With the completion of an artwork exchange center in China (Shanghai) Pilot Free Trade Zone, China’s competitiveness in international art trading is expected to increase, according to China Daily.
According to FTZ authorities, the building, which is called the Shanghai FTZ International Artwork Exchange Center, will house the world's biggest bonded warehouse of artworks.
To protect the artworks from theft and other crimes, a highly advanced security system has also been installed in the building.
With the construction of the artwork exchange center, experts believe that the policies regarding the trade of cultural relics would be relaxed. Current regulations governing the trade of such items restrict the movements of foreign auction houses in mainland China.
"The Shanghai FTZ will make continuous efforts to loosen the policy and we expect a breakthrough soon," said Hu Huanzhong, general manager of the Shanghai FTZ International Culture Investment and Development Co. Ltd., in an interview with China Daily.
Hu believes that opening the doors to foreign auction houses would result in an inflow of cultural relics that were believed to have left the country some time ago.
"Foreign auction houses enjoy a higher reputation and have more credit with buyers and sellers," Hu said. "Most of the sellers are willing to hand over the long-lost cultural relics to internationally highly celebrated auction houses such as Sotheby's or Christie's. This will largely increase the chances of more cultural relics returning to the Chinese market."
The Shanghai FTZ Artwork Exchange Center, which is scheduled to open on Nov. 28, is also expected to transform Shanghai into a center for global art. It is reported that the center will showcase around 600 of the 2,000 pieces of artworks it has already collected on the opening day.
"We need to have an open mind if we want the artwork exchange center to be a success in Shanghai," Hu added.