Christie's follows the money to China

With millionaires on tap, the country holds promise for top auction houses.
Andy Warhol, Self-Portrait With Skeleton Arm and Madonna
Andy Warhol, Self-Portrait With Skeleton Arm and Madonna

Following the money held by newly minted Chinese millionaires, Christie’s has opened in Shanghai.

“We have made a significant achievement in becoming our own entity in Shanghai, without any Chinese partnership,” said Jonathon Stone, chairman and international head of Asian art. “We can act as we do in any of our offices, such as New York, Paris and Hong Kong however, being in Shanghai allows us to target our Chinese customers more accurately. The Chinese market has become deeper, bigger and broader.”

Chinese laws and regulations about cultural relics define what Christie’s is allowed to sell within the country, forbidding any works made before 1949, even Western...

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