news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

Reference News reported on August 1 According to a report on the CNN website on July 29, Sotheby's auction house's recently unveiled exhibition hall in Hong Kong displays hundreds of high-value collections, including a mammoth skull fossil, centuries-old ceramic works and artist Banksy's famous self-destructive paintings.

The auction house calls the space, a cross between a boutique and a gallery, its flagship gallery, which sells a wide range of luxury goods in a Hong Kong commercial building.

Catering to young collectors, the first floor's collections range in price from HK$5,000 to HK$50 million (HK$1 is about RMB 0.91 - this website note). Designed by Dutch architectural firm MVRDV, the 24,000-square-foot space features a series of themed "salons," while the basement level is a spacious exhibition area.

The “flagship gallery” is the latest sign that major auction houses still see Hong Kong as a long-term hub for their Asian operations. It is clearly a vote of confidence in the city’s luxury goods market.

Hong Kong has long been the center of Asia's auction business. The city's spring and autumn auctions attract collectors from all over Asia, especially from mainland China. The latest annual report from UBS Group and Art Basel shows that Chinese art sales, including Hong Kong, will grow 9% in 2023, allowing it to regain its position as the world's second-largest art market.

Amid economic uncertainty, Hong Kong's luxury goods industry has become something of a bright spot. PricewaterhouseCoopers expects Hong Kong's personal luxury goods market to grow 4.5% annually by 2030, reaching HK$125.8 billion by 2030.