(Photo : Christie's)

London and US-based auction company Christie's will be holding its first auction in mainland China on September 26 at Jing an Shangri-La Hotel in Shanghai.

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The world's leading art dealer announced that it will put 42 art works under the hammer when it conducts its first auction in China's mainland.

The total value of the items that will be auctioned is estimated to reach CNY100 million or $16 million, according to the statement issued by Christie's.

Arts, Jewelry, And Wines

Among the works that will be auctioned are Zeng Fanzhi's Bicycle, Clothes Veins Studies by Jianguo Sui, 1963 still-life created by Giorgio Morandi and the 1969 Homme Assis by Pablo Picasso. Also to be auctioned are exceptional jade and diamonds, sapphires by Van Cleef and Arpels and Faidee, watches by Patek Philippe, vintage wines from great chateaux, and more.

There will also be private sale exhibitions of art pieces, including Chinese Contemporary Ink, Post-War and Contemporary and several masterpiece exhibitions.

Christie's Chief Executive Officer Steven Murphy extended invitations to the global art community to participate in the first-ever Shanghai auction either personally or virtually. Murphy said the event will be streamed live from Shanghai.

China has been a target market for Christie's auction as the affluent Chinese have become big new bidders in London during the first half of this year, driving the auction house's worldwide sales to a record-breaking $3.8 billion.

China Holds Biggest Art-Auction Industry in the World

The Chinese is now ranked number three buyers of Christie's, following the Russians and the Middle Eastern buyers who went to London to participate in various auctions from January to June of this year, Christie's announced.

Christie's is the first international auctioneer that has been allowed by the Chinese government to operate by itself in China.  China now holds the biggest art-auction industry in the world, after undergoing impressive growth in the last few years.