Christie’s opens in China

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Christie’s will be the first international auction house to operate independently in mainland China. The China Daily revealed last week that after more than 12 months of negotiations, the company founded by James Christie was granted a licence to run its own auctions in Shanghai from Autumn 2013.

In September 2012, Sotheby’s announced a joint venture with a government-owned Chinese group, Beijing GeHua Art, which gave them a footing in mainland China. Unlike Sotheby’s, Christie’s will be able to run its Chinese auctions under its own name.

Despite a significant decline in art sales in China (down 24% in 2012), the majority of market players are convinced that China will head the leader board for some time yet and are continuing to extend their physical presence in the Middle State.