Christie’s first Chinese auction nets $25m

Christie’s first mainland China auction raised $25m (€18.5m), with sales led by a Picasso, Patek Philippe watches and bottles of Chateau Lafite.

The Shanghai auction late yesterday exceeded its pre-sale estimate of $16m. The top lot was a diamond and ruby necklace that sold for a hammer price of $2.94m.

Though the 39-lot sale was small by international standards, the event was as much about marketing and gaining access to the growing ranks of high-net-worth Chinese by the London-based house.