The sale marks the maiden entry of the two auction houses into the Asian market with an attempt to reach more collectors.
It will further diversify the art market in Hong Kong, a hub of both international auctioneers, such as Sotheby's and Christie's, and annual events like Art Basel and International Antiques Fair.
Although the sales of Lyon & Turnbull and Freeman's have been attracting Chinese buyers for years, it was in 2015 when they sponsored Asia Week Hong Kong activities that they felt the need to extend their presence in the growing Asian market, according to Richard Cervantes, department head for Asian arts at Freeman's and its vice-president.
The two auctioneers, who have allied to explore the European market, decided to launch a joint venture in Hong Kong, which is a "logical step to better serve collectors" and expand the network in the area, Lee Young, Lyon & Turnbull's international director and head of its Asian art department, tells China Daily via email.
The works of art to be sold have been in the hands of collectors from the US and Britain for generations.
Cervantes says they believe these items will appeal to buyers in Asia, especially the Chinese who are repatriating cultural goods back home.
Cervantes also recommends a private collection of Chinese huanghuali (a type of tropical hardwood known for its golden color) furniture at the inaugural Hong Kong sale.
"Even as some facets of the market are fluctuating, huanghuali has remained robust and reliable," he tells China Daily.
With many Western collections of quality Chinese works of art appearing in salerooms over the past three decades, market sources say that auctions in Hong Kong, London and New York are facing a dwindling supply of fresh Chinese antiques.
Cervantes says that in the long-term, Chinese works of art will become harder to "discover" among private American and European sources.
"However, we remain optimistic that tastes and trends will change in subtle ways to keep the market fresh, spontaneous and fun to follow."
International auction houses have recently been marketing contemporary Chinese ink art.
Besides, they are offering more Western art and antique objects for decorative purposes to mainland buyers.
