Retail in Asia

In Sectors

Sotheby’s to open HK gallery

In one of Hong Kong’s prime commercial areas, art auction house Sotheby’s is launching its own year-round gallery to expand sales at a time when China’s appetite for art is booming.

Sotheby’s is investing USD7.2 million to open more than 15,000 square feet in Hong Kong’s Admiralty business district in mid-May, which will enable the company to hold more auctions in addition to its current spring and autumn events, said Kevin Ching, chief executive of Sotheby’s Asia.

Sotheby’s picked Hong Kong as a focus, as Chinese law prevents foreign auction houses from holding sales of artifacts on China’s mainland.