As can be vital Beijing, it seems nothing compared to internationality of Hong Kong, its status as a free port and transparent legal system that will attract buyers even non-Asian. Now comes the auction house China Guardian China to recognize Hong Kong as a hub of Asian art market, so as to open up a venue that will host its first sale in October. China Guardian is the oldest auction house in the country, founded in 1993 in Beijing and in recent years become the fourth most powerful in the world. In mainland contends the market with Poly Auction, while in Hong Kong directly with the two big rival Sotheby’s and Christie’s. And the first test will be precisely in October, when Sotheby’s Hong Kong will held its auction of Asian art. This new strategy of Chinese house responds to the growing prestige that is acquiring Hong Kong in the international scene, which has made now the third largest market after New York and London. In addition, the slowdown in the Chinese market has affected strongly the sales for the first half of China Guardian, a decrease of 45% compared to autumn 2011.
“Hong Kong is Asia’s financial center, and is also an international free trade port- said Wang Yannan, director and president of China Guardian – We believe that Hong Kong will provide the impetus to our company’s business. We also hope that we can gain some advanced international experience and insight into new operating styles that will enable us to make bigger profits and provide convenient and thoughtful service to collectors worldwide.”
The new location outside mainland is just the first step in the internationa expansion of the auction house. Also remind that last year it opened an office on Park Avenue in New York, aimed primarily to attract new buyers and sellers to benefit of the Chinese subsidiary.