If Hong Kong is to become a sales hub of equal or greater volume to New York or London, won’t the auction house need its own sale rooms? Currently both auction houses are confined to very limited windows when they rent out space to conduct their sales. Here’s what Reuters has on the issue:
“There will be a point when Hong Kong is on the level of London and New York. In Asia that is really a great objective to have … let’s say something between five and 10 years perhaps,” Stone told Reuters in an interview. […]
“If nothing happens to the Chinese economy, I think the market will continue to rise for the next ten years,” said Morris Low, with the Morris and Joey Low gallery in Hong Kong, who bought a blue-and-white late Ming dragon and phoenix vase with a bid of HK$10 million in a packed auction hall.
“The market is very strong. Chinese buyers now make up about 60 to 70 percent of our clients,” he added.