Christie's gets license to hold auctions in China

AP News
Posted: Apr 09, 2013 6:18 AM

HONG KONG (AP) — Christie's says it will be the first international auction house to operate without a local partner in mainland China, one of the world's biggest art markets.

The company said Tuesday 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 regular sales in Hong Kong. They are eager to break into the mainland Chinese market.

Wealthy mainland Chinese collectors are a regular fixture at the Hong Kong sales. Their purchases of art, jewelry, wine and other collectables have turned the city into one of the world's biggest auction centers.

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.