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.