Covid-19 is proving Darwin’s theory of survival of the fittest. In Hong Kong, real-estate developers are wringing their hands over how to maintain the status quo: charging sky-high rents. One of the most marked- up plots on Hong Kong island— if not in the world—is the Pedder Building, the art world’s favorite colonial-style enclave in the heart of Central business district. During its peak in 2015, Pedder’s owner was charging USD 1 million per month for its ground floor space to the faux collegiate fashion brand Abercrombie & Fitch. Upstairs, galleries were also paying near- extortionist rates.

Now, after years of grumbling, the galleries are stretched thin trying to transact while also investing heavily into impressive online viewing rooms. Meanwhile, Pedder’s landlord—the estate of the late Henry Fok— has been trying to broker “discounts,” such as two months at 30 percent off, but only if galleries re-sign leases at the former contract rate! No wonder a mass exodus is underway there. Ben Brown quickly broke ranks and set up shop within McNamara Art Project’s unit in the industrial area of Wong Chuk Hang (read: affordable), while word has it that even Gagosian is struggling to pay rent for an entire floor (in addition to 17 other locations) during this economic standstill. Hanart TZ Gallery has backup with its warehouse space in Kwai Chung and Massimo De Carlo is also looking into other options.