Swiss art collector Uli Sigg has donated HK$1.3 billion ($170 million) worth of contemporary Chinese art to a Hong Kong art museum scheduled to open in 2017, he announced at the Art Basel fair today.

Nearly 1,700 pieces donated by Sigg will form part of the permanent collection of M+, the flagship modern art museum in the West Kowloon Cultural District. The museum will pay about $22 million to purchase an additional 47 works from Sigg.

To contact the writer on the story: Frederik Balfour in Hong Kong at fbalfour@bloomberg.net or on Twitter @frederikbalfour.

To contact the editor responsible for this story: Manuela Hoelterhoff at mhoelterhoff@bloomberg.net.