Image credit @amandafarah
Auction house giant Sotheby’s has announced the signing of a 10-year joint venture agreement which will allow it to form the first international auction house in China.
Sotheby’s will be investing $1.2 million to take an 80 percent stake in the venture with state-owned Beijing Gehua Cultural Development Group, pending government approval, the New York-based company said today in an e-mailed news release.
The new venture will take advantage of the new Tianzhu free trade zone in Beijing being developed by GeHua, because when you’re selling or buying extravagant shiny things you don’t want to risk paying any taxes, they’re used on disgusting poor people.
2011 was the second year in a row that China was the world’s biggest fine art market, with rich Chinese buyers accounting for sales worth $4.8 billion, according to market information provider Artprice. Meanwhile more than 100 million Chinese live on less that $1 per day, and children have to bring their own desks to school.