The new office will consist of six floors -- a total of 48,000 square feet -- in the West Kowloon Cultural District Authority Tower, including the top two floors for exhibition and auction halls.

The global auctioneer, which is currently located at the St George's Building on Ice House Street in Central, is the first tenant at the 16-story WKCDA Tower.

The company’s new headquarters in the building covers over 48,000 square feet spreading over six floors, including three retail floors on the first to the third floor of the building, one floor of office space on the 14th floor, and two upper floors of auction and exhibition space on the top 15th and 16th floor of the building.

The auctioneer said its new office also has direct access to the airport via the airport express, as well as mainland cities via the high speed rail station in West Kowloon.

Chief Executive Officer of Phillips, Stephen Brooks, said Asian clients have become a significant force in the company’s auctions and expanding presence in Asia is a critical component of the auctioneers’ growth strategy.

“We have seen over 30 percent increase in Asian client interaction with Phillips since the start of lockdown last year. I am delighted we will have a state of the art permanent sale room presence in such an exceptional, and world-class, cultural destination in West Kowloon,” Brooks said.

Chairman of the auctioneer’s Asia branch, Jonathan Crockett, also said the permanent exhibition space will allow Phillips Asia to hold exhibitions, auctions and other events throughout the year.

“Being located at the heart of the West Kowloon Cultural District will allow us to work alongside M+, the Hong Kong Palace Museum and the wider District on complementary programming and events, further enhancing the area as a world-class global destination for arts and culture,” Crockett said.

“It is with tremendous anticipation that we look forward to offering our clients an enhanced experience that is unrivaled in Asia and aligns with our headquarters in New York and London,” he added.

Betty Fung Ching Suk-Yee, Chief Executive Officer of the West Kowloon Cultural District Authority, said the SAR authorities will launch a long-term collaboration with Philips in contributing to local, regional and international arts and cultural development.

“Both West Kowloon Cultural District and Phillips, which has a strong network and renowned expertise in auction, share a common vision for promoting arts and cultural development,” she said.

“We believe that Phillips’ new home in the district is poised to become a worldwide destination for collectors in Hong Kong, Asia and beyond.”

Founded in 1796, Phillips is one of the three major auction houses in the world, along with Sotheby's and Christie's. Its branches scatter to 13 different countries while most auctions take place in New York, London and Hong Kong.

In 2015, Philips stepped up its market and entered Asia as it opened its Asia headquarters in Hong Kong and launched its first auction. The first auction broke sales records in Asia for wristwatches, with a Patek Philippe reference 3450 sold for US$1.55 million (HK$12 million).

Stretching out its business, the auction house extended its operations to Japan, South Korea, Taiwan, mainland China and countries in Southeast Asia in the next four years. Asia-based buyers constituted 34 percent of total Philips’s global sales by 2020.

Whilst the pandemic hit the global economy, Philips announced record-breaking sales of over HK$2.1 billion in Hong Kong this year, doubling their record last year.