Inside out
Updated: 2013-08-30 07:45
(HK Edition)
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Early in August, news came that Christie's will hold its first auction on Sept 26 - exactly five months after entering the mainland market. The evening event will be held at the Jing An Shangri-La Hotel, in the heart of Shanghai.
The auction will feature 40 lots including Western and Chinese contemporary arts, jewelry and watches, as well as wine.
A new landscape is forming, as both of the world's leading auction houses finally made their way into the mainland and their two biggest Chinese peers, China Guardian and Poly International Auction, have staged overseas auctions in Hong Kong. Globalization is taking hold.
Meanwhile, a proposal trying to authorize foreign companies to engage in antique auction trading was submitted to the National People's Congress Standing Committee on Monday. If approved, foreign houses will be able to bypass the Law on Protection of Cultural Relics and sell items predating 1911 in the premier-backed Shanghai Free Trade Zone. Chinese lawmakers are voting on the proposal today.
"I think that's good news," says Alex Chang of Poly. "As international auction houses come into the mainland, they will educate customers, opening their eyes and helping them understand what the international standards are. They will be helpful to China. The entire industry will be more up to standard. They have a lot of experience that we don't have, given the history of Chinese auctions is just 20 years old, while Christie's and Sotheby's are centuries old and have been operating in Asia for decades. Meanwhile, more competition can make the market healthier," he adds.
"We have different customer bases, but people always want another choice. That will enhance consumer confidence, thus the market will flourish in the long term."
(HK Edition 08/30/2013 page6)