Shanghai targets Hong Kong art market with licence for Christie's

Shanghai is threatening to steal a march on Hong Kong's art market by allowing a leading global auction house to conduct its business there.

Christie's yesterday said it planned to hold an auction this autumn in Shanghai, after Beijing granted it a licence to open a wholly owned subsidiary in the city.

The London-based auction house is the first foreign firm to win such a licence in the world's fastest-growing art market, powered by the growing army of affluent mainlanders.

In an exclusive interview with the South China Morning Post, Christie's chief executive Steven Murphy said the move would significantly boost the mainland art business.

"Chinese collectors, especially those new to the art market, will have the opportunity to participate in our auctions without having to travel overseas," Murphy said.

Until now Christie's has held China- and Asia-themed auctions in Hong Kong, and art patrons from the mainland have had to travel to take part.

"Our launch in China will be a game changer and it's all about right timing, right conditions, with the right people," he said.