China: the final frontier

In order to capitalize on the booming art market in China, Christie's auction house recently signed an agreement to begin holding auctions in Beijing. Because of government restrictions on foreign businesses holding independent auctions, the firm has teamed up with a new local auction house known as Forever, though Christie's will provide the expertise, license its name and oversee the auction process. The first sale of 450 pieces of modern and contemporary Chinese art, slated to begin on Nov. 3, after this issue went to press, was expected to bring $10 million.

Both Sotheby's and Christie's opened offices in 1994 in Shanghai to scout property and locate clients, and Christie's has had an office in Beijing since 1996. Sotheby's seems to be taking a more measured approach; Henry Howard-Sneyd, managing director for Asia and Australia, told the New York Times that they will be "watching Christie's closely to see what we can learn." The outlook seems promising. Official figures published by Chinese auction houses show that sales (including all categories, not just contemporary art) have shot up from $100 million in 2000 to $1 billion this year. Sales at Christie's in Hong Kong totaled about $130 million for the months of May and June.

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