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…)