Phillips to open new Hong Kong headquarters in West Kowloon Cultural District

Auction house Phillips is planning a new headquarters in Hong Kong's West Kowloon Cultural District, specifically in the WKCDA Tower designed by Herzog & de Meuron. The move follows a record-breaking 2021 where luxury goods sales exceeded $1.2 billion, a 32% increase from 2019, driven by contemporary sales in Asia. The new space, over 48,000 square feet with views of Victoria Harbour, is expected to open in 2023. Phillips aims to expand into photography and design markets in Asia, while maintaining year-round exhibition and event programs. The Asian market, particularly Hong Kong, has been a key driver of growth, with many young artists debuting in Phillips' catalogs and buyers often under 50. Competitor Christie's is also preparing a larger Hong Kong space at The Henderson, designed by Zaha Hadid Architects, set for 2024.