- Taiwan retains death penalty but limits use to 'exceptional' cases
- Ferrari's Leclerc sets early pace in Singapore ahead of Norris
- 10 years into Huthi rule, some Yemenis count the cost
- France poised to finally get new govt
- Kompany, Alonso call for action on player workload amid strike talks
- Liverpool goalkeeper Alisson doubtful for Bournemouth clash
- Bumrah takes four as India bowl out Bangladesh for 149
- Sri Lanka 134-1 to take upper hand in first New Zealand Test
- Bayern's Kompany calls for game cap for players amid strike talks
- Christie's expands Hong Kong footprint in hope of art market 'pickup'
- Sultry screen legend Sophia Loren turns 90
- Cambodian opposition figure in court on incitement charge
- Bumrah takes three wickets to have Bangladesh in trouble at 112-8
- Kimchi threat as heatwave drives up South Korea cabbage prices
- UK economic data delivers fresh blow to new govt
- China to 'gradually resume' seafood imports from Japan after Fukushima ban
- India minister blames dam release for flooding
- O'Rourke strikes early for Kiwis as Sri Lanka trail by three
- Deep takes two as Bangladesh totter in reply to India's 376
- Israel pounds Lebanon's Hezbollah after device blasts
- Revolution or mirage? Controversy surrounds new Alzheimer's drugs
- Ashwin's 113 powers India to 376 in Bangladesh Test
- Biden opens home to 'Quad' leaders for farewell summit
- Sally Rooney returns with 30-something questions
- Wallabies sense 'massive' chance to upset All Blacks
- Taiwan questions two in probe into Hezbollah pagers
- Viral Korean Olympic shooter scores first acting role as assassin
- Farrell set for 'challenge' of downing Bordeaux in Top 14
- Springbok Etzebeth diverts attention from looming caps record
- Inter on a high ahead of Milan derby as Napoli face Juve test
- Bank of Japan leaves key interest rate unchanged
- Arnold quits after six years in charge of Australia
- Asian markets track Wall Street record to extend global rally
- Guirassy and Anton to return to Stuttgart with new side Dortmund
- Marseille bidding to continue 'almost perfect' Ligue 1 start
- Arnold quits as coach of Australia men's football team
- Harris and Oprah hold star-studded US election rally
- Allies to remember failed WWII parachute operation
- Perez leading new-look Villarreal charge against leaders Barca
- Man City face Arsenal in Premier League title showdown, Postecoglou under pressure
- Fake celebrity endorsements, snubs plague US presidential race
- Documentary brings Argentine 'death flights' to the big screen
- Strike shows challenge to Boeing 'reset' of labor relations
- World leaders to gather at UN as crises grow and conflicts rage
- How plastic pollution poses challenge for Canada marine conservation
- Scientists track plastic waste in pristine Canada marine park
- South Africa's Buhai grabs LPGA Queen City lead
- Japan inflation firms to 2.8% ahead of BoJ rate decision
- Russia's Kadyrov accuses Musk of 'remotely disabling' his Cybertruck
- Titan sub had to abort a dive days before fatal implosion: testimony
Christie's expands Hong Kong footprint in hope of art market 'pickup'
Auction house Christie's opened its regional headquarters in Hong Kong on Friday as its Asia Pacific chief predicted a sales "pickup" despite a global art market weighed down by wary sellers.
Christie's is the third major auction house in recent years to expand their footprint in the Chinese finance hub in a bid to woo younger Asian buyers, following rivals Phillips and Sotheby's.
President of Christie's Asia Pacific Francis Belin said the current dip in the market was due to "hesitant" consignors and "sellers being a little bit cautious".
"We are quite confident... in the second half of this year that we see a very nice pickup in our numbers," Belin told AFP.
Christie's earlier reported $2.1 billion in sales in the first six months of 2024 -- the second consecutive year of decline -- down from its 2022 peak of $4.1 billion.
China's economic slump has been cited as a key reason the art market has pulled back from its pandemic-era peaks.
But Belin said the new venue reflected the "very strong demand" from Asia with the emergence of younger collectors.
"The market is not short of buyers... Asia continues to recruit new clients, younger clients (and) Asian collectors embrace new categories," he said, adding that Hong Kong remained the "best place to transact art".
"It's a free flow of capital, free flow of merchandise, free flow of people," Belin said.
The auction house took over four floors at a new skyscraper designed by Zaha Hadid Architects located in the heart of Hong Kong's financial district, with 50,000 square feet (4,600 square metres) of exhibition and office space.
The new space will allow Christie's to bring their events in-house instead of vying for room at Hong Kong's convention and exhibition centre.
Its first series of auctions set for next week includes artwork by Vincent van Gogh, Claude Monet and Chinese-French painter Zao Wou-Ki.
Analysts say major auction houses are unfazed by Hong Kong's political environment even as Beijing tightens its grip on artistic freedoms.
Christie's expansion also came at a time when the city's commercial property market was at a low ebb.
The building housing Christie's, called The Henderson -- reportedly built on the world's most expensive plot of land -- was 40 percent vacant as of May, according to Bloomberg News.
Belin earlier told AFP that Christie's signed a 10-year lease at The Henderson and that the relocation would cut operating costs.
B.Shevchenko--BTB