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Thursday, March 30, 2023

One of China’s Biggest Insurers Buys Major Stake in Sotheby’s

Sotheby's London. Sotheby's London. Wikipedia

Taikang Life—one of China’s biggest insurers—has acquired a 13.5% stake in Sotheby’s, making the firm the auction house’s largest shareholder. The company’s shares are estimated to be worth around $233 million. Taikang Life’s head, Chen Dongsheng, is the founder of China Guardian Auctions—a government-run auction house that specializes in Chinese art and antiques.

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