What’s new: British auction house Christie's named Rebecca Yang Yuancao, a media industry veteran, as its China chairwoman effective Aug. 1.
Yang was the founder and CEO of IPCN Ltd., an Anglo-Chinese media and entertainment content company, which was the first to introduce the rights licensing business to reproduce international TV formats in China such as “China’s Got Talent” and “The Voice of China.” Based in Shanghai, Yang will report to Francis Belin, Christie’s Asia Pacific president.
Yang will bring with her a wealth of experience, deep knowledge and widespread connections in China to foster the development and cultivation of trusted relationships with top-tier clients to support the expansion of Christie’s in China, the company said in a press release.
More to know: Like its counterparts, the auction house suffered a business decline last year because of the Covid-19 pandemic. Christie's reported a 25% drop in 2020 global sales to $4.4 billion.
But the China market has shown greater resilience. In 2020, China contributed 36% of Christie's total auction value and was the biggest revenue source. Sales in China rose 7% from the previous year.
“China is undoubtedly a country of strategic importance to our business, a market which presents tremendous growth opportunities for multiple sale sites across the globe,” Belin said.
Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bobsimison@caixin.com)
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