The world’s top auction houses are looking to the ultra-rich to defy an economic slowdown in China and boost their Asian sales, as they open new headquarters and exhibition spaces in Hong Kong and unveil an amped-up sales schedule.
The 250-year-old auction house Christie’s will move its regional headquarters to a 50,000 sq ft site in Hong Kong’s new Henderson skyscraper in September. It hopes to increase the volume of items sold in Asia by hosting a year-round schedule of auctions there.
Rival Sotheby’s unveiled a new retail site in the heart of Hong Kong’s business district in July, and has moved to new offices in the city. Bonhams, another of the world’s top auction houses, will open its new Hong Kong headquarters in September, while Phillips occupied a new site last year.