Hong Kong, which is globally recognised as a leading hub for East-meets-West cultural exchanges, is also one of the world’s top three art trading centres – a remarkable achievement given the competition involved.
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That status was confirmed by the latest government statistics, which show the total trade value of works of art, collectors’ pieces and antiques last year was close to HK$105.5 billion (US$13.5 billion), with signs that there is still plenty of scope for continuing growth.
InvestHK, the government agency responsible for attracting foreign direct investment and providing practical advice and assistance for mainland Chinese and overseas-based businesses looking to set up or expand in the city, has played a big part in this success story. It supports companies across every sector, from recent start-ups to long-established institutions, as they navigate rules, regulations and tax codes and set things on the right course.
InvestHK has also supported the expansion of many prominent companies in the city, and Bonhams is the latest example. In October, the international auction house opened its new Asia headquarters in Hong Kong as part of a strategic initiative to drive continuing growth in the region and enhance its range of services and events.
“Hong Kong presents a unique blend of cultural and commercial strengths, making it an ideal platform for serving both our Asian and global clients,” Julia Hu, Bonhams’ Asia managing director, says. “Our expansion here is a testament to the firm’s long-term commitment to this dynamic market.”
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Indeed, since opening its first saleroom in the city in 2014, many aspects of the business have experienced substantial growth. Over the past two years alone, the size of Bonhams’ team has increased by 20 per cent, making it imperative to find a more spacious, custom-designed base to support the next phase of development and capture new opportunities.
