Christie’s, one of the world’s leading auction houses, has announced the opening of its regional headquarters in Hong Kong with the aim of boosting the art market growth in the region. This move comes at a time when the global art market is facing challenges due to hesitant sellers, but Christie’s Asia Pacific chief remains optimistic about a sales “pickup” in the near future.
The decision to expand their presence in Hong Kong follows in the footsteps of other major auction houses like Phillips and Sotheby’s, who have also sought to attract younger Asian buyers in recent years. President of Christie’s Asia Pacific, Francis Belin, acknowledged the current dip in the market, attributing it to consignors being hesitant and sellers exercising caution. However, he expressed confidence in the market’s potential for growth in the second half of the year.
Despite a decline in sales over the past two years, with reported figures dropping from $4.1 billion in 2022 to $2.1 billion in the first half of 2024, Belin remains positive about the market outlook. He highlighted the strong demand from Asia, particularly from younger collectors, as a driving force behind Christie’s expansion in the region. Belin emphasized that Asia continues to attract new clients, especially in emerging categories, making Hong Kong an ideal hub for art transactions.
The new headquarters in Hong Kong, located in a new skyscraper designed by Zaha Hadid Architects in the heart of the financial district, offers 50,000 square feet of exhibition and office space. This expansion allows Christie’s to host their events in-house, providing a more exclusive and intimate setting for their auctions. The first series of auctions scheduled at the new venue includes works by renowned artists such as Vincent van Gogh, Claude Monet, and Zao Wou-Ki.
Analysts believe that major auction houses like Christie’s are undeterred by Hong Kong’s political environment, despite increasing scrutiny from Beijing on artistic freedoms. The expansion also comes at a time when the city’s commercial property market is facing challenges, with The Henderson, the building housing Christie’s, reportedly being 40 percent vacant as of May.
Belin clarified that Christie’s has signed a 10-year lease at The Henderson, emphasizing the long-term commitment to the region. The relocation to the new space is expected to streamline operating costs and provide a more efficient platform for conducting auctions. Despite the current vacancy rates in the building, Christie’s remains optimistic about the potential for growth in the art market in Hong Kong.
In conclusion, Christie’s decision to expand its presence in Hong Kong reflects the growing interest and demand for art in Asia, particularly among younger collectors. The new headquarters provides a state-of-the-art venue for hosting auctions and exhibitions, signaling a long-term commitment to the region. With optimism about a sales “pickup” in the near future, Christie’s aims to capitalize on the strong demand for art in Asia and establish Hong Kong as a key hub for art transactions in the region.