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A member of staff cleans a wall prior to the opening of an auction preview of 'modern and contemporary Chinese art' during Sotheby's Beijing Art Week in Beijing, November 28, 2013. [Photo/Agencies]
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Sotheby's arrives in Beijing at a tough time for big spenders as China cracks down on corruption and extravagance by government officials that has affected sales of everything from luxury cars to high-end liquors.
The Chinese auction market has also been dogged by a range of problems, including a large-scale customs probe into tax evasion on art imports last year. Rampant forgery and market manipulation, including money laundering, are other issues, experts say.
Widespread non-payment is another hurdle. In 2011, a painting by 20th-century master Qi Baishi was sold for $65 million at the Chinese auction house Guardian, but the buyer refused to pay after questions of authenticity were raised.
Foreign auction houses are also at a disadvantage against home-grown competitors such as Poly International, Guardian and Council, which dominate 89 percent of the high-priced auction market, because only Chinese firms are allowed to sell Chinese cultural relics, such as Chinese antiques and traditional Chinese paintings, said Sotheby's Ching.
"We really can't touch what should be the most lucrative sectors," he said.
Raymond Zhou:
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