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Sotheby's taps into Chinese mainland market by setting up JV

(Xinhua)

13:05, September 15, 2012

BEIJING, Sept. 14 (Xinhua) -- Leading auction house -- Sotheby's -- is entering the Chinese mainland with a Beijing-based cultural company, looking to get a foothold in the art collection, trade and investment sector.

Sotheby's reached an agreement on Sept. 3 with Beijing Gehua Cultural Development Group (BGCDG), establishing a joint venture called Sotheby's (Beijing) Auction Co., Ltd., sources from both companies confirmed with Xinhua on Friday.

Under the agreement, Sotheby's will invest 1.2 million U.S. dollars into the venture for 80 percent ownership, while Beijing Gehua Art Company, a subsidiary of BGCDG, will own the remaining 20 percent, investing 300,000 dollars, said Wang Yudong, general manager of Beijing Gehua Art Company.

The joint venture will be located within the freeport that was jointly established by BGCDG and the Tianzhu Free Trade Zone in Beijing's suburb district of Shunyi.

Founded in 1744 in London, Sotheby's has established its presence in the world auction market. The company has 90 offices in 40 countries and regions, including China's Hong Kong.

The establishment of the joint venture in Beijing will help Sotheby's gain a foothold in China's mainland and expand its business opportunities, Kevin Ching, chief executive officer of Sotheby's Asia, told Xinhua.

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