Christie's rakes USD 25 million in its debut auction in China

Christie's has mopped up USD 25 million in its first independent auction in China with artworks including Pablo Picasso, marking its full-fledged entry into the world's largest art and antiques market.
Hundreds of people attended the auction at Shanghai's Shangri-La Hotel yesterday where more than 40 items from Western masterworks and Asian contemporary art to wine, jewelry and paintings went under the hammer to fetch 154 million yuan (USD 25 million).
A surrealist portrait titled "Homme assis", by legendary artist Pablo Picasso produced in 1969 was among the highlights that was sold for 9.6 million yuan (over USD 1.5 million).

"Homeland" by Cai Guo-Qiang, an artist who produces images by igniting gunpowder on paper, fetched 15 million yuan (USD 2.45 million).
"Our first auction in Shanghai has illustrated how much demand and appreciation there is for art across categories. A red ruby necklace achieved the highest sales figure at 18 million yuan (USD 2.95 milliion) and records were broken for Singaporean art," Francois Curiel, President of Christie's Asia, said.
The 247-year-old Christie's is the first foreign auction house to be granted a license to operate in the mainland without a local partner.

The auction house has long operated in Hong Kong and has been organising sales in China since 2005 by authorising a Chinese auction firm to use its international trademark.

But foreign-funded companies will be allowed to engage in antique auctions, according to a draft proposal approved by the executive meeting of the central cabinet in July on establishing a pilot free trade zone in Shanghai, which is expected to be officially launched on Sunday, state-run Xinhua news agency reported.
China emerged as the world's largest art and antiques market with a 30 per cent share in 2011, according to the European Fine Art Foundation.