Christie’s Shanghai Debuts with $21m Sale

China’s English language news service covers Christie’s opening sale in Shanghai:

The biggest seller though was “Untitled 06-3,” an oil painting by Chinese contemporary artist Zeng Fanzhi, which fetched over US$3.2 million.

“We had three auctions with about 150 pieces. The transaction rate was 95 percent, which is a pretty good score. The final auction price reached 132 million yuan, which is about US$21 million,” said Cai Jinqing from Christie’s.

Cai said she hoped the opening of the new auction house would allow the auctioneers to have more interactions with Shanghai’s art circles.