Sotheby’s Hong Kong autumn sales saw a 37% decline from the same period last year as the Chinese economy slows. 27% of lots in the Contemporary sale went unsold. China accounted for almost 44% of global auction revenue last year, as both Christie’s and Sotheby’s have heated up the market in Hong Kong. Sotheby’s recently announced that it was given the green light to open on the mainland in partnership with a Chinese auction house. Bejing had higher total revenue than London or New York for art and collectibles last year with sales volume of 6.4 billion euros ($8.30 billion).
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Sotheby’s is entering into a joint venture with a Chinese auction house, Beijing GeHua Art Co., to be able to conduct business in the country. Due to government restrictions on foreign business entities, the auction house has developed a partnership with a Chinese-owned firm and will be operating out of a freeport in Bejing at the Capital International Airport. Sotheby’s will own 80% of the new company although final approval by the Chinese government has not yet been given. (more…)