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Chinese auction house holds 1st sale of art in HK
Source: AFP |
October 8, 2012, Monday
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A leading China auctioneer holds a debut sale in Hong Kong yesterday, lured by the city's international buyers, low tax regime and stable regulatory framework in a trend that could bring more competition for global firms.
China Guardian's sale of Chinese art and classical furniture in Hong Kong follows its rise as the world's third largest auction house on the crest of China's art market boom, with sales of US$1.77 billion last year.
Over 300 collectors packed the auction hall, which offered more than 300 Chinese paintings and calligraphy including works from renowned artists Zhang Daqian and Qi Baishi.
"We want to win over more overseas market and buyers," said Wang Yannan, the president of China Guardian.
The sale, though relatively small, is seen as a symbolic foray by China's top auction firm into the turf of goliaths Christie's and Sotheby's who have long dominated international auction centers like Hong Kong, New York and London.
China Guardian's key rival Poly International is also planning an inaugural Hong Kong sale in late November, while A&F Auction and Beijing Rongbao Auction aim to enter Hong Kong in one or two years, according to art market reports.
The nation's wave of millionaire buyers and investors have helped propel Hong Kong into the world's fourth largest art auction hub, with nearly 7 percent of global art auction revenue in 2011, according to French art database Artprice.com.
"It's great for competition," Francois Curiel, Christie's Asia president, said yesterday.
"Whenever I see more auction houses coming into the market, the pie became larger," Curiel said.
Some, however, felt the field was getting crowded.
"It's like separating a bowl of rice into two," said Tim Lin of the Lin & Lin Gallery in Beijing and Taipei, referring to increased competition for Hong Kong's multi-billion dollar art auction market.
"How long will they last? It's everyone's guess."
China Guardian's sale of Chinese art and classical furniture in Hong Kong follows its rise as the world's third largest auction house on the crest of China's art market boom, with sales of US$1.77 billion last year.
Over 300 collectors packed the auction hall, which offered more than 300 Chinese paintings and calligraphy including works from renowned artists Zhang Daqian and Qi Baishi.
"We want to win over more overseas market and buyers," said Wang Yannan, the president of China Guardian.
The sale, though relatively small, is seen as a symbolic foray by China's top auction firm into the turf of goliaths Christie's and Sotheby's who have long dominated international auction centers like Hong Kong, New York and London.
China Guardian's key rival Poly International is also planning an inaugural Hong Kong sale in late November, while A&F Auction and Beijing Rongbao Auction aim to enter Hong Kong in one or two years, according to art market reports.
The nation's wave of millionaire buyers and investors have helped propel Hong Kong into the world's fourth largest art auction hub, with nearly 7 percent of global art auction revenue in 2011, according to French art database Artprice.com.
"It's great for competition," Francois Curiel, Christie's Asia president, said yesterday.
"Whenever I see more auction houses coming into the market, the pie became larger," Curiel said.
Some, however, felt the field was getting crowded.
"It's like separating a bowl of rice into two," said Tim Lin of the Lin & Lin Gallery in Beijing and Taipei, referring to increased competition for Hong Kong's multi-billion dollar art auction market.
"How long will they last? It's everyone's guess."
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