Christie's has become the first international auction house to operate independently in mainland China, with auctions set to commence in Shanghai in autumn 2013.
 370,000 millionaires await Christie's in Shanghai, according to the 2012 Hurun report |
The move is a massive leap for the leading auction house, with China standing as the world's biggest art market, after taking over from the US in 2011. Christie's opened a representative office in Shanghai in 1994, but has not yet been able to hold auctions of its own.
"This development makes Christie's the first international auction house able to directly conduct auctions in China under its own brand, and will offer collectors a more direct access to our global network and expertise," commented Steve P Murphy, Christie's chief executive officer.
"The art market continues to grow at a tremendous rate due to the burgeoning interest in art particularly in Asia and China. Now Christie's will be able to engage with our clients in Shanghai in the same way that we have done over many years in London, Paris, New York and Hong Kong."
According to a recent Hurun report, 64% of China's high net worth individuals (HNWIs) are currently in the process of forming a collection. However, the booming Chinese market for art of previous years has slowed, although some attribute this to maturity rather than a crash.
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