, organizers said Wednesday.

The Hong Kong Contemporary art fair, arranged by Moon Eun-myung, a South Korean art dealer operating in the special administrative region, will run from May 17 through 20.

The event will take place alongside the city’s renowned Hong Kong International Art Fair and the Christie‘s Auction.

“The Hong Kong Contemporary will offer visitors an intimate experience of original artworks from some 60 galleries in Hong Kong, South Korea, Britain, Japan, India, Thailand, Taiwan and Singapore,” said Moon, who also runs a gallery in central Hong Kong.

“We will showcase the best international contemporary art in different price ranges to suit all types of buyers.”

Hong Kong has recently developed into a major hub for international art collectors, embracing many famous galleries and auction houses, including Gagosian Gallery, White Cube, Sotheby’s and Christie‘s.

The Chinese territory has played a key role in Asia’s art market boom, levying no tax on imports and exports of artworks.

It is the world‘s leading art market in terms of auction market turnover, more than tripling over the past few years. Sales have been fueled by the buying power of Chinese millionaires who have become avid collectors of paintings, sculptures and other forms of art.