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Christie’s Expands Hong Kong Footprint in Hope of Art Market ‘Pickup’

A security personnel stands next to a painting titled "Nympheas" (water lilies) by artist Claude Monet during the inaugural sale at Christie's new Asia Pacific headquarters in Hong Kong, China September 19, 2024. (Reuters)
A security personnel stands next to a painting titled "Nympheas" (water lilies) by artist Claude Monet during the inaugural sale at Christie's new Asia Pacific headquarters in Hong Kong, China September 19, 2024. (Reuters)
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Christie’s Expands Hong Kong Footprint in Hope of Art Market ‘Pickup’

A security personnel stands next to a painting titled "Nympheas" (water lilies) by artist Claude Monet during the inaugural sale at Christie's new Asia Pacific headquarters in Hong Kong, China September 19, 2024. (Reuters)
A security personnel stands next to a painting titled "Nympheas" (water lilies) by artist Claude Monet during the inaugural sale at Christie's new Asia Pacific headquarters in Hong Kong, China September 19, 2024. (Reuters)

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 meters) 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 center.

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.

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Culture

Madrasat Addeera Empowers AlUla Youth Through Traditional Crafts

The school focuses on empowering girls, teaching craft skills rooted in ancestral trades and presenting them in modern ways that create sustainable and creative opportunities - SPA
The school focuses on empowering girls, teaching craft skills rooted in ancestral trades and presenting them in modern ways that create sustainable and creative opportunities - SPA
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Madrasat Addeera Empowers AlUla Youth Through Traditional Crafts

The school focuses on empowering girls, teaching craft skills rooted in ancestral trades and presenting them in modern ways that create sustainable and creative opportunities - SPA
The school focuses on empowering girls, teaching craft skills rooted in ancestral trades and presenting them in modern ways that create sustainable and creative opportunities - SPA

Madrasat Addeera in AlUla Governorate offers specialized training programs and workshops to develop the skills of local youth in traditional crafts and arts, preserving cultural heritage while connecting it to contemporary life.

The school focuses on empowering girls, teaching craft skills rooted in ancestral trades and presenting them in modern ways that create sustainable and creative opportunities, SPA reported.

Throughout the year, the school contributes to the cultural vibrancy of the governorate by taking part in festivals and exhibitions. Through its workshops, visitors can explore traditional industries such as pottery, weaving, carpets, and natural products.

According to SPA, Madrasat Addeera's programs go beyond training, transforming craft skills into sustainable income, with handcrafted items sold locally and online, all entirely Saudi-made and inspired by AlUla’s culture and environment.

Since its establishment as the first girls’ school in AlUla and as the region’s first center for arts and design, the school has become a hub for nurturing talent, rediscovering heritage crafts, and attracting both local and global expertise.

Culture

British Treasury to Cover Bayeux Tapestry for Estimated £800 Million

This photo provided by Bayeux townhall shows a technician inspecting the famed Bayeux tapestry in Bayeux, Normandy, in 8th January, 2020. (Ville de Bayeux via AP/File photo)
This photo provided by Bayeux townhall shows a technician inspecting the famed Bayeux tapestry in Bayeux, Normandy, in 8th January, 2020. (Ville de Bayeux via AP/File photo)
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British Treasury to Cover Bayeux Tapestry for Estimated £800 Million

This photo provided by Bayeux townhall shows a technician inspecting the famed Bayeux tapestry in Bayeux, Normandy, in 8th January, 2020. (Ville de Bayeux via AP/File photo)
This photo provided by Bayeux townhall shows a technician inspecting the famed Bayeux tapestry in Bayeux, Normandy, in 8th January, 2020. (Ville de Bayeux via AP/File photo)

The British Treasury is set to insure the Bayeux Tapestry against damage for an estimated £800 million while it is on loan to the British Museum next year, reported the BBC.

The 70m-long embroidery depicting the Battle of Hastings in 1066 will travel from France to London as part of a deal between the two nations' governments.

The artifact's transit and its time in storage and on display will be covered under the Government Indemnity Scheme (GIS). Indemnity insurance covers situations like loss or damage.

The Treasury said without the long-standing scheme, “public museums and galleries would face a substantial commercial insurance premium, which would be significantly less cost effective.”

There are concerns about the move, as some French art experts have suggested the nearly 1,000-year-old work was in far too a delicate state to be transported - something French officials have denied.

It is understood the Treasury has received an initial valuation for covering the Bayeux Tapestry that has been provisionally approved. The loan will not be formally confirmed until it receives the final valuation.

That final valuation is estimated to be around £800 million.

The Bayeux Tapestry will be displayed in the Sainsbury Exhibitions Gallery of the British Museum from next September until July 2027 while its current home, the Bayeux Museum, undergoes renovations.

Comprising 58 scenes, 626 characters and 202 horses, the huge masterpiece charts a contested time in Anglo-French relations when William The Conqueror took the English throne from Harold Godwinson, becoming the first Norman king of England.

The government's indemnity scheme allows art and cultural objects to be shown publicly in the UK which "might not have been otherwise because the cost of insurance would have been too high".

The scheme - first set up in 1980 - has facilitated numerous high-value loans, including Vincent van Gogh's 1888 work "The Bedroom" to the National Gallery.

In exchange for the Bayeux Tapestry, the British Museum will loan items to France, including the 7th Century Anglo-Saxon artifacts discovered at the Sutton Hoo burial site in Suffolk and the 12th Century Lewis chess pieces.

Culture

Kolkata’s Iconic Trams Face Final Stop as Modernization Rolls in

Passengers sit inside a decorated tram during the 152nd anniversary celebrations of trams in Kolkata, India, February 24, 2025. (Reuters)
Passengers sit inside a decorated tram during the 152nd anniversary celebrations of trams in Kolkata, India, February 24, 2025. (Reuters)
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Kolkata’s Iconic Trams Face Final Stop as Modernization Rolls in

Passengers sit inside a decorated tram during the 152nd anniversary celebrations of trams in Kolkata, India, February 24, 2025. (Reuters)
Passengers sit inside a decorated tram during the 152nd anniversary celebrations of trams in Kolkata, India, February 24, 2025. (Reuters)

For more than a century, trams have rumbled past Kolkata's crumbling colonial facades, with their chiming bells contributing to the city's soundtrack as they ferried generations of ​commuters.

Now, Asia's oldest tram network is on the brink of disappearing as authorities consider pulling the plug on a mode of transport that has become more nostalgia than necessity.

The West Bengal government plans to shut down the 152-year-old system, keeping only a short heritage route. The decision has sparked a court battle as residents and heritage advocates fight to keep ‌the trams ‌rolling.

"As children, we would take the ‌trams ⁠for ​fun, ‌but as I grew older it became a necessity," said Abha Maity, 44, recalling rides to school and college. "I can’t imagine Kolkata without them."

Once a highlight of the city's streets, the wobbly trams now struggle for space amid traffic jams - competing with buses and yellow taxis - as Kolkata builds modern infrastructure and seeks faster transport.

Kolkata introduced ⁠horse-drawn trams in 1873 and electrified them in 1902. At its peak, the ‌network boasted more than 340 trams and ‍covered the entire city. Today, ‍only two routes remain, with a fleet of about 10.

"When ‍I joined, more than 340 trams were running. Now it's down to seven or eight," said Bacchu Sidda, a conductor for 36 years who still checks his duty roster pinned on a board ​at the last functioning depot in Gariahat.

The government began selling depots and scrapping cars years ago, prompting a citizens' ⁠group called Calcutta Tram Users Association (CTUA) to take the fight to court. CTUA has campaigned since 2016 to save what remains of the system.

"I love my trams more than myself," said Deep Das, 19, a journalism student and CTUA member. "If they disappear, it will be like a part of my body has left me."

Despite resistance, authorities are pouring billions into upgrading Kolkata's infrastructure, focusing on metro expansion, wider roads and new highways to ease congestion.

For now, the fate of Kolkata's aging trams awaits a ‌court review, as they continue carrying some passengers who view them as living memories of the city's past.