Christie’s Cleared as First Foreign Independent Auction House in China

April 9th, 2013

Art Auction at Christie's, via The Wall Street JournalChristie’s has been granted a license to operate without government oversight in mainland China, becoming the first independent auction house in the country.  The agreement comes in the wake of a reported dip in auction sales for the country last year, and some suspect the move comes as a way to introduce higher standards of authentication to the proceedings of auctions in mainland China.  “In recent years we have seen phenomenal developments take place in the global art market, particularly in China, where the market has grown at an unprecedented rate,” said Christie’s CEO Steven P. Murphy. “Today’s announcement further solidifies Christie’s position and commitment in a market which possesses a strong heritage and deep appreciation of art.”

Read more at The New York Times