"We are looking for the next Andy Warhol," says Alex Chang, executive director of Poly Auction (HK) Ltd. "The whole world, is looking for the next Andy Warhol, the next big thing, East or West - artists who will carve their names into art history. We're watching the established names in China, seeing how they develop. We are looking for rising stars."

The company, established in the city by Poly International Auction last year, is the flagship of the top mainland auction house's international business.

Chang, who oversees the mainland auction house's Hong Kong affairs, said Chinese contemporary art is passing through an exciting era of development - similar to what happened to art in the US during the postwar period - when the country's economy was on its way to leading the world.

"Economic power has its impact on the art world," says Chang. "The postwar generation of American artists drove the trend of their time in every front of fine art. They left marks on aesthetics. Their signatures can still be seen in modern times. Asian artists, especially Chinese artists, have similar opportunities now."

"As an auction house from China, we want to reflect what's going on in the country in full spectrum. We want to show the world the cutting edge of Chinese arts," says Chang. He notes that the political pop of Chinese artists born in the 1950s and 60s are well-known among collectors. Poly Auction is watching the generation of artists from the 1970s and 80s to see how they evolve.

At the same time, having held two seasons in Hong Kong and about to stage its third in September, Poly is gradually advancing its plan to introduce young Chinese artists to the international market.

"Contemporary art is about what is happening now," says Chang. "Every era has its own brand. We want collectors to notice new concepts coming up. We also want to discover young blood who will represent our times in their own ways. Rather than making our own definition and judgment on who is best, we expect more recognition from international galleries and collectors."

Collectors have a wait and see attitude, as most have run out of gas after the last bout of madness. But the market is not short of money, as Chang puts it. "Good work always performs, even when times are sluggish."

Despite the headwind, Poly sales were HK$100 million ($12.9 million) higher in this year's spring sale compared with its fall counterpart in 2012. "That exceeded our expectation," says Chang. "After the market correction, bidders are more conservative. But they are also more certain about what real value is. The results, supported by rounds of competition, prove the solid demand. Really good works are always the most wanted."

While quality lots are the key to attract buyers, strong results work on sellers. "It's a fair market where everyone can see the result," says Chang. "We generated record-breaking results for Chu The-chun and Chang Dai-chien's pieces last fall. We also created best results this spring. With that, we attracted good works, which is the core and the most challenging part of our business. It's doing our homework to approach big collectors. Their attitude to us is positive. The market doesn't disdain our Chinese roots."

While the majority of Poly's clientele are still from the mainland, Chang says works were sold to investors from across Asia, and even to some buyers from the West. "This is the thing I'm most proud of," he says.

But to tap a more international market, Chang says the operation needs to be refined. While international rivals are holding bilingual or even trilingual auctions in Hong Kong, auctioneers hosting Poly's sales still speak Mandarin. "They are from Beijing," he says. "We are sharing a lot of resources with headquarters. But in future, we expect to be more independent. The Hong Kong firm will have its own focus, taste and a separate team to collect works from around the globe. We will have a more international staff to serve our customers."

"Hong Kong is an interesting place," says Chang. "The city is small, yet it concentrates so many international galleries and auction houses. It's like Paris and New York during their rise - people from all over the world flock to build a foothold there. Hong Kong is in that moment - it could become the next Paris or New York - and we are in the middle of it. We are young and adapt fast. Our speed is China's speed, which no one foresaw."

(HK Edition 08/30/2013 page6)