Jonathan Crockett, Phillips' Asia chairman and head of 20th Century and Contemporary Art, predicts greater diversity in terms of categories offered in Hong Kong auctions as time goes by and Asian buyers have more exposure to the market.

"Right now, there's a lot more material in the United Kingdom and Paris, as their auction scene is a lot more established. This will be manifested in Asia but it's going to take time. The potential is here and we will inevitably supersede Europe," he said. "Asian buyers have long participated in sales in London, Paris and New York, but we're going to see increasing activity at every level of the spectrum instead of just the top-end, now that the depth of collecting has increased."

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