British auction house Christie's, which has been operating in the Chinese market since 2013, was one of the first institutions to benefit from the new policies. Last week, the company hosted its first sales event in Shanghai after the COVID-19 pandemic forced a halt to public auctions in 2020. The 20th and 21st Century Art: Shanghai Evening Sale saw more than 220 million yuan worth of artworks sold, a 50 percent growth from 2019.

"The success of the auction in Shanghai marks a monumental chapter in our company's history and underscores our continued commitment and innovation in the Chinese mainland," says Rebecca Yang, chairwoman of Christie's in China.

"The 20th and 21st Century Art: Shanghai Evening Sale brings our footprint here to the next level. It demonstrates our dedication to the Chinese market and support for the new policies by the local authorities, which will enable us to sell works by foreign artists who died after 1949 and that were consigned overseas," she adds.

In 2021, Shanghai hosted 1,004 auction events that generated 6 billion yuan in sales, accounting for a quarter of the national total.

The city is also one of the busiest ports in China for the import and export of antiques. Last year, 7,309 items entered or exited the country via Shanghai.

According to Fang, Shanghai will establish the first provincial-level credit supervision platform for the trade of art and antiques. The entire transaction process for an antique piece will be digitally administered on this platform.