Sotheby's inaugural Beijing auction generates $37 million, sets Zao Wou-Ki record

Sotheby's first auction in mainland China garnered $37 million, reflecting strong engagement from collectors in the area. Held in Beijing, this event set a new auction record for the Chinese-French artist Zao Wou-Ki. His 1958 oil painting "Abstraction" fetched 89.68 million yuan ($14.7 million), purchased by Shanxi province collector Zhang Xiaojun. This achievement follows Sotheby's establishment of a joint-venture auction house with the state-owned Beijing Gehua Cultural Development Group in September 2012, where Sotheby's maintains an 80% ownership in Sotheby's Beijing (Auction) Company Ltd. Additionally, Christie's held its inaugural auction in Shanghai in September, becoming the first foreign auction house to operate without a local partner. These results highlight intensifying competition among international auction houses in China's growing art market.