Sotheby’s gets new Hong Kong auction house after record sales

SOTHEBY’S will open a property that will house its auctions and exhibitions in Hong Kong and move its headquarters in the city to cater to growth in Greater China following record sales. Located at Landmark Chater in the Central district, the 2,230 sqm space will open in 2024, Sotheby’s said in a statement.

The two-storey house will be at street level and accessible to the public, and will include an exhibition space, collectibles for instant purchase, live auctions and a cafe. It’s owned by Hongkong Land Holdings. 

The auction company will move its local headquarters to a 3,345 sqm office at Six Pacific Place, which is developed by Swire Properties.

The office is also scheduled to open in 2024 and will spread across four floors. The global art market has had a strong year, with prices tracking record highs and art fairs seeing big crowds.

Sotheby’s Asia auctions this year reaped US$1.1 billion in sales, matching 2021’s all-time high, it said. It will also open new premises in Shanghai next year. Hong Kong is traditionally a key hub for art, and was among markets with the highest spending levels in the first half of 2022, according to an Art Basel and UBS report.

The city’s collectors are also estimated to have bought twice as many works this year than in 2021, the report said.

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The announcement provides a boost to Central’s property market, which has been struggling to fill up both retail and office space in recent years due to Covid-19 restrictions.

Office rents have slumped, and analysts expect the district could see more vacancies in the coming years as newer and cheaper properties are offered elsewhere. Rival auction house Christie’s announced last year that it will move into The Henderson in 2024 with 4,645 sqm of space.

The property, which is about a 10-minute walk from Landmark, is owned by Henderson Land Development and is also located in Central. BLOOMBERG