Edward Dolman, who joined Phillips as chairman and chief executive in July, has said the auction house is planning on opening a Hong Kong saleroom "as soon as possible."

Dolman launched Christie's Paris, New York and Hong Kong salerooms and has said he has devoted ''a lot of time'' developing the auction business over the last 10 years in Hong Kong and says ''it is a very exciting market.''

Phillips has recently moved their London saleroom to Berkeley Square, Mayfair, with plans to expand their contemporary sales to feature art from upcoming markets including the Middle East, Africa and China.

A saleroom in the Middle East, according to Dolman, is also ''an option'' but focuses now are''the bigger markets like Hong Kong."