New York-based auction house Sotheby's will be offering works by Picasso, Rembrandt and Zao Wou-Ki in Beijing on December 1, which would mark its first commercial auction in the mainland. Sotheby's will be selling USD212 million worth of artwork consisting of western and Chinese paintings, jewelry and furniture across three private sales and a public auction. Bloomberg said the public auction was expected to set a new artist record via Zao's work.
The Art Institute of Chicago will be selling through Sotheby's a 1958 oil-on-canvas abstract work done by the Chinese-French artist with a projected maximum price of CNY45 million or USD7.4 million. The painting, said Bloomberg, could attract fierce bidding in potential buyers. Sotheby's current auction recordholder is a public auction in Hong Kong, wherein the sale posted a record USD11 million. Bloomberg said it was common knowledge that popular works like Zao's could pick up prices high above its expected selling prices.
Hong Kong-based dealer of works by Zao Pascal de Sarthe said, "The provenance of this painting is impeccable. Its quality, size, date and his first picture being auctioned by Sotheby's in China makes a recipe for another record breaking."
The two largest international auction houses, Sotheby's and Christie's, seemed eager to break into the China market as a growing number of collectors are willing to shell big. The auction houses was also taking advantage of new regulations that would allow them to hold auctions within free trade zones. This is done by treating imported items as bonded goods temporarily.
In 2012, Sotheby's established a joint venture agreement with Beijing Gehua Cultural Development Group, a state-owned company, to open in China. Sotheby's Beijing (Auction) Company Ltd is 80% controlled by Sotheby's.
The December 1 auction by Sotheby's will feature modern and contemporary Chinese art on 144 lots. Works by the most expensive living Asian artist, Zeng Fanzhi, Yue Minjun and Zhou Chunya will be featured in the auction.
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