Art Affair New York's Metropolitan Museum of Art and the Museum of Modern Art (MoMA) are two of the world's most important art institutions and, for me, must-sees on any trip to the city. In addition to showing the remarkable works of Van Gogh, Claude Monet, Henri Matisse and David Hockney among many others, the museums themselves are impressive architectural works of art. Art and architecture; artists and architects: all are historically associated. Take MoMA for example. Built in a contemporary style, the structure has gone through several renewals, from respected architect Philip Johnson and Japanese designer Yoshio Taniguchi to the newest development proposed by Diller Scofidio + Renfro in collaboration with Gensler. Pritzker Prize-winner Jean Nouvel has also joined the party with schemes for the residential building 53W53 – on top of the museum. Hong Kong, one of the world's fasting-growing cities, is Asia's counterpart to New York. Its urban landscape is ever-changing – buildings are constructed, renovated, expanded and sometimes demolished. The city faces the dilemma of pursuing the new while preserving the old. For that reason, The Murray hotel has become one of the city's most anticipated developments. The structure's original architect Ron Phillips, whose innovative energy-efficient designs were drawn up half a century ago, has assisted a younger generation of architects from Foster + Partners to breathe new life into this Hong Kong landmark. Art is in the city's air this month. Led by Art Basel and Art Central, Hong Kong will host world-class exhibitions and leading talents from the fields of art, architecture and design. At Perspective, we have been recognising Asia's young creatives since 2007 with the 40 Under 40 Awards. The response to this year's event has been particularly enthusiastic. Stay tuned to find out who this year's winners will be.