The works of some of the great masters of impressionist and 20th century art are expected to find more buyers in Asia when a new gallery and dealership opens in the city.
The September opening of the 1,600-square-foot Edouard Malingue Gallery, at 8 Queen's Road Central, in a city dotted with contemporary art galleries, is expected to bolster Hong Kong's ambitions as an arts hub.
Pablo Picasso, Fernand Leger, Joan Miro, Claude Monet, Camille Pissarro and Alberto Giacometti will be among the artists whose works will be exhibited, and sold, at the new gallery, Edouard Malingue said.
Art collectors in the city as well as from the mainland, South Korea, Taiwan and Indonesia will be targeted.
Impressionist and 20th century art rarely comes on the market, but often fetches record prices. Edouard Manet's 1878 Self-Portrait With a Palette sold for a record GBP22.4 million (HK$257.40 million) at auction in London on Monday. The painting, which hedge-fund manager Steven Cohen bought for US$18.7 million from Wall Street financier John Loeb at a 1997 Christie's auction, was sold to New York-based art dealer Franck Giraud. Likewise, Giacometti's sculpture, L'Homme qui marche I, went for a record GBP65 million at a Sotheby's sale in February.
Malingue, whose father, Daniel, is a widely respected French art dealer, said it would probably take two to three years to build up his business. His choice of Hong Kong reflects the region's growing importance as an art market. The city was No 3 in the world in terms of art trading, he said.