Auction house Sotheby’s is expanding to a new space and headquarters in Hong Kong

Hong Kong is a financial hub and also has a reputation for having a rich art scene. In fact, reports say Hong Kong had some of the highest spending levels on art in the first half of this year. Some of the world's largest auction houses, including Christie's and Phillips, are so assured about Hong Kong's art market that they've announced plans to open new spaces in the city. These houses, along with Sotheby's, have seen big jumps in art sales in the area over the last three years, putting Hong Kong on the map to compete with other major markets, like London.

Now, New York-headquartered auction house Sotheby's is expanding in Hong Kong after pulling in around US$1.1 billion in sales this year. It's no surprise – Asia's collectors spend 20% more per person than other regions, according to the auction house. So, Sotheby's is opening a new 24,000-square-foot (2,230 square meters) space in one of the most prestigious buildings in Hong Kong. The two-story house will be at Landmark Chater in Central, and it'll host live auctions, exhibitions and a coffee bar by 2024.

It's also moving its Hong Kong headquarters to a 36,000-square-foot (3.345 square meters) office at Six Pacific Place in Wan Chai.

Key comments:

"Our vision is to open a maison in the very heart of the city, at street level with multiple access points so that it enables greater access to the public all year round," said Nathan Drahi, Sotheby's Asia managing director.

"We have been promoting art and culture throughout our portfolio for several decades and this strategic move by Sotheby's underscores our Central portfolio's reputation as the premier lifestyle and luxury destination right in the heart of Central," said Robert Wong, CEO of Hongkong Land, the space's landlord.

"The retail market will undergo a more visible recovery when inbound visits for leisure purposes return and the China-Hong Kong border reopens," said Jeannette Chan, senior director of retail at JLL in Hong Kong, commenting on tenants' increased confidence to look for new spaces now that the pandemic is winding down.