SCMP invites you to Hong Kong Competition Exchange 2018
Art Business

SCMP invites you to Hong Kong Competition Exchange 2018

Standing on a podium in front of a packed room, Hong Kong auctioneer Ivan Wan Sze-chit rattled off rapidly rising dollar amounts in a nail-biting bidding war. But going under the hammer wasn’t a multimillion-dollar Chinese vase or a Picasso painting. Illustration by Perry Tse In less than 60 seconds, Wan signalled the end of a sale with the bang of his gavel: “Sold for HK$1,650 [US$211]!” What were up for grabs were two toy swords and a model tank, labelled as “unserviceable”, and unclaimed from the post office. Electrical appliances from a public hospital are among items going on the block at a government public auction. Photo: Nora Tam Although famous for its luxury auctions of fine art, antiques and rare spirits, the city’s most regular auction is held by the Government Logistics Department. Since 2003, public auctions have been held twice a month to sell confiscated items, unclaimed goods and surplus stores from various government departments and public bodies which are considered to have some resaleable value. In the past five years, the government raked in an average of HK$45 million a year in revenue selling about 2,000 lots annually. Some 5,600 people are registered bidders, many […]

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