International auction house Sotheby’s will expand its presence in Hong Kong after securing a long-term lease for 24,000 square feet of retail space.
Sotheby’s has secured a long-term lease in Chater House – a commercial building in Hong Kong’s central business district – to open a new auction house. The 24,000 square feet two-storey space will mark Hong Kong’s first auction house to move from an office to a retail podium.
«Our vision is to open a maison in the very heart of the city, at a street level with multiple access points so that it would enable greater access to the public all-year round,» said Nathan Drahi, managing director for Asia at Sotheby’s.
Multi-Function Space
Sotheby’s new retail space will feature auctions, private sales, exhibitions and a concept cafe. It will also include Sotheby’s «Buy Now» offering – a platform for instant purchases of art at fixed prices.
Sotheby’s lease of the space will begin in the fourth quarter of 2023, replacing current tenant and fashion label Giorgio Armani, according to landlord Hongkong Land. The new Sotheby’s gallery is scheduled to open in 2024.
Meanwhile, Southeby’s will shift its existing 15,000 square feet office and regional headquarters in Hong Kong to a larger 36,000 square feet office to be completed in 2024.
