In an effort to capitalize on the tremendous growth of the Chinese art market Sotheby's announced on Friday that it had entered into a 10-year joint venture with the Bejing GeHua Art Company, a state-owned enterprise that is part of the Beijing GeHua Cultural Development Group, to become the first international auction house in mainland China.
Until now the Chinese government has not allowed international auction houses to hold sales in China outside of Hong Kong and this joint venture, called Sotheby's (Beijing) Auction Co., Ltd., will pave the way for a major expansion in which Sotheby's will not only be able to hold sales in China but also take advantage of the new Tianzhu free trade zone in Beijing b eing developed by GeHua, giving access to tax-advantage storage facilities there for Sotheby's clients. Sotheby's is investing $1.2 million in the venture.
The inaugural auction will take place on Sept. 27 at the Millennium Hall of the Beijing World Art Museum, where “Self and Self Shadow,†a sculpture by the Chinese artist Wang Huaiqing, will be offered for sale.
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