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Sotheby's in joint venture
September 22, 2012, Saturday
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Print Edition
Print Edition
GLOBAL auction house Sotheby's is setting up a Chinese joint venture that will allow it to become the first foreign company to hold art sales in the world's biggest fine art market.
The company said yesterday it had signed a deal to set up Sotheby's (Beijing) Auction Co with Beijing GeHua Art Co, a state-owned company. Sotheby's will own 80 percent of the venture, which still needs Chinese government approval. The new venture will focus on auctions and selling exhibitions of "non-cultural relics" such as contemporary art, wine, watches and jewelry. The first auction will be held next Thursday at a Beijing museum where a single sculpture, by Chinese artist Wang Huaiqing, will go on the block.
The company said yesterday it had signed a deal to set up Sotheby's (Beijing) Auction Co with Beijing GeHua Art Co, a state-owned company. Sotheby's will own 80 percent of the venture, which still needs Chinese government approval. The new venture will focus on auctions and selling exhibitions of "non-cultural relics" such as contemporary art, wine, watches and jewelry. The first auction will be held next Thursday at a Beijing museum where a single sculpture, by Chinese artist Wang Huaiqing, will go on the block.
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