Sotheby's To Hold Its First Major Auction In China's Mainland Amid A Government Crackdown On Luxury Spending

November 29, 2013 10:23 AM

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Sotheby's To Hold Its First Major Auction In China's Mainland Amid A Government Crackdown On Luxury Spending

With rising income levels translating into greater spending power, China’s affluent art collectors are pouring money into high-value art and antiques, driving growth in the domestic art market, which was out of reach for international players for more than two decades. Now, the near-exponential growth in the nation’s art market in recent times has drawn Sotheby’s and Christie’s -- the two biggest names in art auctions -- to China this year.

"The Beijing Art Week is basically our first major move into China," Kevin Ching, CEO of Sotheby's Asia, told Reuters. "But what we're doing is not just an auction."

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