Sotheby’s to step into Chinese market

Sotheby’s is set to host its first commercial auction in Mainland China, reports say. The growing number of affluent consumers in China has attracted the auction house to step in. It had gained permission in September 2012 to form a joint-venture auction house with Beijing Gehua Cultural Development Group, to culminate into the Sotheby’s Beijing (Auction) Company Ltd., in which Sotheby’s is an 80 percent stakeholder, reports say.

It will offer altogether $212 million worth of art jewellery and furniture from the west and China in three private sales and will also host an auction of artist Zao’s work, which it expects to set a new artist record, reports say.