Poly Auction

Poly Auction is one of the most important auction houses in the world and the largest state-owned auction operation in China. Operating through its two primary entities, Beijing Poly International Auction and Poly Auction Hong Kong, the house commands the highest transaction volume globally for Chinese art and has established itself as a formidable presence in the broader international auction market for fine art, luxury goods, and collectibles. The Beijing operation, formally known as Beijing Poly International Auction Co., Ltd., is a subsidiary of Poly Culture Group Corporation Limited, one of China's largest cultural enterprises. The house has been conducting auctions since the early 2000s and has grown to dominate the Chinese art market, with an annual turnover of 8.68 billion yuan in 2021, accounting for over 20 percent of the global market share for Chinese cultural relics and works of art, according to the China Auction Association. Poly Auction Hong Kong was established in 2012 as the group's international arm, bringing the Poly brand to the world's most important auction centre for Asian art. The Hong Kong entity was listed on the Hong Kong Stock Exchange in March 2014 under the stock code 03636.HK, a milestone that underscored the group's ambitions and financial strength. Since then, Poly Auction Hong Kong has grown rapidly, celebrating its tenth anniversary in 2022 with a series of high-profile sales. Poly Auction Hong Kong operates six specialist departments: Modern and Contemporary Art, Fine Chinese Paintings and Calligraphy, Chinese Ceramics and Works of Art, Magnificent Jewels and Important Watches, Noble Handbags and Hype Collectibles, and Rare Wine, Whisky and Chinese Tea. The Beijing operation covers an even broader range of categories, reflecting the depth and diversity of the Chinese collecting market. The Chinese Paintings and Calligraphy department is arguably the house's most important, handling works by masters spanning centuries of Chinese artistic tradition. Chinese ceramics and works of art is another cornerstone, with Poly regularly offering imperial porcelain, jade, bronze, and other treasures from Chinese dynastic history. The modern and contemporary art department has grown significantly, handling both Chinese and international works. Poly Auction's results consistently place it among the top auction houses globally. The 2021 Autumn Auction in Beijing achieved a total turnover of 3.35 billion yuan. In Hong Kong, the house marked its tenth anniversary with the sale of Jean-Michel Basquiat's 'Untitled' from 1981, which achieved 13.4 million dollars and contributed to a five-day sales week total of 127 million dollars. In 2018, the Spring and Autumn Auctions in Hong Kong achieved a combined total transaction sum of 2.1 billion Hong Kong dollars. The house has also entered into significant collaborations with other major international auction houses. In a notable partnership, Phillips and Poly Auction announced an unprecedented collaboration for sales in Hong Kong, reflecting the strategic importance of the China market and Poly's role as a gateway to Chinese collectors. Poly Auction maintains a global network of offices including Hong Kong, Macao, Taipei, Xiamen, Shanghai, Beijing, Tokyo, and New York. This network provides both consignment services for international sellers looking to access the Chinese market and viewing opportunities for Chinese collectors interested in works being sold abroad. For buyers, Poly Auction provides comprehensive catalogues with scholarly entries, provenance documentation, and high-resolution photography. Bidding is available in the saleroom, by telephone, and increasingly online. The buyer's premium is generally competitive with international norms for the Chinese auction market, typically in the range of 15 to 20 percent, though specific rates vary by sale and location. For sellers, Poly Auction offers unparalleled access to the Chinese collector market. The house's dominant market share and extensive network mean that works consigned to Poly benefit from exposure to the largest pool of Chinese art buyers in the world. Consignments are particularly welcome in the areas of Chinese paintings and calligraphy, ceramics and works of art, and important jewels and watches. Free appraisals can be arranged through any of the house's global offices. Seller commissions are negotiated individually. The house's listing on the Hong Kong Stock Exchange provides a level of financial transparency and corporate governance that distinguishes it from many privately held auction houses. This institutional backing, combined with the resources of the Poly Culture Group, gives the house significant advantages in terms of capital, marketing reach, and operational infrastructure. For those evaluating Poly Auction, the essential considerations include what they sell, which encompasses Chinese art, calligraphy, ceramics, modern and contemporary art, jewels, watches, handbags, and wine. The fee structure includes buyer's premiums generally in the 15 to 20 percent range. Consigning involves free appraisals through global offices. Online bidding is increasingly available. What makes Poly Auction stand out is its position as China's largest auction house, its unrivalled access to Chinese collectors, its listing on the Hong Kong Stock Exchange, its record-setting sales volumes, and its strategic partnerships with international auction houses.