Hong Kong ( CNN ) -- International auction houses Sotheby 's and Christie 's have a history that stretches back to the 18th Century . But a little-known Chinese rival could now pose a threat to their global dominance of the sale of fine art and antiques . China Guardian said last week that it would hold its first auction outside mainland China in Hong Kong on October 7 . Although the sale will be conducted in Mandarin Chinese , Yannan Wang , China Guardian 's president and director , said the company hoped to target overseas customers . Future auctions will be held in both English and Mandarin . `` We have a very strong base of Chinese collectors and some loyal Western buyers , '' she told CNN in an emailed response to questions . `` Hong Kong is an international city , we expect to see an increase of international collectors , '' she added . Deadbeat art buyers on the rise in China . China 's art market has boomed in recent years as the country 's newly affluent look to collect their own art and heritage . According to the website Artprice , Chinese painters Qi Baishi and Zhang Daqian now outsell Andy Warhol and Pablo Picasso at auction . China Guardian has been holding sales in mainland China since 1994 and according to French auction body Conseil des Ventes now ranks as world 's fourth largest . Another Chinese auctioneer , Beijing Poly , ranks third after Christie 's and Sotheby 's . The Hong Kong auction , which will feature ink paintings , calligraphy and classical Chinese furniture , marks the first time a Chinese auction house will compete with Sotheby 's and Christie 's on their home turf . Chinese law prohibits foreign auction houses from auctioning cultural relics in China but Sotheby 's and Christie 's hold regular auctions of Chinese art and artifacts in Hong Kong , London and New York .
Chinese auction house to hold first sale outside China . Move may pose a threat to Sotheby 's and Christie 's market dominance . China 's art market has boomed in recent years . Chinese painters now outsell Warhol and Picasso at auction .