Sotheby's is launching a gallery in Hong Kong to expand its sales at a time when China's appetite for art is booming. The new $7.2 million, 15,000 square-foot space in the Admiralty business district will enable the company to hold more auctions and events, including exhibitions.
Sotheby's is also maneuvering to keep up with rival Christies International PLC, which opened its own 15,000 square-foot gallery and salesroom space in May 2010. Both houses have also recently created Asian advisory boards to nurture ties to major collectors in Asia. Hong Kong supply-chain magnate William Fung and Hong Kong private-equity chief Mary Ma both serve on Christies advisory board and Pansy Ho, the daughter of Macau gambling tycoon Stanley Ho, serves on Sotheby's international advisory board.
Image: architectural rendering of Sotheby's Hong Kong gallery
