Growing, growing and far from gone
The rise and rise of Hong Kong's stature as a key player in the international auction scene, all through the most challenging months of the pandemic, augurs well for the city's future as a pre-eminent, world-class arts hub. Joyce Yip reports.
A major sign of the international auction market's confidence in Hong Kong is perhaps Christie's claiming a 4,645-square-meter space across four floors on a 10-year lease in The Henderson in Central, where their upcoming Asia Pacific headquarters will open in 2024 - in a building on the world's most expensive commercial land.
This sustained growth story taking place at the time of a pandemic is partly triggered by "revenge buying", or extravagant spending due to pent-up demand during the pandemic. Other factors include investors' need to diversify their investment portfolios. Also, the prevalence of online auctions has made it possible for a much broader swath of buyers to participate, irrespective of their location. And most importantly, though each auction house charted its own path to success since the pandemic began in January 2020, they have found a common denominator in an increasingly generous Asian buyer.
