On September 12, 2024, the official website of Beijing Chengxuan Auction Co., Ltd. published a notice titled "Suspension Announcement", which reads as follows:

In view of the objective situation of the company's operation, after discussion and unanimous decision of the shareholders' meeting, Beijing Chengxuan Auction Co., Ltd.
The company closed its business on the 11th of the month and initiated liquidation procedures.
From now on, all customers who have business dealings with Chengxuan Auctions, if there are any unfinished business matters, please contact the relevant Chengxuan Auctions staff immediately.
Please contact the staff (the contact information of the relevant departments is detailed on our company website), and we will handle the follow-up matters properly.
We sincerely thank all our friends and customers for their love and support over the past twenty years. Thank you for your company along the way, which we will always remember in our hearts.
I wish you all good health and all the best!

The closure announcement of Chengxuan Auction Co., Ltd. is undoubtedly a sad news for the art and auction industry. Chengxuan Auction has been holding auctions since the fall of 2005 and will continue to hold auctions in the spring of 2024. The auction categories involved include Chinese calligraphy and painting, oil paintings, porcelain and miscellaneous items, and the auction of stamps and coins that have produced dazzling records many times. It provides an important trading platform for collectors and art lovers, and adds a lot of brilliance to the art market in Beijing and even the whole country.

The challenges facing the auction industry are particularly severe in the context of economic fluctuations, which may include a decline in market confidence, reduced liquidity and weakened purchasing power of buyers. These factors may affect the holding of auctions and the transaction of auction items.

Nevertheless, the art and collectibles market is generally resilient and resilient. Many works of art and collectibles have long-term investment value due to their historical value, cultural significance and aesthetic value. We are indeed sorry for the closure of Chengxuan Auctions, and at the same time, it is a reminder that the art market needs to continue to innovate and adapt to cope with the ever-changing economic environment.

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