Sotheby's, the world's oldest auction house, has unveiled a new venue along Shanghai's Suzhou Creek in celebration of its 50 years in Asia.

Covering an area of 2,000 square meters on 69 Hengtong Road E., Shanghai Sotheby's Space incorporates its Chinese mainland headquarters and a multi-functional showroom where exhibitions, talks, workshops and other cultural experiences will be on offer.

"Shanghai Sotheby's Space will become a hub for collectors and art lovers from different communities on the Chinese mainland," said Jean Qian, managing director of Sotheby's China. "We hope to bring a broader and more in-depth collecting experience so as to further boost the long-term development of the art market in China and Asia alike."

Meanwhile, the company has expanded its "Buy Now" service to the Chinese mainland with the debut on WeChat and its official Chinese website Sothebys.cn.

The service was designed to lower the threshold for collection amid its efforts to cater to the younger group. Collections like bags, jewelleries, watches and clothes would be launched first, and they will be directly delivered to the Chinese mainland.

According to the auction house, its has strong confidence and commitment to the domestic market as China has become the world's second-largest art market.

Jen Hua, deputy chairman of Sotheby's Asia, said: "With the rapid development of the Chinese economy and the rise of a new generation of collectors, art and collection is no longer exclusive to a few but instead become more and more popular."