Christie's opens regional headquarters in Hong Kong, banking on rebound in art sales

Hong Kong - British auction house Christie's opened a new regional headquarters in Hong Kong on Friday, banking on a rebound in sales in Asia-Pacific despite a struggling global art market.

After Phillips and Sotheby's, Christie's - owned by French billionaire François Pinault's holding company Artémis - is the third major auction house to set up in the Chinese financial centre in an attempt to attract young Asian buyers.

Francis Belin, chairman of Christie's Asia Pacific, attributed the current decline in the art market to "hesitant" buyers and "somewhat cautious sellers", but said he expected a rebound.

"We are very confident (...) in the second half of this year, we will see a very nice recovery in our figures," Mr Belin told AFP.

Christie's reported first-half 2024 sales of $2.1 billion, down for the second consecutive year from a peak of $4.1 billion in 2022.

China's economic slowdown is seen as a major factor in the art market's slowdown from its peaks during the pandemic.

Christie's nevertheless sees "very strong demand" in Asia and the emergence of young collectors, which motivated the opening of its regional headquarters, according to Francis Belin.

Hong Kong remains the "best place for art transactions," he added, noting that "capital, goods and people move freely there."

The auction house has invested in four floors of a new skyscraper, The Henderson, designed by Zaha Hadid Architects, in the heart of Hong Kong's financial district.

With 4,600 square metres, this new space will allow Christie's to organise its own events, instead of using the Hong Kong Convention and Exhibition Centre, as has been the case until now.

The first sale, scheduled for next week, will feature works by Vincent van Gogh, Claude Monet and the Franco-Chinese painter Zao Wou-Ki.

Auction houses are not so concerned about political changes in Hong Kong, even as Beijing's takeover of the city is curbing artistic freedoms, analysts say. (AFP)