SHANGHAI — The China International Import Expo (CIIE) has for the first time established a cultural relics and art section. Major auction houses made their debuts at the fourth iteration of the expo in the hope of attracting Chinese collectors.

The special section has an exhibition area of more than 1,200 square meters and hosts 178 exhibits with a total estimated value of 2.35 billion yuan (about $367 million).

Sotheby's is presenting a selection of masterworks by artists including Claude Monet, Marc Chagall, Alberto Giacometti, Yayoi Kusama and Zhang Daqian. The works serve as outstanding examples of each artist's oeuvre, spanning decades and traversing continents.

The masterpieces on display are available to buy through private sales, offering collectors an alternative sales channel to auctions, and catering to the more sophisticated and diversifying tastes of Chinese collectors, Sotheby's said.

The CIIE is an important platform for international companies to tap into the Chinese market, and by participating in the CIIE, Sotheby's will not only bring exceptional works of art to the doorsteps of China's art lovers and the general public, but also continue to learn about China's local arts and culture, Sotheby's said in an earlier statement.

"We are very grateful for the government's initiative enabling Sotheby's to bring exceptional works of art at this year's China International Import Expo, which fosters global cultural exchanges and further develops the arts and culture industry in China," said Nathan Drahi, managing director of Sotheby's Asia.

Christie's, another well-known auction house, is also presenting a range of masterworks by Eastern and Western art titans, including Francesco Guardi, Camille Pissarro, Marc Chagall and Zhang Daqian.

The exhibition offers collectors in China an opportunity to appreciate and acquire top-quality works by iconic Eastern and Western artists, said Rebecca Yang, chairperson of Christie's China.