As Christie’s concludes its first auction in mainland China, The Economist has released an article forecasting a rocky road ahead for foreign auction houses entering China’s already competitive market.  With 70 auction houses already operating inside the country, high taxes and rampant concerns over counterfeiting and rigged auctions, the way will not be easy for major international companies looking to cash in on China’s growing market. (more…)

Christie’s completed its first auction mainland China yesterday, selling a variety of artworks, jewelry and collectibles for a total sale of $25 million.  One highlight was a painting by Pablo Picasso, which achieved a final price of over $1.5 million.  “I’m very happy with the results, with the right place, with the right people, with the right moment,” said Christie’s executive Steven Murphy.  (more…)