The three-day Festival of Connoisseurs is being held at the AsiaWorld-Expo, expected to attract 3,000 participants.
Financial Secretary Paul Chan and Secretary for Commerce and Economic Development Algeron Yau attended the opening ceremony.
The festival showcased luxury goods including high-end jewelry, fashion, yachts, sport cars, and other examples of exceptional craftmanship and artistic creativity.
Around 50 brands from around the world are participating.
This event is the first major international exhibition to benefit from the government's 100 million dollars Mega Arts and Cultural Event Fund.
Chan said he hopes the event will attract more high-end visitors and demonstrate Hong Kong's ability to host more large-scale international events.
The one-day admission ticket costs some 9,500 dollars, while the outdoor yacht exhibition area is open to the public free of charge.