Sotheby’s has opened its new 24,000-square-foot retail and exhibition spaces at the heart of Hong Kong’s central business district in a bid to tap the region’s luxury retail market, despite a recent downturn in China’s spending power. Hundreds of objects from artworks to dinosaur fossils are available for instant purchase, with prices ranging from HK$5,000 to HK$50 million ($640 to $6.4 million).

Opened to public on Saturday, July 27, at Landmark Chater in Central district after more than two years in the making, Sotheby’s Maison occupies two floors. Designed by Rotterdam-based architectural firm MVRDV, the first floor is known as Sotheby’s Salon, which showcases more than 200 objects across the seven salons targeting cross-category collectors, ranging from fossils to African art, Old Master drawings to sneakers. Works on view at Salon can be purchased on the spot. Among the most valuable items available for sale is a 2.76ct VS1 fancy vivid pink diamond, selling at nearly HK$42 million ($5.4 million).

Sotheby’s Maison at Landmark Chater. Courtesy of Sotheby’s.

But not all items on view can be purchased. The ground floor, which contains three spaces, is dedicated to ambitious museum-quality exhibitions, performances, and the house’s marquee auction previews. Inaugurating these galleries are the exhibition “Bodhi: Masterpieces of Monumental Buddhist Art,” a somber presentation of Buddhist sculptures tracing the footsteps of the evolution of this particular Asian art form. Two works on loan from Shanghai’s Long Museum, Gerhard Richter’s Eisberg and a Ru ware brush washer from the Northern Song Dynasty (960–1127 C.E.), are also on public view, along with Banksy’s much-hyped shredded artwork Girl Without Balloon.

Luxury spending in China has taken a hit over the last year due to a sharp downturn in property and capital markets. LVMH, the world’s largest luxury group with 75 brands such as Louis Vuitton and Dior in its portfolio, saw sales in Asia, excluding Japan, decline by 13 percent in the first half of the year, according to its earnings report released last week. Additionally, Richemont, which owns Cartier, saw sales in the region fall 27 percent year-on-year in the second quarter. However, Sotheby’s sees the space as a long-term investment and is planning similar stores in New York and Paris.

Sotheby’s Salon of the first floor of Maison at Landmark Chater. Courtesy of Sotheby’s.

“Our vision is to build a space that expands the curiosity and imagination,” Nicolas Chow, chairman of Sotheby’s Asia, said in a statement. “From dinosaur fossils to handbags, contemporary design furniture from Africa to old master drawings from Italy, rare movie posters to Picasso ceramics, Korean contemporary craft to rare vintage watches, gothic sculptures to contemporary jewelry designs, ancient Chinese art to rare books and manuscripts, contemporary art to samurai armor. There will be something here to inspire and engage both our existing collectors and new audiences alike.”

Art lovers and industry professionals who have visited the new Maison told Artnet News that they appreciated the opening of the new space and presentation of the works in an open and friendly way. A food and beverage outlet will open on the first floor of the Maison in order to make the new space more accessible to a wider public.

With the launch of a new space, Sotheby’s will have a new sales calendar for Asia. The Hong Kong sales will take place on September 25 and 26, followed by Asian art sales on October 16 to 18. Its competitor Christie’s will be moving in to its new Asia headquarters in Hong Kong in September, and will hold its inaugural sale on September 26.