Global auction house Sotheby's will conduct transactions directly in mainland China with the establishment of a new office in Shanghai.
Sotheby’s has opened a new office in Shanghai to directly conduct transactions in mainland China according to a «Bloomberg» report citing Asia managing director Nathan Drahi.
The auction house will also display more items and hire staff in the country.
Sotheby's entered China in 1994 but it later consolidated sales to Hong Kong due to its role as Asia’s art hub.
Singapore Opportunity
China aside, Sotheby’s is optimistic about Singapore’s potential as a major market for arts after holding its first auction in the city-state in 15 years in August 2022.
«Singapore I think is a rising regional platform for arts,» said Drahi, who is also the son of Sotheby’s owner Patrick Drahi.
In 2022, Sotheby’s sales in Asia totalled a record $1.1 billion, contributing to a global record of $8 billion. Within the region, it has also announced plans for a new two-storey retail space in Hong Kong.
