According to a recent article in The Wall Street Journal, Sotheby’s Auction House has become the first foreign company allowed to sell art and other collectibles in China. 

Sotheby’s confirmed that it signed a joint-venture agreement with Beijing GeHua Art Co., a state owned enterprise to sell art in China.  Sotheby’s now owns 80% of the new company, called Sotheby’s (Beijing) Auction Co., and the first sale of this new venture is slated for September 27 in Beijing.

Sotheby’s Auction House was founded in 1744 and currently maintains 90 locations in 40 countries and conducts 250 auctions each year.  The Sotheby’s International Realty brand offers the same commitment to exceptional service that has characterized Sotheby’s for more than two centuries.  Summit Sotheby’s International Realty, with locations in Park City and Deer Valley, Utah, continues that focus by employing the Sotheby’s brand vision of artfully uniting extraordinary homes with extraordinary lives.

For more details regarding the new venture in China, please read the WSJ article.