1st international art auction for mainland china
Last Updated : GMT 16:22:18
Arab Today, arab today
Arab Today, arab today

1st international art auction for mainland China

Arab Today, arab today

Arab Today, arab today 1st international art auction for mainland China

Beijing - AFP

For the first time in mainland China\'s history, a work of art went under the hammer Thursday from an international fine-art auction house, following Sotheby\'s signing of a joint venture with a state-owned company. The piece, a sculpture by the Chinese artist Wang Huaiqing, was sold for 1.4 million yuan ($222,000, 173,000 euros). Sotheby\'s announced last week it was signing the deal with Beijing GeHua Art Company, in a move that gives it a foothold in China -- where foreign auction houses have been prevented by law from operating. Sotheby\'s opted for the creation of a joint venture in its years-long bid to overcome the legal hurdle. \"We\'ve seen a tremendous growth of the Chinese art market in the last five years,\" said Sotheby\'s Asia chief executive Kevin Ching. \"Five years ago, mainland Chinese business accounted for only about four to five percent of our Asia turnover. Today it is 30 to 40 percent, so it is obviously a market that we cannot afford to neglect.\" The new venture is still prohibited from selling antiques, such as ceramics or calligraphy, but the auction house, listed in New York, remains optimistic for the future. \"Undoubtly we\'ll try many different categories, both Western art, jewellery, watches as well as contemporary Chinese art and we\'ll see what develops,\" Sotheby\'s president William Ruprecht told AFP. The auction house has said it will be the controlling shareholder in the business. For centuries the worldwide art market was dominated by a few European auction houses, but a revolution has seen five Chinese houses enter the top 10 by revenue, according to a recent report by information specialist Artprice. A new generation of collectors in Beijing and Shanghai has pushed China to the forefront. And Chinese artists Zhang Daqian (1899-1983) and Qi Baishi (1864-1957) now hold the top two places in Artprice\'s global ranking of artists by auction revenue, ahead of Andy Warhol (1928-1987) and Pablo Picasso (1881-1973). Five Chinese auction houses are among the top 10 in the world by revenue, according to a recent report from Artprice, the France-based world leader in art market data. Worldwide auctions revenue jumped 21 percent in 2011, reaching a record high of $11.5 billion, with China commanding a 41-percent market share, said the report.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

1st international art auction for mainland china 1st international art auction for mainland china

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

1st international art auction for mainland china 1st international art auction for mainland china

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday