|The First Art Newspaper on the Net
||Established in 1996
|| Saturday, October 1, 2016
|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.- Stone Age mummy Oetzi still revealing secrets, 25 years on
2.- Tunisian remains found by British researchers prove 100,000-year human presence
3.- Rembrandt's four earliest paintings reunited for the first time at the Ashmolean
4.- Baltimore Museum of Art is one of only two major U.S. museums to feature an installation by transgender artists
5.- Archaeologists find 2,000-year-old human skeleton at Mediterranean shipwreck
6.- Digitally unwrapped scroll reveals earliest Old Testament scripture
7.- Rich London residents angry over Tate Modern voyeurs
8.- V&A Museum chief quits to fight nationalism post-Brexit
9.- Exhibition in Turin celebrates the most important family of Flemish artists
10.- Pointillism is now the focus of a high-calibre exhibition at the Albertina in Vienna
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|
Tell a Friend
Dear User, please complete the form below in order to recommend the Artdaily newsletter to someone you know.
Please complete all fields marked *.