On Tuesday, April 9, 2013, Christie’s announced that they have been granted a license allowing them to hold independent auctions in Mainland China, making them the first international auction house to do so. The company’s inaugural sale will be held autumn 2013 in Shanghai. Christie’s has been building its relationship with China since 1994 when the auction house set up a representative office in Shanghai.
China’s art market continues to grow at a rapid pace, making it an ideal location for international auction houses. The sale of art and antiques in China garnered $13.7 billion in 2012, making it the second largest market in the world behind the United States. The country’s strong buyer base has been active in Christie’s global auction centers in New York, London, Hong Kong, and Paris. In fact, the number of clients from Mainland China bidding at Christie’s international auctions has doubled since 2008. Christie’s presence in Shanghai will allow the auction house to sell directly to China’s growing number of wealthy buyers.
China’s auction market is currently dominated by the country’s own Beijing Poly International and China Guardian. Sotheby’s joined forces with the state-owned Beijing GeHua Cultural Development Group last year to hold auctions in China. Sotheby’s own 80% of its venture with Beijing Gehua.
Christie’s recently granted license, which is good for the next 30 years, allows the auction house to hold sales anywhere in China, but prohibits the company from selling anything created before 1949. Christie’s plans to sell wine, jewelry, watches, contemporary Chinese paintings, and international modern paintings starting this fall.
