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. The moves come despite a slowdown in the global art market, drastically weaker luxury spending in China and dented growth prospects in the country.
Sales of art at Hong Kong evening sales, which refer to the most prominent auctions, fell 40 per cent by value in the first six months of this year compared with a year earlier, hitting their lowest level since 2017, according to research group ArtTactic. China’s economy eked out growth of 4.7 per cent in the second quarter of this year, below estimates, and has been struggling with persistently weak consumption, with some analysts cautioning this would affect the art and luxury industries.
Francis Belin, Christie’s president for Asia, disagree.