T here is no question it has been a particularly eventful 12 months for Sotheby’s in Asia. Matching the company’s 2021 all-time-high record, auction sales in Asia in 2022 successfully raked in a stellar US$1.1 billion, placing Sotheby’s as the market leader in Asia for the 7th consecutive year.
Closing the year on a high note, and in anticipation as we kick off a year-long campaign to celebrate the milestone of 50 years in Asia in 2023, Sotheby’s most recently announced expansion plans in Hong Kong – the opening of its new maison and the move of its office headquarters, both slated for 2024.
Located at Landmark Chater, at the nexus of the city’s luxury district, with both street and footbridge access, the sprawling 24,000 square foot two-storey maison will house an expansive state-of-the-art exhibition space for showcasing Sotheby’s full suite of offerings – from the company’s signature auctions, private sales and masterworks exhibitions, to art and luxury collectibles available for instant purchase via the recently introduced Sotheby’s Buy Now platform. The new location will enable continuous client engagement cadenced by a sale calendar spread across the year, with live auctions hosted within the same compound. A Sotheby’s café concept will complement this all-encompassing experience. Meanwhile its headquarters will move to a new 36,000 square foot space in a new office development by Swire Properties branded Six Pacific Place.
The expansion in Hong Kong is concurrent to a slew of activities and events across Asia this year as part of its growth strategy and commitment to the region which is seeing marked increase in bidders: in Sotheby’s sales in Asia, 1 in 3 bidders were new to the company; and in Sotheby’s global sales, 68% of new bidders were from countries in Asia, while Asian collectors are also spending more per person on average than collectors from elsewhere in the world (just over 20%); and bidding 40% more per person on average.