Christie’s holds landmark auction in China

At its first auction in China, Christie’s on Thursday sold US$25 million worth of items, including art, jewelry, watches, and wine, becoming the latest international auction house to run on the mainland, Reuters reported. Among the items sold were Pablo Picasso’s 1969 “Homme Assis” oil painting, which was sold for US$1.9 million. The most expensive item sold was a ruby and diamond necklace for US$3.5 million. According to a French government’s Conseil des Ventes art market report, China’s auction revenue for arts and collectables in 2012 was US$12.02 billion.