Sunday witnessed a historic moment for Sotheby’s, as the New York-based auctioneer held its first commercial auction in mainland China. The auction, which took place in Beijing in conjunction with three private sales of western old masters, modern paintings, furniture and jewelry, raised USD$37 million. A record was set for the work of Chinese-French artist Zao Wou-Ki, whose 1958 oil painting “Abstraction” fetched 89.68 million Yuan (US$14.7 million). The painting was sold to Zhang Xiaojun, a collector from Shanxi province, who was present at the auction. The price breaks the previous auction record for this artist, which was set this October at Sotheby’s Hong Kong.

The auction on November 30th follows the establishment in 2012 of a joint venture between Sotheby’s and the state-owned Beijing Gehua Cultural Development Group, in which the New York auction house holds and 80% stake.
Source: Bloomberg