An amazing breakthrough for the Sothebys company has recently occurred. Just last week we reported in a blog regarding private valuation appointments for Chinese works of art here at our office in Boston, and now the Sothebys brand has taken this Chinese fascination for art to their shores in a major way.
Mere days ago Sothebys announced that the Sothebys Auction House will be opening up in China. This, it must be shared, is the first time ever that a foreign entity has been permitted to sell many forms of art in China. State owned enterprise, Beijing GeHua Art Co. has signed a joint-venture with Sothebys who now will own 80% of the local company to allow Sothebys to sell foreign art within Chinese borders. This new company, now called Sothebys (Beijing) Auction Co., has slated September 27th 2012 as the first day where such an auction will take place. With an array of artwork expected to be featured in this innagural auction located in Chinas capital, one piece in particular will be from ever-so famous artist Wang Huaiqing and will undoubtedly receive a great deal of bids.
In a past blog we reported how Sothebys has opened an art gallery in Brazil and there have been countless reports of astronomical sales of art and jewels by the Sothebys Auction House in New York, but why now China? We all have heard about China as an incredibly emerging market, both in terms of business and the fact that in a blog we shared that Chinese have increasingly been buying property in the United States at an accelerating rate. What may have gone fairly unnoticed due to the fact that Chinas art scene has up until now been largely protected is that China is now the Worlds leading art market.
By the end of 2011, China represented a staggering 41% of all art sales throughout the Globe and this was the second year in a row where China has the largest piece of this pie. 2012 of course even has China being predicted for the third year in a row to have the largest percentage share of all auction art sales once again.
Sothebys beat out rival Christies for the right to open up the auction house, showing yet again how grand of an accomplishment this news truly is. Sales will take place at the Free Port location where GeHua has developed roughly 900,000 square feet of space that will facilitate auctions sales as well as training courses for art and other forms of art collectibles. We at Gibson Sothebys International Realty congratulate the Sothebys brand for the opening of this new Auction House. Despite tough Global economic conditions, Sothebys never runs off of their determined course destined for growth all while continuously providing their clients with the utmost white glove service possible.
More Information: The Wall Street Journal