Shanghai FTZ holds first auction

The China (Shanghai) Pilot Free Trade Zone held its first auction on Sunday, with 73 of 90 lots successfully sold.

The value of the transactions reached 8.68 million yuan ($1.42 million). Most of the items sold were watches and jewelry.

Most attractive to bidders was not the items for auction but rather the FTZ concept, with some bonded items especially popular. The first item sold, for example, was a Patek Philippe lady’s wristwatch made in 1953 with a starting price of 15,300 yuan. A buyer from Zhejiang province won the bid for 42,000 yuan.