Christie’s has become the first international fine art auction house to receive a licence to operate independently in mainland China, giving it an edge in the race among dealers and auctioneers to unlock the potential of the Chinese market, writes Emily Steel in New York.
The 247-year-old auction house, with salerooms in London, Paris, New York and Hong Kong, announced yesterday that it plans to hold auctions in Shanghai from autumn. Christie’s opened an office in Shanghai in 1994 and has held auctions with local firm Forever.
“The market for arts and objects in China has grown exponentially over the past decade. There are more new buyers coming into play in China than any other market in the world,” Steven Murphy, Christie’s chief executive, said. “To be in mainland China and serve those clients directly . . . has been a dream of ours for quite some time.”