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Est-Ouest Auctions (Est-Ouest), Japan's oldest auction house, has recently opened in Hong Kong. It launches its Hong Kong auction series today and tomorrow (November 24 and 25) at the Island Shangri-la Hotel.
Founded in 1984, Est-Ouest is the oldest auction house in Japan. From its roots as experts in art nouveau and art deco objects, Est-Ouest has evolved into the leading seller of postwar and contemporary art in Japan, with an emphasis on Japanese contemporary art.
With sales from May 2007 to April 2008 totalling almost HK$150 million just for contemporary art, Est-Ouest holds the lead position in Japan's auction market for this category. It is also well known for having the world's top market share and price records for the art nouveau and art deco glasses category.
Est-Ouest is the first auction house from Japan to hold sales in Hong Kong. The sales featured over 500 lots of the top artworks from categories of 'Asian postwar', 'contemporary art', 'Western art and jewellery' and 'Chinese Contemporary'.
The Hong Kong office marks an important step in Est-Ouest's regional and global business development. Mr Takashi Seki, President of Est-Ouest, said, "Est-Ouest's international reach will further develop with our new Hong Kong presence and the launch of our auction series. At the same time, we can help promote Japanese art and culture to other parts of the region."
Commenting on why an auction series was launched in Hong Kong, Mr Seki said, "We found that the low and simple tax system in Hong Kong is very beneficial to our business. Our customers will pay less if our auction is held here. Also, it will be easier for them to predict how much tax they have to pay with such a simple and transparent system."
Mr Charles Ng, Associate Director-General of Investment Promotion welcomed the arrival of another leading auction house to Hong Kong. He said, "With our uniquely international and cosmopolitan population, we provide huge market opportunities for international auction houses like Est-Ouest. Earlier this year, Invest Hong Kong assisted a leading UK auction house to organise its inaugural wine auction following its establishment in Hong Kong last year. And now, with the opening of Est-Ouest in Hong Kong, our role as the regional auction hub would be further enhanced."
"Located in the heart of Asia, Hong Kong is convenient for Est-Ouest's customers across the region. With its increasing sophistication and appreciation for top quality art in the Greater China region, Hong Kong is an ideal place for Est-Ouest to develop and expand its business."
About Est-Ouest
Est-Ouest Auctions, founded in 1984, is the oldest auction house in Japan with more than 20 years of experience in the auction business. The company has opened a branch in Paris and has recently set up in Hong Kong. For more information, please visit www.est-ouest.co.jp.
About InvestHK
InvestHK is the award-winning department of the Hong Kong Special Administrative Region Government responsible for attracting and facilitating inward investment into the city, by providing free services and support to help overseas and Mainland companies establish or expand their business presence in Hong Kong. For more information, please visit www.InvestHK.gov.hk.
Ends/Monday, November 24, 2008
Issued at HKT 16:31
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