Sotheby's gains new foothold in China art market

Sotheby's is set to become the first international fine art auction house in China after signing a joint venture with a state-owned company, it said Friday.

The deal with Beijing GeHua Art Company, which is subject to government approval, will give Sotheby's a foothold in China where foreign auction houses are normally prevented from operating by law.

Sotheby's opted for the creation of a joint venture in its years-long bid to overcome the legal hurdle.

"China and its growing class of collectors has been the single most attractive growth market for the company, and collectors from this region have become a significant force in our salerooms worldwide," said Sotheby's Asia chief executive Kevin Ching.

The auction house said it would be the controlling share holder in the business.

For centuries the worldwide art market was dominated by a few European auction houses, but a revolution has seen five Chinese houses enter the top ten by revenue, according to a recent report by information specialist Artprice.

A new generation of collectors in Beijing and Shanghai has pushed China to the forefront.

And Chinese artists Zhang Daqian (1899-1983) and Qi Baishi (1864-1957) now hold the top two places in Artprice's global ranking of artists by auction revenue, ahead of Andy Warhol (1928-1987) and Pablo Picasso (1881-1973).

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • The return of Gigi Reyes Ellen Tordesillas, Contributor - The Inbox
    The return of Gigi Reyes

    By Ellen T.Tordesillas This is going to be fascinating. Atty. Gigi Reyes, former chief of staff of Sen. Juan Ponce-Enrile who is included among those accused of plunder in connection with the misuse of Priority Development Assistance Fund, came back … Continue reading → …

  • Viernes Santo in Kalibo VERA Files - The Inbox
    Viernes Santo in Kalibo

    Photos by Little Wing Luna, VERA Files Text by Mitch Meñez Kalibo, Aklan--Viernes Santo or Good Friday is the most solemn of all the days in Holy Week. It commemorates the Passion and Death of Jesus on the Cross. The … Continue reading → …

  • Hugas Dugo VERA Files - The Inbox
    Hugas Dugo

    Text by Kimmy Baraoidan, VERA Files Photos by Chris Quintana and Kimmy Baraoidan Pakil, Laguna--In the small town of Pakil, Laguna resides a group of men who call themselves Hugas Dugo. Most members of the group are residents of the … Continue reading → …

POLL
Loading...
Poll Choice Options