Sotheby’s has signed an equity joint venture agreement with Beijing GeHua Art Company, a Beijing State-Owned Enterprise that is part of GeHua Cultural and Development Group to set up a joint venture and allow it to auction in China.
In doing so, Sotheby’s will be the first international fine art auction house in China and the controlling shareholder in this business, responsible for the day-today operation and management of the company that will be called Sotheby’s (Beijing) Auction Co., Ltd.
The joint venture will also allow Sotheby’s to take advantage of a planned free port project that GeHua is developing within the Tianzhu Free Trade Zone in Beijing. otheby’s (Beijing) will focus on auctions and selling exhibitions of non-cultural relics and travelling exhibitions.
To celebrate the establishment of this joint venture, an historic first auction will be held on Sep 27 at The Millennium Hall of Beijing World Art Museum at the China Millennium Monument. A sculpture, Self and Self Shadow, by prominent Chinese artist Wang Huaiqing, will be the sole lot offered in this auction.
There will also be be two themed exhibitions to be held from 28 September to 7 October. The first, jointly organised by China Art Industry Expo and Beijing Gehua Cultural and Development Group and co-organised by Sotheby’s, will be a special contemporary Chinese art exhibition, Recoding – 2012 Contemporary Chinese Art Exhibition, that will showcase innovative works by contemporary Chinese artists; the second will be an exhibition about Sotheby’s.