To capture opportunities from the Chinese online auction market, one of the biggest markets worldwide in 2014, starting from the second half of 2015, we used our internet platform as an online marketing channel by enabling customers to access auction catalogue, view past auction records, and read art industry news. We launched our live bidding portal – www.cnartfin.com in December 2015 to allow online bidders to participate in our art auctions in real time. At our 2015 Autumn Auction, on a trial basis, online customers were able to use live bidding channel to participate in the auction together with on-site customers at the same time. We plan to arrange synchronized live and on-site biddings at all of our future Spring Auctions and Autumn Auctions. In January 2016, we conducted our first pure online auction.
In managing our auction operation, we generally function as an agent accepting auction lots on consignment, fostering market demand through professional marketing techniques and matching the needs of sellers (or consignors) and those of buyers (or bidders) through auctions.
We believe our well-established brand name and leading market position have raised public interest and confidence in our services, and assured the establishment of our good reputation in the industry. This not only secures clients’ loyalty to our services but also improves our ability to source a greater number of high quality artworks and attracts potential bidders to participate in our art auctions.
(Last updated on May 10, 2016)