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US-based Heritage Auctions Enters Asia Market through Hong Kong

With over 40 years of history, the US auction house has extended its presence in Asia and plans to capture a larger share of the rare coins and currency market

Founded in 1976, the US based Heritage Auctions offers a wide range of auction services, such as US and world coins, rare currency, art, jewellery and timepieces, vintage and couture handbags and more. The auction house handles over 60 percent in overall sales of rare US coins and currency sold at all report auction houses in the US. In view of the potential growth of the collectible rare coin and currency note market in the region, the auction house has established a Hong Kong office in 2015, its first in Asia.

US-based Heritage Auctions Enters Asia Market through Hong Kong

Numismatic Auctions

Headed by rare coin and currency note collector and enthusiast Kenneth Yung, Director of Asia Operations, the Hong Kong office is focused on numismatic auctions. He revealed that Hong Kong is an ideal location to open their first Asia office thanks to its simple tax system, so buyers do not have to bear additional sales tax; free port status and easy customs procedures that encourage a thriving import and export of rare coins and bank notes for individual buyers and sellers. In addition, because of Hong Kong’s geographical advantage, Mainland Chinese buyers can easily access the city to view the products instead of travelling to the US. As Mainland China is a great potential market for Heritage Auctions, the Hong Kong office can act as a catalyst to further develop interest in rare coin and notes trade in the region.

The first semi-annual Hong Kong Coin Auction was held in December 2015 and it was Heritage’s first, focusing exclusively on the coins and currency of Mainland China, Hong Kong, Macau and southeast Asia. The result was very encouraging and there are already 960,000 registered online buyers. Yung is confident that the result of the upcoming auction in June 2016 with a wider selection will be even better.

There are four staff in the Hong Kong office and all of them can speak English, Cantonese and Mandarin. Yung commented, “It is not difficult to find talent who can speak all three languages in Hong Kong and this helps us communicate with our US office and customers speaking Cantonese and Mandarin effectively”.

Wednesday, March 16, 2016

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Fast Facts

  • Founded in 1976 in the US and is the third largest auction house in the world
  • The Hong Kong office is the first Asia office which focuses on rare coins and currency

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