Sotheby’s Expands in China
Sotheby’s has signed a 10-year joint-venture agreement with Beijing GeHua Art Company to form the first international auction house in China. Sotheby’s (Beijing) Auction Co., Ltd. will be the first international Fine Art auction house in China, and the controlling shareholder in this business.
To celebrate the establishment of this joint venture, an historic first auction will be held on September 27, 2012, in which over 300 Chinese ink paintings and 40 pieces of classical furniture will be up for sale.
This venture comes at a time when Beijing is moving to clean up the auction industry that is fraught with fakes, smuggling, and non-payment, reports Bloomberg.