Christie's to operate on the mainland without local partner

Christie's International PLC, one of the two largest global auction houses for fine arts, said it will become the first international auction company to operate on the Chinese mainland without a local partner.

The company, which was established 247 years ago, said it won a license to hold auctions in Shanghai starting this fall.

Steven Murphy, the company's chief executive officer, said in a statement that the move makes Christie's the first international auction house able to directly conduct auctions in China under its own brand, and will allow it to offer collectors a more direct access to its global network and expertise.