A batch of artworks has been purchased at the just-concluded fifth China International Import Expo (CIIE), with the turnover reaching 490 million yuan (about 69.1 million U.S. dollars).
All 37 pieces of artwork sold were brought to the CIIE by nine overseas exhibitors, including Christie's, Sotheby's, and Phillips, according to the Shanghai Municipal Administration of Culture and Tourism.
In order to promote international artwork trade, the CIIE has implemented a tax exemption policy for exhibitors for three consecutive years. Exhibitors selling artworks, collections, and antiquities could enjoy an exemption from import tariffs, import value-added tax, and consumption tax within 5 pieces.
Among the artworks that have been transacted, there are pieces created by Chinese artists Zhang Daqian and Huang Binhong, and works by international artists such as Marc Chagall, Edward Munch, and Yayoi Kusama.
The CIIE is the world's first national-level import expo. The fifth CIIE was held from Nov. 5 to 10 this year in Shanghai.