|Sotheby's enters joint venture agreement with Beijing GeHua Art Company |
Wang Huaiqing, Self and Self Shadow. September 2012.
By: Kelvin Chan, AP Business Writer
HONG KONG (AP).- Global auction house Sotheby's said Friday it's setting up a Chinese joint venture that will allow it to become the first foreign company to hold art sales in the world's biggest fine art market.
The company said it signed a deal to set up Sotheby's (Beijing) Auction Co. with Beijing GeHua Art Co., a Chinese state owned company. Sotheby's will own 80 percent of the venture, which still needs Chinese government approval.
The venture marks a major expansion into China for Sotheby's. The company and rivals such as Christie's hold regular auctions in Hong Kong attracting many mainland Chinese buyers but have been blocked from doing the same on the mainland.
Christie's licensed its name to China's Forever International Auction Co. in 2005. But Sotheby's new venture, which gives it majority control and responsibility for day-to-day operations and management, will allow it to leap ahead of its perennial rival.
The new venture will focus on auctions and selling exhibitions of "non-cultural relics" such as contemporary art, wine, watches and jewelry. It will also have access to a "free port" project that GeHua is developing in Beijing. Free ports are tax-exempt secure storage facilities used to house art and other valuables.
The first auction will be held on Sept. 27 at a Beijing museum where a single sculpture, by Chinese artist Wang Huaiqing, will go on the block.
China was the world's biggest fine art market in 2011 for the second year in a row, accounting for 41 percent of global sales of paintings, sculptures, installations, photography and drawings worth $4.8 billion, according to market information provider Artprice.
Copyright 2012 The Associated Press.
September 24, 2012
Impressionism and Fashion: The Musée d'Orsay looks at the way people dressed
"Steve McQueen: King of Cool" photographs by John Dominis on view at Atlas Gallery
Glass House launches fall season with exhibition of works by Frank Stella
N.C. Museum of Art presents exhibition of Edvard Munch prints from MoMA
A diamond fit for a queen: Christie's Geneva to offer the Archduke Joseph diamond
Neglect ruins Philippine first lady Imelda Marcos' legendary collection of shoes
"Peter Lely: The Draughtsman and His Collection" opens at the Courtauld Gallery
iGavel online fall auction of important Asian, ancient & ethnographic works of art goes live October 9-24
The Musée de l'Elysée presents different approaches to collecting photography
Sotheby's enters joint venture agreement with Beijing GeHua Art Company
Anju Dodiya returns to familiar ground in new exhibition at Gallery Chemould
RISD Museum presents America in View: Landscape Photography 1865 to Now
Goebbels' early letters, to be sold at Alexander Autograph, show controlling behavior
Acker Merrall & Condit sale achieves a spectacular total of over US$7.9 million
Dallas Contemporary announces exhibition of photographers Inez & Vinoodh
Feeding, Fleeing, Fighting, Reproduction: Pamela Rosenkranz' solo show opens at Kunsthalle Basel
Karen Kilimnik & Kim Gordon exhibit at 303 Gallery
Anja Kirschner & David Panos present "Ultimate Substance" at Vienna's Secession
Breathtaking works by the royal silversmith to the Maharaos of Kutch for sale at Bonhams
Corporal Jones' "Dad's Army" van to headline Bonhams museum collection sale
Most Popular Last Seven Days
1.- Ancient erotic frescoes get makeover at the Contemporary Art Museum in Casoria
2.- One million dollar Pablo Picasso painting yours for just $135 in online charity raffle
3.- Robert L. Oswald, Brother of Lee Harvey Oswald Disputes Last Week's Sale of Coffin
4.- Australian psychedelic artist Martin Sharp, who designed posters for Jimi Hendrix and Bob Dylan, dies
5.- Skull find shows young women were sacrificed in China more than 4,000 years ago
6.- Istanbul monastery, considered the most important of Constantinople, 'to be turned into mosque'
7.- Detroit Institute of Arts statement regarding City of Detroit's eligibility to file for bankruptcy
8.- Christie's sets a new world auction record for a painting by Edward Hopper
9.- Ryan O'Neal defends taking ex-lover's Warhol picture in University of Texas lawsuit
10.- French film and installation artist Laure Prouvost wins Great Britain's Turner prize
Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .
|Royalville Communications, Inc|