Yannan Wang.

On Oct. 7, China Guardian Auctions' new Hong Kong outpost will hold the company's first sale outside of mainland China. The inaugural auction will include two sessions: "Chinese Paintings and Calligraphy from the Four Seas" and "Classic Furniture and Garden ornaments of Ming and Qing Dynasties."

Established in Beijing in 1993, China Guardian is the oldest auction house in mainland China, with additional offices in New York, Tokyo, Shanghai, Tianjin, Taipei and Hong Kong. The company's $57.2 million sale of Qi Baishi's 1946 painting Eagle Standing on Pine in 2011 was the largest price tag for any artwork on the blocks that year. With the new Hong Kong auction house, the company hopes to position itself for further expansion into worldwide markets.

The new space is located in the Hong Kong Mandarin Oriental Hotel, and is expected to host bi-annual spring and autumn auctions. In a press release, China Guardian director and president, Yannan Wang, called the move a "crucial step in our international business expansion plan and a major development for the Chinese art market."