Christie’s successfully completed their first auction in mainland China on September 26.
After three days of gala events,
exhibitions, forums and private sales, the First Shanghai Auction
held in a packed ballroom of the Shangri-La Hotel saw 40 lots
achieve total sales of RMB154m (£16.3m). Just one item, a Patek
Philippe chronometer, went unsold.
"Our first auction in Shanghai has
illustrated how much demand and appreciation there is for art
across categories," said François Curiel, President of Christie's
Asia. "We saw bidders participate from all over the world with
online and telephone bidders joining the nearly 1000 clients in the
A 'pigeon's blood red' ruby and diamond
necklace by Faidee designed as a series of butterfly motifs
achieved the evening's top price at RMB18m (£2.2m), while a minor
oil from Picasso's Musketeer series, Homme Assis
from 1969 fetched RMB11.5m (£1.2m), above its high estimate of
Most of the lots in the sale were sourced from overseas and
remained under 'bond', with the applicable import customs duties
and taxes being deferred until the property is sold and imported
into the People's Republic.