The European Fine Art Foundation, organizers of the venerable European Fine Art Fair (TEFAF), which is held annually in Maastricht, Netherlands, have been discussing launching a new art fair in China with the help of Sotheby’s. While it may seem like an unusual pairing, TEFAF and Sotheby’s are looking to join forces in order to tap into China’s thriving art and antiques market, which raised $13.7 billion in 2012.
Last year, Sotheby’s entered into a ten-year joint venture with China’s state-owned media corporation, Beijing GeHua Cultural Development Group. The collaboration will allow Sotheby’s to utilize the free port that GeHua is developing with the Tianzhu Free Trade Zone in Beijing. The port will serve as a tax-advantaged storage location, which is ideal for foreigners looking to buy high-priced artworks overseas. Sotheby’s is the first international auction house to establish itself in Mainland China.
If TEFAF and Sotheby’s decide to move forward with the fair, TEFAF Beijing will launch in 2014. TEFAF Maastricht, the world’s biggest art and antiques fair, is currently taking place in the Netherlands and will wrap up on Sunday, March 24, 2013.
