Poly Auction

About 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, it commands the highest transaction volume globally for Chinese art and has a formidable presence in the broader international market for fine art, luxury goods, and collectibles.

Structure and history

Beijing Poly International Auction Co., Ltd. is a subsidiary of Poly Culture Group Corporation Limited, one of China's largest cultural enterprises, and has been conducting auctions since the early 2000s. It 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 and was listed on the Hong Kong Stock Exchange in March 2014 under the stock code 03636.HK. It celebrated its tenth anniversary in 2022 with a series of high-profile sales, and has entered a notable collaboration with Phillips for sales in Hong Kong.

Departments and results

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, with Chinese Paintings and Calligraphy and Chinese ceramics and works of art among its most important departments, alongside a growing modern and contemporary art business.

The 2021 Autumn Auction in Beijing achieved a total turnover of 3.35 billion yuan. In Hong Kong, the tenth-anniversary sale of Jean-Michel Basquiat's 'Untitled' from 1981 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 transaction sum of 2.1 billion Hong Kong dollars.

Locations

Poly Auction maintains a global network of offices including Hong Kong, Macao, Taipei, Xiamen, Shanghai, Beijing, Tokyo, and New York, providing consignment services for international sellers and viewing opportunities for Chinese collectors interested in works sold abroad.

Buying and selling

Catalogues include scholarly entries, provenance documentation, and high-resolution photography, with bidding available in the saleroom, by telephone, and increasingly online. The buyer's premium is generally 15 to 20 percent, though rates vary by sale and location.

Free appraisals for sellers can be arranged through any of the house's global offices, with commissions negotiated individually; consignments are particularly welcome in Chinese paintings and calligraphy, ceramics and works of art, and important jewels and watches. The house's listing on the Hong Kong Stock Exchange provides financial transparency and corporate governance that, combined with the resources of the Poly Culture Group, gives it significant advantages in capital, marketing reach, and operational infrastructure.

Frequently Asked Questions

What are Poly Auction's two primary entities?

Beijing Poly International Auction, a subsidiary of Poly Culture Group Corporation Limited, and Poly Auction Hong Kong, established in 2012.

What is Poly Auction's buyer's premium?

Generally in the range of 15 to 20 percent, though specific rates vary by sale and location.

Is Poly Auction publicly listed?

Yes, Poly Auction Hong Kong was listed on the Hong Kong Stock Exchange in March 2014 under the stock code 03636.HK.