Defying Downturn, Auction Houses Bid High On Hong Kong

Art is displayed at a new, two-storey Sotheby's space in Hong Kong, where three of the world's top auction houses are pushing to expand (Credit: AFP)

Three of the world's top auction houses are racing to expand in Hong Kong, eager to woo young Asian buyers even as the global art market retreats from pandemic-era highs.

In the span of two months, Sotheby's, Christie's and Bonhams will each see the culmination of years-long efforts to upgrade their regional headquarters in the southern Chinese city.