Christie's can auction in Shanghai
Source: Agencies |
00:47 UTC+8 April 10, 2013
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Print Edition
Print Edition
CHRISTIE'S yesterday said it will be the first international auction house to operate without a local partner on Chinese mainland, one of the world's biggest art markets.
The company said that it won a license to hold auctions in Shanghai beginning this fall.
Christie's and other auction houses have been reaping big profits from twice-yearly sales in Hong Kong, a special administrative region of China. Wealthy mainland collectors are a regular fixture at the sales and their purchases of art, jewelry, wine and other collectables have helped turn the city into one of the world's biggest auction centers.
But the foreign auction houses are eager to break into the mainland market so they can better target buyers.
CEO Steven Murphy said in a statement that the license means Christie's will be "able to directly conduct auctions in China under its own brand, and will offer collectors a more direct access to our global network and expertise."
"Now Christie's will be able to engage with our clients in Shanghai in the same way that we have done over many years in London, Paris, New York and Hong Kong," he added.
Christie's announcement outdoes its rival Sotheby's, which last year set up a Chinese joint venture with local state-owned company Beijing GeHua Art Co.
Chinese auction houses have also raised the battle for the Asian art market by expanding out of the mainland.
The company said that it won a license to hold auctions in Shanghai beginning this fall.
Christie's and other auction houses have been reaping big profits from twice-yearly sales in Hong Kong, a special administrative region of China. Wealthy mainland collectors are a regular fixture at the sales and their purchases of art, jewelry, wine and other collectables have helped turn the city into one of the world's biggest auction centers.
But the foreign auction houses are eager to break into the mainland market so they can better target buyers.
CEO Steven Murphy said in a statement that the license means Christie's will be "able to directly conduct auctions in China under its own brand, and will offer collectors a more direct access to our global network and expertise."
"Now Christie's will be able to engage with our clients in Shanghai in the same way that we have done over many years in London, Paris, New York and Hong Kong," he added.
Christie's announcement outdoes its rival Sotheby's, which last year set up a Chinese joint venture with local state-owned company Beijing GeHua Art Co.
Chinese auction houses have also raised the battle for the Asian art market by expanding out of the mainland.
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