Christie’s to operate independently in ChinaApril 10, 2013 - 14:15 AMT PanARMENIAN.Net - Christie’s auction house said it was granted a license that would enable it to become the first international auction house to operate independently in China, which has overtaken the United States as the world’s largest art and auction market, The New York Times reported. The move allows Christie’s to sell directly to buyers from a growing class of wealthy collectors in China, many of whom have been spending vast sums of money in recent years on fine art, wine, watches, jewelry and other items at auctions around the world. Sotheby’s and Christie’s have been operating in Hong Kong for several decades and have seen their business explode in the city, which is governed separately. But the world’s two biggest auction houses have long sought greater access to mainland China to cultivate collectors, hold auctions and compete with China’s own formidable auction houses, Beijing Poly International and China Guardian, entities that have recently moved into the ranks of the world’s biggest auction houses. Last year Sotheby’s formed a joint venture in Beijing with the state-owned Beijing Gehua Cultural Development Group to hold auctions in China. Sotheby’s is the 80 percent owner of that enterprise. Now Christie’s has signed its own agreement with the City of Shanghai and plans to hold its first auction this fall, although the company said the agreement restricted it from dealing in “cultural relics.” The company can operate throughout China but will be based in Shanghai and pay taxes there. Last year revenue in China’s auction market was estimated at more than $4 billion, down sharply from $9 billion in 2011, when the market was blistering hot. Auction revenue in the United States market was estimated at more than $3 billion in 2012. But China’s homegrown auction houses have been troubled by fakes, smuggling and longstanding suspicions of price manipulation. Top stories Ara Aivazian said Azerbaijan continues the traditions of Turkey after seizing territories and forced Armenians out. The creative crew of the Public TV had chosen 13-year-old Malena as a participant of this year's contest. She called on others to also suspend their accounts over the companies’ failure to tackle hate speech. Penderecki was known for his film scores, including for William Friedkin’s “The Exorcist”, Stanley Kubrick’s “The Shining”. Partner news | Pashinyan’s spokesperson denies intention to visit Baku for COP29 Pashinyan’s agenda doesn’t include a trip to Baku for the COP29 conference, his press secretary Nazeli Baghdasaryan has said. Russia accuses West of preparing invasion of CSTO countries NATO is preparing an invasion of the CSTO countries, the number of provocations in the air is growing, Sergei Shoigu has said. Lithuania sending €100,000 to help Armenia fight floods consequences Armenian Prime Minister Nikol Pashinyan took to social media to thank his Lithuanian counterpart for the contribution. Armenia: Rescue workers restore pedestrian bridge for flood-hit community Rescue workers on Wednesday, June 5 restored a pedestrian bridge in the town of Alaverdi in Armenia’s north. |