The twice yearly sales – in April and October – will bring together what has, until now, been offered in New York, London and Paris, with Hong Kong’s own sales.

Kevin Ching, chief executive of Sotheby’s Asia, explained that a review of recent sales results from all the centres showed that Hong Kong has the potential to yield the best prices for contemporary Asian art.

Hong Kong has the strongest concentration of Asian bidders and consignors, he added.

Sotheby’s will continue to hold pre-sale exhibitions of contemporary Asian art in New York, and exceptional works from China, Japan, Korea and other Southeast Asian countries, may still be sold elsewhere.