Christie’s Going, Going to China to Hold Auctions – Carol Vogel

Posted by Sophie Beach | Oct 20, 2005

Determined to be the first Western auction house to capitalize firsthand on China’s booming art market, Christie’s has signed an agreement to conduct auctions in Beijing, company officials said. And to meet Chinese government restrictions on foreign businesses holding auctions on their own, it has teamed up with a newly formed Beijing auction house called Forever.

Under the agreement, settled this week, Christie’s will license its name, provide experts and oversee the entire auction process, from the acquisition of works for sale to the printing and design of the catalog. Its first sale – 450 examples of modern and contemporary Chinese art – is scheduled for Nov. 3 at the Great Wall Sheraton Hotel in Beijing and is expected to bring $10 million.