Defying downturn, auction houses bid high on Hong Kong
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Three of the world's top auction houses, Sotheby's, Christie's, and Bonhams, are expanding in Hong Kong to attract young Asian buyers despite the global art market's retreat from pandemic-era highs. Sotheby's unveiled showrooms at an upscale mall in Hong Kong's finance district, while Christie's is preparing to open a new space at a skyscraper designed by Zaha Hadid Architects. The firms are betting on Hong Kong as the center for Asia, although global art sales have slowed. Bonhams, which will move to a new office building in September, has found success targeting transactions under HK$10 million. The auction houses are also targeting younger buyers and embracing online bidding. Despite Hong Kong's political environment, the auction houses are confident in the city's potential.
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https://www.legit.ng/business-economy/economy/1604706-defying-downturn-auction-houses-bid-high-hong-kong/
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