Christie’s seemed to have lost pace against Sotheby’s in the race to get into the Chinese market. But it has powered back and now obtained a licence to operate auctions in the mainland; the first sale will be held this autumn in Shanghai. Unlike Sotheby’s, which is in partnership with the government entity GeHua, it has an independent “comprehensive auction licence”. But what the firm will not be selling is “cultural relics” – there are tight controls on antiques and antiquities such as jade, ceramics and ink paintings – which are the most high-priced works in the market.

However, international works of art, wine and jewellery will be offered and, says Asian president Fran?ois Curiel, “We will also be able to make private sales ... We are hoping to access Chinese collectors who do not necessarily travel abroad so much.” Asked whether this means the end of Hong Kong as a sales centre, he says: “Not at all, I don’t think it will cannibalise it at all, the market is big enough for everyone.”

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