Sotheby’s expands Hong Kong footprint with cavernous new exhibition and retail space

CNN —

A fossilized mammoth skull, centuries-old ceramics and Banksy’s famous self-shredding painting are among hundreds of high-value collectibles on show at Sotheby’s ambitious new retail outpost in Hong Kong.

Somewhere between a boutique and a gallery, the auction house’s self-styled “Maison” offers a host of luxury objects across two floors of a mall in the city’s Central financial district.

With younger collectors seemingly in mind, items on the first floor range in price from 5,000 to 50 million Hong Kong dollars ($640 to $6.4 million). The 24,000-square-foot space, designed by Dutch architecture firm MVRDV, features a series of thematic “salons” leading to a cavernous exhibition area below.

The venture is the latest signal that major auction houses still consider Hong Kong to be their long-term hub in Asia. It is also an apparent vote of confidence in the local luxury market amid fears that slowing spending in mainland China will impact high-end retail in the semi-autonomous city.

High-value collectibles, from prehistoric fossils to limited edition sneakers, alongside paintings, sculptures and prints are on show.

Luxury rebounding

Hong Kong has long been the center of the auction business in Asia. The city’s spring and fall sales attract collectors from around the continent, particularly those in China, who are lured by the tariff-free imports on art and other luxuries. Chinese art sales, which include those made in Hong Kong, grew by 9% in 2023 as the county reclaimed its spot as the world’s second largest art market, according to UBS and Art Basel’s latest annual report.

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But while luxury spending rebounded