China has overtaken the United States as the biggest auction market for art and collectable objects, after its sales more than doubled in just one year.

A report for the CVV (the French Auction Market Authority) said sales in China, including Hong Kong, grew 137 percent in 2010 to 10.8 billion dollars.

China now holds 34.3 percent of global market share, compared to 24.2 percent in 2009, said the authority, a public body that regulates the auction industry in France.

The red and black leather jacket worn by Michael Jackson in his “Thriller” video went under the hammer for $1.8 million on Sunday.

The jacket has “Love Michael Jackson” written on the sleeve, and a dedication in the lining to his long-time costume designers, to whom he gave it.

The buyer was identified as Milton Verret, a commodities trader from Austin Texas, who plans to have the jacket tour and be displayed at children’s hospitals around the globe to raise money for their children’s charities.

The legendary white dress seen billowing under Marilyn Monroe in an iconic image of 1950s Hollywood has sold at auction for $4.6 million, shattering estimates.

The dress, worn by the star in the 1955 film “The Seven Year Itch,” had been expected to fetch between one and two million dollars.

But the sale Saturday, part of a collection of Hollywood memorabilia held by actress Debbie Reynolds, saw Monroe’s “subway” dress — now cream colored from age — sold for $4.6 million (or $5,520,000, with added fees).

Bonhams is to build a new international headquarters in London to provide the most advanced salerooms in the world.

Designed by architects Lifschutz Davidson Sandilands, the building is to be constructed on the site of the company’s current headquarters.

Plans include the construction of facilities offering modern facilities while retaining the Art Deco facades on Bond Street and Blenheim Street.

Bell & Ross‘s one-off timepiece for the Only Watch auction features a roulette design built on top of their popular BR 01 watch.

This timepiece, done in all 18k pink gold, is a tribute to the country of Monaco which will be hosting the Only Watch auction this upcoming September.

The “0″ number on the roulette wheel indicates the hours (there are 12 little diamonds on the outer edge of the dial for standard timekeeping), the roulette ball indicates the minutes. The roulette spinner which will rotate once every 60 seconds.

The winning bidder for a private lunch with billionaire Warren Buffett has set a new record for the cost of dining with the investor, after pledging $2,626,411 for the meal.

The winning bid at the annual charity auction broke the record set last year by a little more than $100.

The opening bid started at $25,000. When the charity lunch began in 2000, this was the price of the winning bid!