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Zhong Lun Successfully Advised Christie’s on First Wholly Foreign Owned International Auction House in China
Zhong Lun Successfully Advised Christie’s on First Wholly Foreign Owned International Auction House in China
Following the successful establishment of its auction WFOE in Shanghai on March 29, 2013, Christie’s International becomes the first international fine art auction house to operate independently in mainland China and will have the first Shanghai-based auction for Autumn 2013. Audry Li (partner), Henry Su, William He and Lisa Zhang based at Zhong Lun Shanghai Office advised Christie’s on its investment in China, including providing advice on investment structures, WFOE formations, business operations, import and export of goods, free trade zone options, and exhibition and auction of fine arts as well as drafting of legal documentation and regulatory approvals. Peter Ni, partner at Shanghai Office, provided legal supports in tax-related issues.
This development has received extensive publicity by major international media such as CNN, ABC, New York Times, Associated Press, Xinhua News Agency and People’s Daily.
Christie’s, founded in 1766 by James Christie in London, is the oldest fine art auction house worldwide. Christie’s entry into the Chinese market is the most significant expanded initiatives ever since its entry into New York in 1970. For the past few years, the global fine art market continues to grow at a tremendous rate due to the burgeoning interest in art particularly in Asia and China. China’s sales of fine art, second only to the USA, has accounted for 25% in the global market. China attained such achievements in less than ten years with amazing growth rate of fine art sales. The establishment of this Shanghai auction company makes Christie’s the first international auction house able to directly conduct auctions in China under its own brand. Christie’s will offer collectors in mainland China a more direct access to its global network and expertise and will engage with its clients in Shanghai in the same way that it has done over many years in London, Paris, New York and Hong Kong.
