Hong Kong becomes global hub for auction houses
Prestigious auction houses are flocking to the city and bringing millions of dollars in their pursuit for a gateway between Asia and Europe
This autumn will see Beijing's China Guardian and Poly International - the world's third and fourth largest auction houses, respectively, according to market information leader Artprice - open their first auctions here.
Taiwan's Ravenel Art Group has already established a Hong Kong office, making the city the centre of its Asia business.
Ravenel's chairman Arthur Wang Cheng-hua said while setting up an office in Hong Kong was costly, it was crucial for the company's global expansion.
"Hong Kong is a very important platform for art trading in the world," Wang said. "After taking the step to internationalise our business, we decided [moving to Hong Kong] was an essential part of the plan."
The 13-year-old auction house launched its first Hong Kong sale of modern and contemporary art in the bumpy year of 2008, after the collapse of Lehman Brothers. This spring, Ravenel sold a painting by Chinese abstract artist Chu The-chun for HK$21.9 million.