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Sales of 8.5 million yuan at first Free Trade Zone auction

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The Shanghai Free Trade Zone is well known as being a testing ground for experimental economic and financial reforms. Now the area is attracting attention from another emerging market: the art world. The first auction in the zone has raised more than 8.5 million Yuan.

Hands up, hammer down.

The Shanghai Free Trade Zone held its first auction on Sunday. 73 pieces of jewellery and watches fetched over 8.5 million Yuan.

Ye Qing, President of Shanghai Taste Auction Co., Ltd., said, "The result is close to our expectation. We predicted that the closing deals would be between 80 and 90%."

Bidders turned out for the sale with curiosity and enthusiasm.

“I’m quite interested in the western antiques and watches from the catalogue.” Bidder said.

“I’d like to know differences between auctions in and out of the Free Trade Zone. I want to find out what preferential policies will encourage us to bid here.” Bidder said.

A number of luxury pieces went for top of the line prices. Since the opening, the Shanghai Free Trade Zone has attracted attentions from the art world.

Hu Huanzhong, Director General Manager, Shanghai Int'l Artwork Trading Center, said, “The bidding pieces from abroad will be bonded as long as they are stored in the assigned storage site in the zone. They don’t have to pay the tariff or the added tax, and it will save a lot of financial costs.”

If all goes well, such auctions may become a regular feature.

The first auction in the Shanghai Free Trade Zone closed with a modest sales number. And the organizer says that it is a test of local collectors’ appetite and taste. With the advantages of taxation and financing in the zone, they are confident that Shanghai is on the way to become a regional art market hub.

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