Taikang Invests in Sotheby’s

Taikang Life Insurance Co. Ltd., one of China’s largest insurance companies, has secured a 13.5% stake in Sotheby’s, a broker of fine jewelry, real estate and collectibles. Taikang is now the auction house’s largest shareholder, ranking higher than top investors Third Point, BlackRock and Point 72 Asset Management. Taikang Chairman Chen Dongsheng has a “positive view” of Sotheby’s future, and is excited for what this investment will bring. Still, Taikang’s decision has come as a shock to many, as Sotheby’s is fiercely competing against China Guardian Auctions in the Chinese art market – a region that accounts for about 15% of total revenue.

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