Arqana has entered into a joint venture with TAK Group that will focus on organizing auction sales in China. TAK's subsidiary Desert Star Holdings is in the process of developing a racecourse and training center in Tianjin, and hopes to make strides with a racing and breeding industry as early as 2014.

"We are particularly pleased and enthusiastic at the idea of an association with TAK in this project for the future," said Eric Hoyeau, the French auction house's chief executive officer. "Through this exclusive partnership, Arqana will gain a foothold in China, a country where racing is yet to be developed, but which of course has the potential to one day become the world's largest market. This project can provide a major growth opportunity not just for Arqana, but also for the French market as whole, since the close ties that we intend to build with our Chinese partners will also have positive implications for breeding and racing in France.

"TAK Group are already recognized experts in the development of racecourses and, together with its Chinese partner, the Tianjin State Farm Agribusiness Group, we share the same vision for the development of a racing industry in China. We will now continue to work with our partners to define the terms of the development of our sales agency in China."