Asia's art market heats up anew

Beijing

AUCTION houses have sold US$700 million worth of artwork in recent days in Hong Kong and set a series of world records, as Asia's art market heats up anew and competition mounts between Chinese and foreign firms.

Western giants Christie's and Sotheby's are increasingly focused on China, but barred from selling the hottest item - antiques - by laws aimed at protecting cultural heritage.

Meanwhile, Chinese rivals Poly and Guardian have seen tremendous growth, thanks to their greater freedom to act within the country, and their political ties. And now they are seeking to challenge foreign competitors outside the mainland.

So far they have been encroaching on Western art traders' turf in Hong Kong, the former British colony turned semi-autonomous Chinese city. They held their most ambitious sales in Hong Kong so far last week, timed to capture …