Every cloud has a silver lining. For collectors of the finer things in life, this has come in the form of the global economic recession, which has created an ideal opportunity for aficionados to secure an exquisite piece of jewellery or a French impressionist painting at competitive prices.
'The financial downturn presents a good time for buyers. Prices are likely to be less expensive now because there are fewer competitors bidding in the market,' said Takashi Seki, president of Est-Ouest Auctions, Japan's oldest auction house. Est-Ouest, which focuses on the sale of jewellery, European antiques, western contemporary and fine art, Chinese and Japanese contemporary paintings as well as French glass, will hold its second auction in Hong Kong Friday and Saturday at the JW Marriott Hotel Ballroom in Admiralty.
With nearly 400 lots available, comprising art nouveau and art deco works, diamonds and jewellery, post-war and contemporary paintings, and western fine art, Mr Seki is hoping for strong results.
Sales at his first auction in Hong Kong last November reached HK$50million despite the emerging economic challenges. 'Results in November were very good. We realised it was partly because Hong Kong does not have too many auctions in art deco and glass, so this was something quite new,' he explained. 'We hope results from this month's auction will be just as good.'
Est-Ouest's foray into the Hong Kong market at the end of last year, the first auction house in Japan to hold sales in the city, was prompted by the low and simple tax system here and its strategic location as both a financial centre and Asian hub.
'The auction last November attracted around 500 people from all over the world, including Koreans, Taiwanese, Japanese, mainland Chinese, Hongkongers as well as some Europeans and Americans,' noted Mr Seki. 'Our expansion to the city wasn't for the Hong Kong market per se, but more for its importance and convenience as a location in the heart of Asia which can facilitate the ease of travel for people everywhere.'
Est-Ouest plans to hold two auctions in Hong Kong each year in addition to its auctions in Tokyo. Should the opportunity arise, Mr Seki said that he would also be interested in exploring the Singapore, Shanghai and Taipei markets. But for now, he said there was plenty to do in Hong Kong.