For years we've been seeing fine Chinese antiques appearing at Christie's Auction House in New York. And now the tables are turned. Soon we'll be seeing a fine Christie's Auction House in China.
Earlier today (April 9) Christie's announced it will be the first international auction house to operate independently in China.
The Middle Kingdom has a long history of antiquing. And with 5,000 years of history, there's plenty for a collector to love. Even brutal Maoist campaigns aimed at wiping out that history failed to dull the fascination China has with its culture. China has just surpassed the United States as the world's largest art and auction market.
Christie's will open its first branch in Shanghai sometime this fall. Although it has operated in Hong Kong for years, the auction house has long hoped for direct access to the Mainland market.
According to today's announcement, the license granted by the Shanghai city government restricts Christie's from dealing in "cultural relics."
China is full of state-run auction houses but those have been plagued by fakes, smuggling, and suspicion of price manipulation. But now Christie's will have a chance to compete.
Thumbnail: A model shows off a carved jadeite Milefo valued between 770,000 to 1 million US dollars and a jadeite Guanyin in Hong Kong on November 9, 2009. (MIKE CLARKE/AFP/Getty Images)
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Christie's Auction House to Open in China | |
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| News & Politics | Upload TimePublished on 9 Apr 2013 |
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